Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the General Journal I made.
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. | |||||
Date | Account | Debit | Credit | ||
Dec 1 | Prepaid Insurance | $ 1,200 | |||
Cash | $ 1,200 | ||||
(To record payment of insurance) | |||||
Dec 1 | Forklift | $ 10,000 | 10 Years | ||
Cash | $ 5,000 | ||||
Note Payable | $ 5,000 | 12% Note | |||
(To record purchase of forklift) | |||||
Dec 1 | Office Equipment | $ 2,000 | 5 years | ||
Cash | $ 2,000 | ||||
(To record purchase of office equipment) | |||||
Dec 3 | Inventory | $ 27,000 | |||
Cash | $ 27,000 | ||||
(To record purchase of lumber) | |||||
Dec 3 | Rent Expense | $ 200 | |||
Cash | $ 200 | ||||
(To record rent expense) | |||||
Dec 6 | No Entry | ||||
Dec 6 | Prepaid Advertising | $ 300 | 3 months-half month | ||
Cash | $ 300 | ||||
(To record purchase of advertising) | |||||
Dec 6 | No Entry | ||||
Dec 7 | Accounts Payable | No Amount given | |||
Cash | No Amount given | ||||
(To record payment of lawyer's bill) | |||||
Dec 15 | Cash | $ 600 | 4 months-half month | ||
Unearned Rent Revenue | $ 600 | ||||
(To record advance received) | |||||
Dec 15 | Cash | $ 5,000 | |||
Note Receivable | $ 10,000 | 10%, Half a month | |||
Land | Land cost not given | ||||
(To record sale of land) | |||||
Dec 18 | Office Supplies | $ 250 | |||
Cash | $ 250 | ||||
(To record purchase suppllies) | |||||
Dec 29 | Loss due to Fire | $ 1,800 | |||
Inventory | $ 1,800 | ||||
(To record fire due to loss) | |||||
Dec 29 | Dividends | $ 2,000 | |||
Dividends Payable-Common Stock | $ 2,000 | ||||
(To record dividend declaration) | |||||
Dec 30 | Salaries and Wages Expense | $ 5,248 | |||
Cash | $ 5,248 | ||||
(To record payment of wages) | |||||
Dec 31 | Accounts Receivable | $ 45,600 | |||
Sale | $ 45,600 | ||||
(To record sale) $45,600/$1.6= 28,500 Lumbers sold | |||||
Dec 31 | Cost of goods sold (28,500*$0.9) | $ 25,650 | |||
Inventory | $ 25,650 | ||||
(To record cost of goods sold) | |||||
Dec 31 | Cash | $ 36,700 | |||
Accounts Receivable | $ 36,700 | ||||
(To record collection) |
Create General Journal Entries for the following entries. Here is what it should look like in Ex...
Create General Journal Entries for the following entries. Here is what it should look like in Excel (as an example): As for the previous month's entries, here they are with the General Journal I made. BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
BEACON LUMBER, MONTH OF DECEMBER TRANSACTIONS Dec 1 Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 20X1 through Nov 30, 20X2. Dec 1 Beacon purchases a forklift for $10,000, paying half in cash and half with a 5 year, 12% note. The forklift is a well-made American Machine & Foundry product, and it is expected to last for 10 years. Dec 1 Beacon purchases office equipment...
Nov 17 Beacon agrees to rent a trailer which it will use as a temporary office. The rental cost, as determined by AZCO, the lessor, will be $200 per month. AZCO will pro-rate this month's rent, using a Nov18th start date. Beacon pays the rent. In the future, rent will be due the first of the month. Beacon cannot receive a discount if the trailer is returned. Therefore, the lessor has determined that a performance obligation has been met on...
What journal entries and adjusting entries will I have to make for these 2 transactions? Beacon signs a contract with SCORE Construction to have a warehouse built on its property. The warehouse will cost $20,000. Beacon will pay SCORE by issuing $10,000 worth of stock, paying $5,000 in cash and issuing a note for the balance. Dec 6 Beacon pays $300 for three months of advertising on a web site. The ad will run from Dec 15, 2009 through March...
Step 1, "Journalize" Accounting Period Transactions Step 2, "Post" all journal entries from step 1 to general ledger accounts (T accounts) Step 3, Prepare an unadjusted trial balance at period ending (date). Step 4, "Journalize" Adjusting Year-end Entries Step 5, Carry over existing T-Accounts from Tab "Steps 1-3" and Post all journal entries from step 1 to general ledger accounts (T accounts) Step 6, Prepare an Adjusted trial balance at period ending (date). Step 7, Prepare Year-End Financial Statements Super...
0 CPF2-41 (similar to) Question Help Alice and Zander decide that they will create a new corporation Calle Cance Company, CCC to shout Calle Cance Company is a service based company that rents canons for use on local lakes and tives. The business began operations on November 1, 2024 and completed the following transactions in that flest mort Click the icon to view the November transactions) (Click the icon to view the transaction analysis chart from November) In addition, Calle...
Prepare general journal entries to record each transaction. Omit explanations. Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The December 31, 2020 trial balance is as follows: Credits PASTINA COMPANY Trial Balance December 31, 2020 Account Title Debits Cash $ 24,550 Accounts receivable 22,000 Supplies 1,400 Inventory 68,000 Prepaid rent 1,250 Office equipment 92,000 Accumulated depr.-office equipment Accounts payable Salaries payable Common stock Retained earnings...
Requiermints: 1- General journal 2- Ledger account 3- Unadjusted trial balance 4- Adjusted trial balance 5- Income statement 6- Retained earnings statement 7- Statement of financial position 8- Post-closing trial balance Sarah Automotive On October 2018, Sarah began a car repair shop, Sarah Automotive. The following information about transactions from October to December 2018 Transactions: Oct 1, Sarah invested $50,000 cash to the business in exchange for capital. 1. Nov 5, Purchased land to be used in operations for $20,000...
Complete the following general journal entries using both accrual and cash basis accounting methods for Acme Consulting Corporation: 9/2/2014 Purchases furniture and dental equipment on account from Green Jacket Co. for $17,280 9/4/2014 Pays 1/2 the bill owed to Green Jacket Co. 9/5/2014 Pays $422 for office supplies. 9/8/2014 Receives cash of $1,690 from clients for services performed. 9/14/2014 Bills clients $5,820 for services performed. 9/18/2014 Pays $3,600 towards bill owed to Green Jacket Co. 9/20/2014 Receives $980 from clients...
I need help recording the following adjusting entries in the General Journal. Adjusting journal Entries. Adj-1 Dec. 31 The company has $1,800 of supplies left at month end. Adj-2 Dec. 31 Record the portion of the Prepaid Insurance used in December. Adj-3 Dec. 31 Record one month of depreciation for the building purchased on December 1st. Adj-4 Dec. 31 Employees earned $1,200 in salaries the last week in December that will be paid on January 10th of next year. Adj-5...