Question

Part 3: Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template.

Answer 1

Date	Account number	Account title	Debit	Credit
Jun-01	Checking	101	$ 50,000
	Owner's Capital	301		$ 50,000
Jun-03	Equipment	130	$ 32,000
	Checking	101		$ 32,000
Jun-05	Merchandise inventory	110	$ 15,000
	Accounts payable	201		$ 15,000
Jun-08	Salaries expense	602	$       800
	Checking	101		$       800
Jun-11	Accounts payable	201	$ 15,000
	Checking	101		$ 15,000
Jun-15	Owner's Withdrawal	302	$   1,000
	Checking	101		$   1,000
Jun-19	Checking	101	$ 11,000
	Sales revenue	401		$ 11,000
	COGS	601	$   8,000
	Merchandise inventory	110		$   8,000
Jun-24	Utilities expense	603	$       560
	Checking	101		$       560
Jun-27	Prepaid insurance	120	$   6,000
	Checking	101		$   6,000
Jun-30	Rent expense	604	$   2,000
	Checking	101		$   2,000

Account number	Account title	Debit	Credit
101	Checking	$   3,640
110	Merchandise inventory	$   7,000
120	Prepaid insurance	$   6,000
130	Equipment	$ 32,000
201	Accounts payable		$          -
301	Owner's capital		$ 50,000
302	Owner's withdrawals	$   1,000
401	Sales revenue		$ 11,000
601	COGS	$   8,000
602	Salary expense	$       800
603	Utility expense	$       560
604	Rent expense	$   2,000
	Total	$ 61,000	$ 61,000

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