Presented below is the ledger for Higgs Co.
Cash
No. 101
10/1 4,300 10/4 320 10/10 660 10/12 1,080 10/10 3,900 10/15 300 10/20 580 10/30 260 10/25 1,900 10/31 480
Accounts Receivable
No. 112
10/6 650 10/20 580 10/20 600
Supplies
No. 126
10/4 320
Equipment
No. 157
10/3 2,000
Balance Notes Payable
No. 200
10/10 3,900
Accounts Payable
No. 201
10/12 1,080 10/3 2,000
Common Stock
No. 311
10/1 4,300 10/25 1,900
Dividends
No. 332
10/30 260
Service Revenue
No. 400
10/6 650 10/10 660 10/20 600
Salaries and Wages Expense
No. 726
10/31 480
Rent Expense
No. 729
10/15 300
Required:
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.