Question

You will need to record each of the listed transactions in the basic accounting equation (A = L + E). Make sure to label each account clearly, record the amount of the transaction, and place each transaction in the appropriate blank. This assignment is worth a total of 25 points with each transaction being worth 2 points. One point will be rewarded for following submission instructions correctly. s To complete this assignment, download "Assignment 5" from the "Extra” folder on Google Drive. Then, you will need to print and fill in the ledge (handwritten on tablet is also ok). Then to submit this assignment, upload the transaction ledger as a PDF on Blackboard using the link provided for Assignment 5. This assignment must be handwritten (or tablet stylus written).
PLEASE ANSWER ALL. WILL UPVOTE. THANKS. Journal Entries

Answer 1

Ans:

Journal Entries

Sr. No	Acount Name	Debit ($)	Credit ($)
1.	Cash	$100000
	Common Stock		$100000
	(Being cash invested by selling common stock to start business)
2.	Bank	$50000
	12% Loan Account		$50000
	(Being Loan taken from Bank)
3.	Pianos ($16000 * 3)	$48000
	Cash		$48000
	(Being 3 Pianos Purchased by paying Cash)
4.	Supplies (Inventory)	$2000
	Accounts Payable		$2000
	(Being supplies purchased on account)
5.	Advertising Expense	$500
	Accounts Payable		$500
	(Being advertisement expense accrued)
6.	Rent Expense	$1000
	Cash		$1000
	(Being Rent paid for the month)
7.	Accounts Receivable	$2000
	Revenue		$2000
	(Being students billed for learning lessons)
8.	Piano Expense ($500 * 2)	$1000
	Cash		$1000
	(Being cash paid to two teachers for piano classes)
9.	Cash	$200
	Accounts Receivable		$200
	(Being cash received from one of the students billed earlier)
10.	Interest Expense ($50000 * 12% * 1/12)	$500
	Bank		$500
	(Being interest paid by check for the Month)
11.	Supplies Expense	$300
	Supplies (Inventory)		$300
	(Being Supplies inventory adjusted)
12.	Depreciation expense [($48000 / 4)*1/12)	$1000
	Accumulated Depreciation		$1000
	(Being depreciation on 3 pianos for the month )