Question

answer both papers please

Recording Transactions in General Journal and posting them to the corresponding Ledger Accounts. Prepare the journal entries for the following transactions in the General Journal. (070) In December 2018, Mary Tone organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of December were as follows: Dec. 2 Dec. 4 Dec. 5 Dec. 9 Dec. 15 The corporation issued 40,000 shares of capital stock to Mary Tone in exchange for $80,000 cash. Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. Paid Sloan Properties $2,500 to rent office space for five months. Billed customers $11,300 for services for the first half of December Paid $7,100 in salaries earned by employees during the first half of December Collected $3,800 of the amounts billed to customers on December 9. Received $34,400 from customers for services to be performed in the future. Recorded $7,500 in salaries earned by employees during the second half of the month. Purchased fuel for $250 which will last for several months. Dec.20 Dec.26 Dec.29 Dec.30 www.euruni.edu

Answer 1

Credit 80,000.00 15,000.00 30,000.00 2,500.00 11,300.00 Journal Date Particulars LF Debit Dec. 2 Cash A/C Dr 80,000.00 To Capital Alc (Being Capital Collected against 40000 shares Dec. 4 Truck A/C Dr 45,000.00 To Cash A/C To Note Payable A/C (Being Truck Purchased for cash and Note payable) Dec.5 Rent A/C Dr 500.00 Prepaid Expenses A/C Dr 2,000.00 To Cash A/C (Being Rent Paid for five months) Deo.9 Accounts Receivables A/C Dr 11,300.00 To Service Revenue A/C Dr (Being the service revenue accounted for the month) Deo. 15 Salary Alo Di 7,100.00 To Cash A/C (Being Salary Paid for the first half of the month) Deo. 20 Cash A/C Dr 3,800.00 To Accounts Receivables Alc (Being Receivables collected from customers) Deo. 26 Cash A/C DI 34,400.00 To Unearned Revenue A/C (Being Receipt of prepaid revenue) Dec 29 Salary Alc Dr 7,500.00 To Salary Payable Alc (Being Salary payable for the second half recorded) Dec 30 Fuel Expenses Alc Dr 250.00 To Cash AIC (Being Fuel Expenses paid) 191,850.00 7,100.00 3,800.00 34,400.00 7,500.00 250.00 191,850.00

Date Dec. 2 Dec.20 Dec.26 Particulars To Capital To Trade Receivables To Accrued Revenue Cash A/C JF Amount Date Particulars | 80,000.00 Dec. 4 By Truck 3,800.00 Deo.5 By Rent 34,400.00 Deo-05 By Prepaid Expenses Dec. 15 By Salary Dec. 30 By Fuel Expenses By Balance CIF ######## Amount 15,000.00 500.00 2,000.00 7,100.00 250.00 93,350.00 ######## Date Particulars To Balance CIF Capital A/C JF Amount Date ! 80,000.00 Dec.2 Particulars By Cash Cr JF |Amount 80,000.00 80.000.00 80,000.00 JF JF Date Dec.4 Dec. 4 Particulars To Cash To Bills Payable Truck AIC Amount Date 15,000.00 Dec. 31 30,000.00 Particulars By Balance C/F Amount 45,000.00 45,000.00 45.000.00

Date Dec. 31 Particulars To Balance CIF Notes Payable AIC JF Amount Date 30,000.00 Dec. 4 Particulars By Truck JF Amount 30,000.00 i 30,000.00 30,000.00 JF Date Dec. 9 Particulars To Service Revenue Accounts Receivables A/C JF Amount Date Particulars 11,300.00 Dec. 20 By Cash By Balance CIF Amount 3,800.00 7,500.00 11,300.00 11.300.00 Dr Date Dec.31 JF Service Rvenue A/C Amount Date Particulars 11,300.00 Dec. 9 By Accounts Receivable Particulars To Balance CIF JF Amount 11,300.00 i 11.300.00 11.300.00

Date Deo.5 Particulars To Cash Rent AIC JF Amount Date 500.00 Dec.31 Particulars By Balance CIF JF Amount 500.00 500.00 1 500.00 Dr Date Particulars Dec-31 To Balance CIF Salary Payable AIC JF Amount Date | 7,500.00 Dec.29 Particulars By Salary Cr JF Amount 7,500.00 7,500.00 7,500.00 D --------------------- ---------------------- Learned Revenue AIC Date Particulars JF Amount Date Particulars Dec-31 To Balance CIF 34,400.00 Dec-26 By Cash C JF Amount I 34,400.00 34,400.00 34,400.00

Dr Date Particulars Dec-30 To cash Fuel Exp Alc JF Amount Date Particulars 250.00 Dec-31 Ba Balance CIF JF Amount 250.00 i 250.00 250.00 Date Particulars Dec-15 To Cash Dec-29 To Salary Payable i Salary A/C JF Amount Date Particulars 7,100.00 Dec-31 By Balance CIF ! 7,500.00 JF Amount 14,600.00 | 14,600.00 14,600.00 Dr Prepaid Expenses AIC JF Amount Date Particulars i 2,000.00 Dec. 31 By Balance CIF Dec. 5 To Cash 2,000.00 2,000.00 2,000.00

LE No. Credit Debit 51,500.00 51,500.00 12,500.00 12,500.00 Journal Date Particulars Dec-31 Accounts Receivables A/C Dr To Service Revenue A/C Dr (Being the Fees revenue accounted for the month) Dec-31 Unearned Revenue A/C To Service Revenue A/C Dr (Unearned revenue recognised for the month) Dec.5 Prepaid Expenses A/c Dr Fuel Expenses A/c Dr (Being Fuel Exp Adjusted for the month) Dec.9 Depreciation A/C Dr To Truck By A/C (Being Depreciation for truck accounted 45000/96) 125.00 125.00 468.75 468.75 64,593.75 64,593.75

IF Date Particulars Dec. 9 To Service Revenue Dec-31 To Service Revenue Accounts Receivables A/C Amount Date Particulars 11,300.00 Dec.20 By Cash 51,500.00 Dec-31 By Balance C/F Amount 3,800.00 59,000.00 62,800.00 62,800.00 JE Date Dec.31 Particulars To Balance C/F Service Rvenue A/C Amount Date Particulars 75,300.00 Dec.9 By Accounts Receivable Dec-31 By Unearned Revenue Dec-31 By Accounts Receivable Amount 11,300.00 12,500.00 51,500.00 75,300.00 75,300.00 JE Date Particulars Dec-31 To Service Revenue To Balance c/F Unearned Revenue A/C Amount Date Particulars 12,500.00 Dec-26 By Cash 21,900.00 Amount 34,400.00 34,400.00 34,400.00

Dr Date Particulars Dec-30 To cash Fuel Exp A/C Amount Date Particulars 250.00 Dec-31 Ba prepaid Exp Dec-31 By Balance C/F Amount 125.00 125.00 - ---- ---- --------- ------ - ----- -- ---- ---- -- 250.00 250.00 Dr Date Particular Dec.5 To Cash Dec-31 To Fuel Exp Prepaid Expenses A/C Amount Date Particulars 2,000.00 Dec.31 By Balance C/F 125.00 Amount 2,000.00 2,125.00 2,000.00 Particulars To Cash To Bills Payable Truck A/C Amount Date Particulars 15,000.00 Dec-31 By Depreciation 30,000.00 Dec-31 By Balance C/F Dec.4 Dec.4 Amount 468.75 44,531.25 L45.000 L45.000