Question

1. Please provide general journal entries for each of these transactions in the space provided after the transaction descriptions. a. Purchased equipment on account for $6,000.1 b.Sales for the month were $50,000, $40,000 collected in cash and $10,000 in accounts receivable. C. Depreciation expense for the month was $1,000.1 d. Paid monthly rent for $500 in cash. e. Purchased supplies for $1,200 in cash. f. Month-end inventory shows $100 in supplies left after the first month in business-see (e) above, and adjust the supplies account. g. Employee wages for the month were $3,000, $2,000 paid in cash and $1,000 wages payable. h. Invested $10,000 cash in a sole proprietorship. i Owner withdrew $1,500 from the sole proprietorship for personal living expenses. j- Unearned revenue account has a $200 balance at the end of the month. You discover that the services have been performed to earn all $200-adjust the unearned revenue account accordingly. Put general journal entries below on this or the following page: T

Answer 1

Credit $ Journal Entries:- Date Accounts Title & Explanation Debit $ XX-XX-xxxx Equipment 6,000 To Accounts Payable (Entry for recording of Purchase of equipment on account) 6,000 40,000 10,000 XX-XX-XXxx Cash Accounts Receivable To Sales Revenue (Entry for recording of Sales Revenue) 50,000 1,000 XX-XX-XXxx Depreciation expense To Accumulated Depreciation (Entry for recording of Depreciation expense) 1,000 500 XX-XX-xxxx Rent expense To Cash (Entry for recording of Rent payment) 500 1,200 XX-XX-xxxx Supplies To Cash (Entry for recording of Supplies purchase for cash) 1,200 1,100 XX-XX-XXXX Supplies expense (1200-100) To Supplies (Entry for recording of Supplies consumed) 1,100 3,000 XX-XX-XXxx Wages expense To Cash To Wages Payable (Entry for recording of wages) 2,000 1,000 10,000 XX-XX-XXxx Cash To Capital account (Entry for investment of cash into sole proprietorship) 10,000 XX-XX-xxxx Drawings account 1,500 To Cash (Entry for recording of cash withdrawn from sole proprietorship) 1,500 XX-XX-xxxx Unearned revenue account 200 To Service Revenue (Entry for recording of service revenue out of advance received) 200