accounting homework help?

Question

im suppose to put the following transactions in the general journal.

27. discovered an error in computing a commission; received cash from salesperson for the overpayment $700
debit cash 700 and credit salary and commission expense 700

30. recorded revenue earned and billed to clients during the month 48400
accounts receivable debit 48400, fees earned credit 48400

17. paid creditors on account 7750.
accounts payble debit 7750, cash credit 7750

20. returned a portion of the office supplies purchased on novemeber 2, receiving full credit for their cost $250
accounts payable debit 250, office supplies credit 250

did i post these entries in the journal correctly?

im also suppose to then post the entries to the corresponding ledgers (like i post all the cash transactions in the cash ledger) my question about this is what do i use for the beginning balance for the cash ledger?

Answer 1

The entries look okay to me. They should have given you a beginning balance for the cash ledger or else you can look on the balance sheet for that date.

Answer 2

umm let see

27. this one looks good

30. looks good

17. looks good

20. that's assuming if you bought those supplies on credit..if so then yup looks good.

the beginning balance should be stated....if it's the beginning of a brand new business....then it's zero.

where as if it's the 2nd year of operations or so on.....then it'd be the closing balance of the previous year.