Acc557 Financial Accounting: E2-11 Presented below is the ledger for Sparks Co

Acc557 Financial Accounting

Exercise 2-11
Presented below is the ledger for Sparks Co.
Cash No. 101
1-Oct 5,000 4-Oct 400
10-Oct 650 12-Oct 1,500
10-Oct 3,000 15-Oct 280
20-Oct 500 30-Oct 300
25-Oct 2,000 31-Oct 500

Accounts Receivable No. 112
6-Oct 800 20-Oct 500
20-Oct 940

Supplies No. 126
4-Oct 400

Equipment No. 157
3-Oct 2,000

Notes Payable No. 200
10-Oct 3,000

Accounts Payable No. 201
12-Oct 1,500 3-Oct 2,000

Common Stock No. 311
1-Oct 5,000
25-Oct 2,000

Dividends No. 332
30-Oct 300

Service Revenue No. 400
6-Oct 800
10-Oct 650
20-Oct 940

Salaries and Wages Expense No. 726
31-Oct 500

Rent Expense No. 729
15-Oct 280

Instructions:
a. Reproduce the journal entries for the transactions that occurred on October 1, 10 and 20 and provide explanations for each. (Record entries, in the order displayed in the T-accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually).
b. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2014.
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