Question

1.    You, the owner, invest $150,000 in the business.
2.    Company purchases $20,000 of goods for resale, on account
3.    Company pays for 6-months of Insurance $2,088
4.    Purchased office supplies, $350, pays cash
5.    Cash sales totaled $8,750. Cogs was $5,000
6.    Sales on account $17,500. Cogs was $10,000
7.    Paid half of what was owed from #2
8.    Received $13,125 from #6

I need a General Journal and General ledger Please

Answer 1

Journal Entries:

	Account title and Explanation	Debit	Credit
1	Cash	$150,000
	Owner,Capital		$150,000
	[To record investment in business]
2	Inventory	$20,000
	Accounts payable		$20,000
	[To record purchase of inventory]
3	Prepaid insurance	$2,088
	Cash		$2,088
	[To record payment of insurance]
4	Office supplies	$350
	Cash		$350
	[To record purchase of office supplies]
5	Cash	$8,750
	Sales revenue		$8,750
	[To record sales revenue]
	Cost of goods sold	$5,000
	Inventory		$5,000
	[To record cost of goods sold]
6	Accounts receivable	$17,500
	Sales revenue		$17,500
	[To record sales revenue]
	Cost of goods sold	$10,000
	Inventory		$10,000
	[To record cost of goods sold]
7	Accounts payable [20,000 x 1/2]	$10,000
	Cash		$10,000
	[To record payment for accounts payable]
8	Cash	$17,500
	Accounts receivable		$17,500
	[To record collections from customers]

Ledger:

Cash					Common stock
1	$150,000	3	$2,088				1	$150,000
5	$8,750	4	$350				Bal.	$150,000
8	$17,500	2	$10,000
Bal.	$163,812				Accounts payable
					2	$10,000	2	$20,000
Inventory							Bal.	$10,000
2	$20,000	5	$5,000
		6	$10,000		Sales revenue
Bal.	$5,000						5	$8,750
							6	$17,500
Prepaid insurance							Bal.	$26,250
3	$2,088
Bal.	$2,088				Cost of goods sold
					5	$5,000
Office supplies					6	$10,000
4	$350				Bal.	$15,000
Bal.	$350
Accounts receivable
6	$17,500	8	$17,500
Bal.	$0