All transaction occur in Jan 1, 2018
1- Jan 1, Jana Mohammad begins his own business with a cash investment of 150,000$.
2- Jan 10, Jana Mohammad paid 60000 cash for rent expenses
3- Jan 12, Jana Mohammad purchased for 20000 equipment she paid 2000 cash and 18000 on credit
4- Jan 12, Jana Mohammad paid 4500 cash for decoration expenses
5- Jan13,jana Mohammad purchased for 1000 supplies cash
6- Jan15, Jana Mohammad paid 500 cash for advertising expenses
7- Jan 18, Jana Mohammad purchased for 15000 car she paid 3000 cash and 12000 on credit
8- Jan 20, Jana Mohammad received 500 cash from customer for rent a lake in the shop
9- Jan 20, Jana Mohammad withdraw 300 cash from the business for her personal use
10- Jan 21, Jana Mohammad Purchased a one-year fire insurance policy for 30,000
11- Jan 22, customer rent a lake in the shop on account by 500
12- Jan 23,jana Mohammad paid 2000 cash for equipment which bought on credit (on transaction 3 )
13- Jan 24, Jana Mohammad borrowed 10,000$ by signing 5%, one-year note on february1, 2019.
14- Jan 25, Jana Mohammad paid 3000 cash salaries expenses
15- Jan 27, Jana Mohammad received 200 cash from the customer whose rent a lake on account ( transaction 11)
16- Jan 31, used shop supply during the month 600 •
Prepare a journal entry and t account
Jounal | |||
Debit | Credit | ||
1 | Cash | 1,50,000 | |
To Capital | 1,50,000 | ||
2 | Rent | 60,000 | |
To Cash | 60,000 | ||
3 | Equipment | 20,000 | |
To Cash | 2,000 | ||
To Equipment vendor | 18,000 | ||
4 | Decoration Expenses | 4,500 | |
To Cash | 4,500 | ||
5 | Supplies | 1,000 | |
To cash | 1,000 | ||
6 | Advertisement Expense | 500 | |
To Cash | 500 | ||
7 | Car | 15,000 | |
To Cash | 3,000 | ||
To Car Vendor | 12,000 | ||
8 | Cash | 500 | |
To sales from rent a lake | 500 | ||
9 | Drawings | 300 | |
To Cash | 300 | ||
10 | Fire Insurance Expenses | 2,500 | |
Prepaid fire insurance | 27,500 | ||
To Cash | 30,000 | ||
11 | Accounts Receivable | 500 | |
To sales from rent a lake | 500 | ||
12 | Equipment vendor | 2,000 | |
To Cash | 2,000 | ||
13 | Cash | 10,000 | |
To Notes payable | 10,000 | ||
14 | Salaries | 3,000 | |
To Cash | 3,000 | ||
15 | Cash | 200 | |
To Accounts Receivable | 200 | ||
16 | Supply expenses | 600 | |
To Supplies | 600 | ||
17 | Capital | 300 | |
To Drawings | 300 |
Cash Account | Capital Account | |||||||
Particulars | Amount | Particulars | Amount | Particulars | Amount | Particulars | Amount | |
To Capital | 1,50,000 | By Rent | 60,000 | To Drawings | 300 | By Cash | 1,50,000 | |
To sales from rent a lake | 500 | By Equipment | 2,000 | To Balance C/F | 1,49,700 | |||
To Notes payable | 10,000 | By Decoration Expenses | 4,500 | 1,50,000 | 1,50,000 | |||
To Accounts Receivable | 200 | By Supplies | 1,000 | |||||
By Advertisement Expense | 500 | |||||||
By Car | 3,000 | Rent Account | ||||||
By Drawings | 300 | Particulars | Amount | Particulars | Amount | |||
By Fire Insurance Expenses | 2500 | To Cash | 60,000 | By Balance C/F | 60,000 | |||
By Prepaid fire insurance | 27500 | |||||||
By Equipment Vendor | 2000 | 60,000 | 60,000 | |||||
By Salaries | 3000 | Equipment Account | ||||||
By Balance C/F | 54400 | 0 | Particulars | Amount | Particulars | Amount | ||
1,60,700 | 1,60,700 | To Cash | 2,000 | By Balance C/F | 20,000 | |||
To Equipment vendor | 18,000 | |||||||
Equipment Vendor Account | 20,000 | 20,000 | ||||||
Particulars | Amount | Particulars | Amount | |||||
To cash | 2,000 | By Equipment | 18,000 | Supllies Account | ||||
To Balance C/F | 16,000 | Particulars | Amount | Particulars | Amount | |||
18,000 | 18,000 | To Cash | 1,000 | By Supply Expenses | 600 | |||
Decoration Expenses Account | By Balance C/F | 400 | ||||||
Particulars | Amount | Particulars | Amount | 1,000 | 1,000 | |||
To Cash | 4,500 | By Balance C/F | 4,500 | Advertisement Expenses Account | ||||
4,500 | 4,500 | Particulars | Amount | Particulars | Amount | |||
To Cash | 500 | By Balance C/F | 500 | |||||
Car Account | 500 | 500 | ||||||
Particulars | Amount | Particulars | Amount | |||||
To Cash | 3,000 | By Balance C/F | 15,000 | Sales from rent a lake Account | ||||
To Car Vendor | 12,000 | Particulars | Amount | Particulars | Amount | |||
15,000 | 15,000 | To Balance C/F | 1,000 | By Cash | 500 | |||
Car Vendor Account | To Accounts Receivable | By Accounts Receivable | 500 | |||||
Particulars | Amount | Particulars | Amount | 1,000 | 1,000 | |||
To Balance C/F | 12,000 | By Car | 12,000 | Fire Insurance Expenses Account | ||||
12,000 | 12,000 | Particulars | Amount | Particulars | Amount | |||
To Cash | 2,500 | By Balance C/F | 2,500 | |||||
2,500 | 2,500 | |||||||
Drawings Account | ||||||||
Particulars | Amount | Particulars | Amount | |||||
To Cash | 300 | By Capital | 300 | Accounts Receivable Account | ||||
300 | 300 | Particulars | Amount | Particulars | Amount | |||
To sales from rent a lake | 500 | By Cash | 200 | |||||
Prepaid Fire Insurance Account | By Balance C/F | 300 | ||||||
Particulars | Amount | Particulars | Amount | 500 | 500 | |||
To Cash | 27,500 | By Balance C/F | 27,500 | Notes Payable Account | ||||
27,500 | 27,500 | Particulars | Amount | Particulars | Amount | |||
To Balance C/F | 10,000 | By Cash | 10,000 | |||||
Salaries Account | 10,000 | 10,000 | ||||||
Particulars | Amount | Particulars | Amount | |||||
To Cash | 3,000 | By Balance C/F | 3,000 | |||||
3,000 | 3,000 | Supply Expenses Account | ||||||
Particulars | Amount | Particulars | Amount | |||||
To Supplies | 600 | By Balance C/F | 600 | |||||
600 | 600 |
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