Question

work i Saved Impact on Equity Transaction Sept. 1) Wilson invested $81,000 cash along with office equipment valued at $25,700 in a new sole proprietorship named JW Consulting. Sept. 3) The company purchased land valued at $46,000 and a building valued at $160,700. The purchase is paid with $30,700 cash and a long-term note payable for $176,000. Sept. 5) The company purchased $2,700 of office supplies on credit. Sept. 7) Wilson invested a personal automobile in the company. The automobile has a value of $17.900 and is to be used exclusively in the business. Sept. 9) The company purchased $6,300 of additional office equipment on credit. Sept. 11) The company paid $2,850 cash salary to an assistant. Sept. 13) The company provided services to a client and collected $4,600 cash. Sept. 15) The company paid $1,200 cash for this month's utilities Sept. 17) The company paid $2,700 cash to settle the account payable created on September 5. Sept. 19) The company purchased $21,000 of new office equipment by paying $21,000 cash. Sept. 21) The company completed $6,800 of services for a client, who must pay within 30 days. Sept. 23) The company paid $2,850 cash salary to an assistant Sept. 25) The company received $5,000 cash in partial payment on the receivable created on September 21 Sept. 27) Wilson withdrew $3,500 cash from the company for personal use. $ Total impact on equity < Prey 8 of 8 Next

Answer 1

JW Consulting Dr. Journal Enteries Date Particulars Sep-01 Cash a/c Office Equipment a/c To Capital (Capital invested) Impact on Equity Debit in $ Credit in $ Accounts Amount 81000 25700 106700 Capital 106700 Dr. Dr. Dr. 46000 160700 Sep-03 Land a/c Building a/c To Cash To Note Payable (Assets Purchased) 30700 176000 2700 Sep-05 Office Supplies a/c Dr. To Accounts Payable (Supplies on account) 2700 Dr. 17900 Sep-07 Automobile a/c To Capital (Capital invested) 17900 Capital 17900 6300 Sep-09 Office Equipment a/c Dr. To Accounts Payable (Asset on account) 6300 Dr. 2850 -2850 Sep-11 Salary Expense a/c To Cash (Expense paid) Salary Expense 2850 4600 4600 Sep-13 Cash a/c Dr. To Service Revenue (Services provided for cash) Service Revenue 4600 Dr. 1200 - 1200 Sep-15 Utilities Expense a/c To Cash (Expense paid) Utilities Expense 1200 Dr. 2700 Sep-17 Accounts Payable a/c To Cash (Creditors paid) 2700 Dr. 21000 Sep-19 Office Equipment a/c To Cash (Asset in Cash) 21000 6800 6800 Sep-21 Accounts Receivable a/c Dr. To Service Revenue (Services on account) Service Revenue 6800 Dr. 2850 Salary Expense -2850 Sep-23 Salary Expense a/c To Cash (Expense paid) 2850 5000 Sep-25 Cash a/c Dr. To Accounts Receivable (Cash from debtors) 5000 3500 Sep-27 Withdrawals a/c Dr. To Cash (Cash drawn for personal use) 3500 Total Impact 129100