Question

ou need to complete the accounting cycle for Jordan Company for the month of December 31, 2018. 1. Prepare the general journal entries to record these transactions using the accounts below. Dec. 1 Jordan invests$45,000 cash along with office equipment valued at $9,000 in the company in exchange for common stock. Dec. 2 The company purchased$1600 office supplies on credit. Dec. 6 The company completed a job and received $8,800 cash. Dec. 15 The company prepaid Dec. 18 The company purchased $7,200 in office equipment on credit. Dec. 20 The company completed an $5,700 job for a client on credit. Dec. 22 The company paid cash of $1,600 on accounts payable from Dec. 18. Dec. 30 The comp Dec. 31 The company received Dec. 31 The company paid cash of $500 in dividends. $12,000 for 12 months rent for office space. for this month's electric bill. cash from the client billed on Dec. 20. any paid cash of $315 $2,500 101 Cash 102 Accounts Receivable 105 Office Supplies 120 Prepaid Rent 160 Office Equipment 161 Accumulated Depreciation - Office Equipment 201 Accounts Payable 307 Common Stock 312 Dividends 330 Retained Earnings 401 Services Revenue 600 Depreciation Expense 601 Utilities Expense 602 Office Supplies Expense 603 Rent Expense 2. Post the entries from Req. 1 to the ledger (T accounts) and enter the balance at the end of the month. 3. Prepare an unadjusted trial balance as of Dec. 31. 4. Prepare adjusting entries to reflect adjustments a-d. $350.00 a. The month's depreciation on the office equipment is b. One month of the prepaid rent has expired. c. The inventory of supplies shows d. The company has earned$1,000 of services that are not billed at month-end. $250 of supplies still available. 1

Answer 1

1) Journal Entries

Date	Particulars	Debit($)	Credit($)
1-Dec	Cash	45000
	Office equipment	9000
	Common Stock		54000
	Being business commenced with cash & equipment
2-Dec	Office supplies	1600
	Accounts Payable		1600
	Being office supplies purchased on credit
6-Dec	Cash	8800
	Service revenue		8800
	Being Cash received for services provided
15-Dec	Prepaid rent	12000
	Cash		12000
	Being Rent paid In advance
18-Dec	Office equipment	7200
	Accounts Payable		7200
	Being office equipment purchased on credit
20-Dec	Accounts Receivable	5700
	Service revenue		5700
	Being Services provided against credit
22-Dec	Accounts Payable	1600
	Cash		1600
	Being Dues paid
30-Dec	Utilities expense	315
	Cash		315
	Being Electricity expense paid
31-Dec	Cash	2500
	Accounts Receivable		2500
	Being Dues Received
31-Dec	Dividends	500
	Cash		500
	Being Cash Dividends paid