Creating a Chart of Accounts

Instructions: Prepare a chart of accounts based on the following transactions. Number the accounts appropriately.

Transactions Invested $20,000 in cash and transferred rafting equipment valued at $5000 to the business, Memo 35. Purchased $600 in hiking equipment on account from Peak Equipment Inc., Invoice 101. Bought a $2,800 computer from Premier Processors and agreed to pay for it within 60 days, Invoice 616. Deposited $700 cash received from clients, Receipt 310. Paid $400 to the Daily Courier for an ad, Check 652. Sent a bill for $900 to the Podaski Systems, Inc. for conducting a group rafting trip for them, Sales Invoice 352. Juanita Ortega wrote a check for $800 for personal use, Check 653. Paid Premier Processors $1400 to apply on account, Check 654. Received $900 from Podaski Systems, Inc. in full payment for the amount owed, Receipt 316. Bought a $500 television ad with LIVE TV, check 655. Paid Peak Equipment Inc. $600 by writing Check 656.

Addition Add the following accounts to your chart of accounts and number them appropriately. Utilities Expense Maintenance Expense Rent Expense

Instructions: Using Microsoft Excel: Journalize the previous transactions Post to the General Ledger