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

Acc557 Financial Accounting
E2-11
Presented below is the ledger for Higgs Co.
Cash No. 101 Common Stock No. 311
1 Oct 5,000 4 Oct 400 1 Oct 5,000
10 Oct 730 12 Oct 1,500 25 Oct 2,000
10 Oct 3,000 15 Oct 280 Bal $7,000
20 Oct 500 30 Oct 300
25 Oct 2,000 31 Oct 500 Dividends No. 332
Bal $8,250 30 Oct 300
Bal $300
Accounts Receivable No. 112
6 Oct 800 20 Oct 500 Service Revenue No. 400
20 Oct 910 6 Oct 800
Bal $1,210 10 Oct 730
20 Oct 910
Supplies No. 126 Bal $2,440
4 Oct 400
Bal $400 Salaries and Wages Expense No. 726
31 Oct 500
Bal $500
Equipment No. 157
3 Oct 2,000
Bal $2,000 Rent Expense No. 729
15 Oct 280
Notes Payable No. 200 Bal $280
10 Oct 3,000
Bal $3,000

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

Instructions
1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
2. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
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