Question

INSTRUCTIONS AND TRANSACTIONS FOR THE CHAPTER 3 "BIG" PROJECT WORTH 100 POINTS NOTE: YOU MUST USE THE PROJECT WORKPAPERS (EXCEL FILE) PROVIDED IN D2L CONTENT / CHAPTER 3 FOLDER. NO OTHER FILES WILL BE ACCEPTED. On January 1, 2019, Bruce Wayne created a new Crime Watch agency called Batman's Watchdog Service. The following transactions occurred during the company's first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000 cash, computer equipment worth $150,000, and a patent on new technology worth $850,000 in exchange for Common Stock 2 Rented subteranian office space (Bat cave) by paying $20,000 cash for the first month's rent 3 Purchased $3,000 of office supplies for cash. 3 Paid $120,000 cash for a one-year insurance policy. Coverage began immediately. 14 Paid $6,000 cash for wages to one employee (Robin) 24 Collected $50,000 cash for services provided to customers in January. 26 Wayne took out a bank loan for $10,000,000 with a term of 5 years. 28 Paid another $12,000 cash for wages to Robin and new employee, Bat Girl. 29 Paid $3,000 for internest service in cash. 30 Paid $1,500 cash to repair the company's computer after Robin spilled his coffee on the main server. The company's chart of accounts included the following: 101 Cash 405 Service Fee Revenue 106 Accounts Receivable 612 Depreciation Expense - Computer Equip. 124 Office Supplies 622 Wage Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accum. Depr. - Computer Equip. 650 Office Supplies Expense 190 Patent 684 Repairs Expense 209 Wages Payable 688 Internet Service Expense 212 Interest Payable 690 Interest Expense 220 Notes Payable 901 Retained Earnings 301 Common Stock

Only need the ledger done! Have everything else completed, just confused how to do the ledger

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. Jan. 1 $ 1,000,000.00 150,000.00 850,000.00 $ Cash Computer Equipment Patent Common Stock (To record Cash, Computer Equipment and patent invested into Business) $ 2,000,000.00 Jan.2 Rent Expense $ 20,000.00 Cash 20,000.00 (To record office rent paid) Jan.3 3.000.00 Office Supplies Cash (To record office supplies purchased for cash) 3,000.00 Jan.3 $ 120,000.00 Prepaid Insurance Cash (To record one year insurance premium paid) 120,000.00

$ 120,000.00 Prepaid Insurance Cash (To record one year insurance premium paid) 120,000.00 Jan.14 Wages Expense 6,000.00 Csh 6,000.00 (To record wages paid) Jan.24 50,000.00 Cash Service Revenue (To record Service provided for cash) 50,000.00 Jan.26 $ 10,000,000.00 Cash Bank Loan (To record five year bank loan taken) $ 10,000,000.00 12,000.00 Jan.28 Wages Expense Cash (To record wages expense paid) 12,000.00

Jan.28 12,000.00 Wages Expense Cash (To record wages expense paid) 12,000.00 Jan.29 3,000.00 Internet Service Expense Cash (To record internet expense paid) $ 3,000.00 Jan.30 1,500.00 Repairs Expense Cash (To record computer repairs expense) 1,500.00