Question: Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accou...Question: Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accou...Question: Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accou...Question: Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accou...

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Question: Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accou…
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Show transcribed image text Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accounts Receivable 2,800 Cash Common Stock 25,000 Equipment 4,100 5,400 Note Payable Retained Earnings 5,161 Salaries and Wages Expense 5,300 2,260 Supplies Required: Prepare journal entries for each of the following January activities, and post results to the relevant T- accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Paid $743 on account for utilities that were used during December Year 1 B. Purchased $513 of supplies for cash. C. Signed a rental agreement for office space and paid $7,100 in advance for six months of rent beginning February 1, Year 2. D. Purchased $20,500 of new equipment, signing a promissory note. E. Provided $35,000 of services. $20,000 was received in cash and $15,000 was provided on credit. F. Paid workers $8,400 for work done in January.

Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable 743 2,800 Accounts Receivable 2,800 Cash Common Stock 25,000 Equipment 4,100 5,400 Note Payable Retained Earnings 5,161 Salaries and Wages Expense 5,300 2,260 Supplies Required: Prepare journal entries for each of the following January activities, and post results to the relevant T- accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Paid $743 on account for utilities that were used during December Year 1 B. Purchased $513 of supplies for cash. C. Signed a rental agreement for office space and paid $7,100 in advance for six months of rent beginning February 1, Year 2. D. Purchased $20,500 of new equipment, signing a promissory note. E. Provided $35,000 of services. $20,000 was received in cash and $15,000 was provided on credit. F. Paid workers $8,400 for work done in January.

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