Question

AutoSave OFF Ô sv5- Group Project 1 Part B-- Spring 2020_for distribution Home Insert Draw Page Layout Formulas Data Review View Share Comments 18 A = = DO Text - E E 3 Insert v Ev 48- O 5 min Times New Roman BIU A A = E Paste $ % 48.20 Conditional Format Formatting as Table Cell Styles Sort & Filter ideas Format Find & Select Sensitivity X Check for Updates * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. D5 x fx General Journal Please do NOT ADD or DELETE rows! If you need multiple entries for one transaction, skip a row between entries. Transaction # Date Account Title-Description Debit Credit ............. Sb.............. Yr O Balance Sheet Transactions General Journal General Ledger (T-Accounts) Yr 1 Income Statement Yr 1 Balance Sheet + Post-Closing Trial Balance 0 0 - GO + 60%
I need help making a general journal from those transactions. I also need help with the closing entries at the bottom of the journal

Answer 1

Journal

S.No.	Date	Account Titles	Debit	Credit
1	Jan-01	Patent/ Intangible asset	$         32,000
		Cash		$         32,000
		(Purchased patent for cash)
2	Mar-15	Long-term Assets	$         18,500
		Cash		$         18,500
		(Purchased long term assets)
3	Apr-01	Prepaid Rent	$         36,000
		Cash		$         36,000
		(Paid rent for 12 months)
4	Apr-01	Cash	$         60,000
		Common Stock		$         60,000
		(Issued 1000 common shares)
5a	Apr-01	Accounts Receivable	$       120,000
		Sales Revenue		$       120,000
		(Sale of inventory on account)
5b	Apr-01	Cost of Goods Sold	$         16,000
		Inventory		$         16,000
		(Cost of goods sold taken out of inventory)
5c	Apr-01	Sales Commission	$         10,000
		Cash		$         10,000
		(Paid sales commission)
6	Apr-05	Research and Development Expense	$         13,400
		Cash		$         13,400
		(Paid Research and Development costs)
7	May-01	Cash	$         24,000
		Unearned Revenue		$         24,000
		(Advance received for services)
8	May-01	Cash	$         65,000
		Accounts Receivable		$         65,000
		(Collected Accounts receivable)
9	Jun-30	Income Tax Payable	$            4,300
		Cash		$            4,300
		(Paid last year income tax liability)
10	Jul-31	Inventory	$         15,000
		Cash		$         12,000
		Accounts Payable		$            3,000
		(Purchased inventory)
11	Jul-31	Cash	$         20,000
		Accounts Receivable		$         20,000
		(Collected Accounts receivable)
12a	Sep-30	Accounts Receivable	$            7,000
		Cash		$            7,000
		(Purchased Supplies)
12b	Oct-01	Supplies	$            7,000
		Accounts Receivable		$            7,000
		(Rectification of error)
13	Oct-01	Marketable Securities	$            6,000
		Cash		$            6,000
		(Purchased marketable securities for cash)
14	Oct-01	Cash	$         20,000
		Notes Payable		$         20,000
		(Borrowed from local bank)
15	Dec-01	Salaries Expense	$         34,000
		Cash		$            4,000
		Salaries Payable		$         30,000
		(Salaries expense)
16	Dec-31	Income Tax Expense	$            5,500
		Cash		$            3,500
		Income tax Payable		$            2,000
		(Income tax expense for the year)
17	Dec-31	Rent Expense	$         27,000		=36000*9/12
		Prepaid Rent		$         27,000
		(Recorded rent expense for 9 months)
18	Dec-31	Unearned Revenue	$            4,000		=24000/6*1
		Service Revenue		$            4,000
		(Recorded revenue for 1 month)
19	Dec-31	Supplies Expense	$            5,000		=7000-2000
		Supplies		$            5,000
		(Supplies consumed during the year)
20	Dec-31	Interest Expense	$               500		=20000*10%*3/12
		Interest Payable		$               500
		(Recorded interest expense for 3 months)

Closing Entries

S.No.	Date	Account Titles	Debit	Credit
1	Dec-31	Sales Revenue	$       120,000
		Service Revenue	$            4,000
		Income Summary		$       124,000
		(To close revenue accounts)
2	Dec-31	Income Summary	$       111,400
		Cost of Goods Sold		$         16,000
		Sales Commission		$         10,000
		Research & Development Costs		$         13,400
		Salaries Expense		$         34,000
		Supplies Expense		$            5,000
		Rent Expense		$         27,000
		Interest Expense		$               500
		Income Tax		$            5,500
		(To close expense accounts)
3	Dec-31	Income Summary	$         12,600
		Retained Earnings		$         12,600
		(To close income summary account)