General Journal
Date | Account | Debit $ | Credit $ |
June 1 | Assets A/c | 4200 | |
To Equipment A/c | 4200 | ||
equipment transferred into new business | |||
June 1 | Bank A/c | 8,000 | |
To Cash A/c | 8,000 | ||
cash deposited into the bank | |||
June 1 | Car A/c | 20,000 | |
To Cash A/c | 4,000 | ||
To Bills Payable A/c | 16,000 | ||
car purchased on cash as well as on the credit | |||
June 1 | Computer A/c | 900 | |
Supplies A/c | 200 | ||
To Bills Payable | 1100 | ||
Computer and supplies purchased on credit | |||
June 2 | Gasoline A/c | 55 | |
To Credit Card A/c | 55 | ||
filled the gasoline of car on credit | |||
June 3 | Cash A/c | 3,000 | |
To Income received in advance | 3,000 | ||
payment received in advance | |||
June 5 | Cash A/c | 500 | |
To Triangle offense scheme | 500 | ||
received payment for speaking services | |||
June 8 | Travel & Food Expenses A/c | 445 | |
To Credit Card A/c | 445 | ||
paid for travel and food trough credit card | |||
June 9 | Advertisement A/c | 220 | |
To Bills Payable A/c | 220 | ||
bill is due for advertisement | |||
June 10 | Office Supplies A/c | 140 | |
To Cash A/c | 140 | ||
purchased office supplies by paying cash | |||
June 12 | Prepaid Insurance A/c | 2400 | |
To Cash A/c | 2400 | ||
Purchased insurance policy for the whole year | |||
June 13 | Income Received in advance | 3000 | |
To Cash A/c | 3000 | ||
services provided for the cash which was received in advance | |||
June 13 | Consultant A/c | 2,000 | |
To Cash A/c | 2,000 | ||
payment made to the consultant for the services | |||
June 14 | Assistant A/c | 400 | |
To Cash A/c | 400 | ||
Payment made to the assistant for 40 hours @ $10 | |||
June 21 | Bills Payable A/c | 640 | |
To Cash | 640 | ||
payment made to bills receivable | |||
June 21 | Assistant A/c | 400 | |
To Cash A/c | 400 | ||
payment made to the assistant for 40 hours @ $10 each hour | |||
June 22 | Utility Bills A/c | 280 | |
To Bills Payable A/c | 280 | ||
the utility bill is due | |||
June 23 | Cash A/c | 1000 | |
To Bills Receivable A/c | 1000 | ||
payment received from the previous debtors | |||
June 25 | Bills Payable A/c | 900 | |
To Cash A/c | 900 | ||
Payment made to creditors for the computer | |||
June 28 | Assistant A/c | 400 | |
To Cash A/c | 400 | ||
Payment made to the assistant for 40 hours @ $10 each hour | |||
June 29 | Advertisement A/c | 400 | |
To Bank A/c | 400 |
June 30 | Bills Payable A/c | 100 | |
To Cash A/c | 100 | ||
Payment made to the office supplies | |||
June 30 | Drawings A/c | 300 | |
To Bank A/c | 300 | ||
drew from the bank for playing golf game | |||
June 30 | Telephone Bill A/c | 220 | |
To Cash A/c | 220 | ||
payment made for the telephone bill | |||
June 30 | Credit Card Payment A/c | 500 | |
To Cash A/c | 500 | ||
payment made for the credit card bill | |||
June 30 |
Bills Payable A/c Interest Payable A/c |
220 2 |
|
To Cash A/c | 222 | ||
Payment made for advertisement | |||
Asset A/c
1. Cash A/c
Particulars | Amount $ | Particulars | Amount $ |
To Income Received in advanced | 3000 | By Bank A/c | 8000 |
To Triangle Offense Scheme | 500 | By Car | 4000 |
To Accounts Receivable or Bills Receivable | 1000 | By Office Supplies | 140 |
To Balance C/d | 18720 | By Prepaid | 2400 |
By Income Received in advanced | 3000 | ||
By Consultant | 2000 | ||
By Assistant | 1200 | ||
By Accounts Payable or Bills Payable | 1760 | ||
By Interest A/c | 2 | ||
By Telephone Bill | 220 | ||
By Credit Card Bill | 500 | ||
23220 | 23220 |
2.Accounts Receivable A/c
Particulars | Amount $ | Particulars | Amount $ |
To Cash A/c | 1000 | By Services | 1000 |
Total | 1000 | Total | 1000 |
3. Supplies A/c
Particulars | Amount $ | Particulars | Amount $ |
To Bills Payable A/c | 200 | ||
To Cash A/c | 140 | By Balance c/d | 340 |
Total | 340 | Total | 340 |
4. Prepaid Insurance
Particulars | Amount $ | Particulars | Amount $ |
To Cash A/c | 2400 | By Balance C/d | 2400 |
Total | 2400 | Total | 2400 |
5.Computer & Equipment
Particulars | Amount $ | Particulars | Amount $ |
To Assets A/c | 4200 | ||
To Accounts Payable or Bills Payable A/c | 900 | By Balance C/d | 5100 |
Total | 5100 | Total | 5100 |
6. Car
Particulars | Amount $ | Particulars | Amount $ |
To Cash A/c | 4000 | ||
To Accounts Payable A/c | 16000 | By Balance C/d | 20,000 |
Total | 20,000 | Total | 20,000 |
Liabilities A/c
1.Accounts Payable A/c
Particulars | Amount $ | Particulars | Amount $ |
To Cash A/c | 1760 | By Computer A/c | 900 |
By Supplies | 200 | ||
By Advertisement | 220 | ||
By Balance C/d | 440 | ||
Total | 1760 | Total | 1760 |
2. Credit Card Payable
Particulars | Amount $ | Particulars | Amount $ |
To Cash A/c | 500 | By Gasoline A/c | 55 |
By Travelling & Food A/c | 445 | ||
Total | 500 | Total | 500 |
Withdrawals A/c
Particulars | Amount $ | Particulars | Amount $ |
To Balance C/d | 300 | By Bank A/c | 300 |
Total | 300 | Total | 300 |
Traveling expenses A/c
Particulars | Amount $ | Particulars | Amount $ |
To Balance C/d | 445 | By Credit Card A/c | 445 |
Total | 445 | Total | 445 |
JOURNAL ENTRIES AND T-ACCOUNT ILLUSTRATION PROBLEM Jim Wooldridge decides to start a new business, Wooly Consulting,...
this is the unadjusted trial balance Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980. 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be paid until July 5. 3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June....
Transactions Instructions Chart of Accounts Journal Instructions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Foes Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct 1 3 10 Paid rent for the month, $2,800. Paid advertising expense, $500. Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. Received cash from customers on account, $15,500. Paid creditors on account, $3,180. Paid...
PLEASE HELP WITH ACOUNTING EQUATION AND JOURNAL ENTRIES Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable: Common Stock: Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. June 1 Lisa Ryan invested $21,000 cash to begin the business she received common stock for her investment 2 Paid...
Question 1 Maury Wills started an environmental consulting business & during the first month of operations (June 2008) completed the following transactions: a) b) Wills began the business with an investment of $25,000 cash and a building valued at $30,000. The business gave Wills the owner's equity in the firm. Purchased office supplies on account, $2,100 Paid $18,000 for office furniture Paid employee's salary, $2,200 Performed consulting service on account, $5,100 Paid $800 on the account payable created in transaction...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 3 6 10 15 27 30 31 31 31 Paid rent for the month, $2,300. Paid advertising expense, $700. Paid cash for supplies, $1,250. Purchased office equipment on account, $9,600. Received cash from customers on account, $17,000. Paid creditors on account, $3,180. Paid...
please provide journal entries, T-accounts, unajusted trial Balance, adjusted Entries. Thank you Transaction Entries, Posting. Trial Balance, and Adjusting Entries Huang Karate School began business on June 1. Transactions for June are as follows: 1 Po Huang contributed his personal funds in exchange for common stock to begin the business $10,000 2 Purchased equipment for a total of 54,750 Paid cash of $750, with the balance due in 30 days. 3 Paid 6 months' rent. $6,450 4 Paid one-year premium...
Record the journal entries in order as presented in the problem. At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd. 's post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $15,700 1,300 700 $300 400 1,000 3,400 12,600 $17,700 $17,700 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the...
VICCJ CO. as asse, lability, owner's equity, credit: Type of Account Debit or Credit Item a. Accounts Payable b. Accounts Receivable C. Ashley Griffin, Capital d. Ashley Griffin, Drawing e. Cash Asset Liability Owner's equity f. Fees Earned Revenue Expense g. Office Equipment h. Rent Expense i. Supplies j. Wages Expense Transactions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; lason Payne, Capital; Jason Payne, Drawing: Fees Earned; Rent Expense;...
part a. Record the above transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. ) part b. Prepare T accounts, enter any opening balances , post the journal entries and calculate and enter balances. (Post entries in the order of journal entries presented above. If...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 Paid rent for the month, $2,200. 3 Paid advertising expense, $550. 5 Paid cash for supplies, $1,200. 6 Purchased office equipment on account, $9,300. 10 Received cash from customers on account, $16,950. 15 Paid creditors on account, $3,000. 27 Paid cash for miscellaneous...