Instructions
Problem 1. The purpose of this assignment is to give practice in the operation of the five journals in a going concern. The ledger will not be used.
Use a double sheet of two-column journal paper for the cash book. A single sheet of two-column paper will be sufficient for each journal.
Make full opening entry on November 15.
Do not summarize the journals until directions are given.
Note that the firm takes advantage of the Bonbright discount offer.
Make no entry as to the Marks’ failure until further instructions.
Problem 2. Transfer the balance of the ledger Profit and Loss account to the Surplus account.
XXIII
1. Continue the following as in [Problem 1, Assignment XXII].