Practice prompt · Q:transactions-to-statements/posting-rollforward-001

Post entries and compute ending balances

Post entries, compute ending account balances, and identify the trial balance totals.

Updated Aug 6, 2026 Review due Nov 6, 2026

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A sole proprietorship opens with $9,000 Cash and a $9,000 balance in Owner, Capital. It receives $3,000 of supplies on credit, performs $5,000 service on credit, collects $2,000 from the customer, and pays the supplier $1,000. After posting, which ending ledger balances are correct?

Choose the best answer. A Cash $10,000 debit; Supplies $3,000 debit; Accounts Receivable $3,000 debit; Accounts Payable $2,000 credit; Owner, Capital $9,000 credit; Service Revenue $5,000 credit. B Cash $12,000 debit; Supplies $3,000 debit; Accounts Receivable $5,000 debit; Accounts Payable $3,000 credit; Owner, Capital $9,000 credit; Service Revenue $5,000 credit. C Cash $10,000 debit; Supplies $3,000 debit; Accounts Receivable $3,000 debit; Accounts Payable $0; Owner, Capital $11,000 credit; Service Revenue $5,000 credit. D Eight ledger postings represent eight independent transactions, so the trial-balance total is $22,000 on each side.

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Answer: A

Cash is $9,000 opening plus $2,000 collection minus $1,000 supplier payment, or $10,000. Supplies are $3,000. Accounts Receivable are $5,000 minus the $2,000 collection, or $3,000. Accounts Payable are $3,000 minus the $1,000 payment, or $2,000 credit. Owner, Capital is $9,000 and Service Revenue is $5,000, producing $16,000 on each trial-balance side.