Accounting Prepare: Journal entries Get Money 1 Raise 200,000 from investors 2 Take out 30,000 from a Bank at 10% interest rate Spend Money 3 Hired an employee at $120,000/year salary 4 Bought Equipment $5000 5 Paid 1 month of rent for building for $1,600 cash 6 Paid $400 cash for advertising. 7 Received bill for equipment repair cost of $3,000 which is not paid yet 8 Purchased supplies for $320 cash, used $100 of supplies in January 9 Received and paid cash for utility bill for $115. 10 Paid $12,000 for insurance for all of 2022 Earn Money 11 Received $10,000 payment from customer for future services 12 Earned $100,000 of revenue, $10,000 was paid in cash the rest is owed to the company,1 year contract Adjusting JE's 13 Accrue Salaries Expense & Payable-you pay salaries every other Friday 14 Accrue Depreciation on Equipment (Straight line Dep 3 year life no salvage value) 15 Accrue Interest Expense and Interest Payable 16 Accrue insurance expense and Prepaid Insurance 17 Accrue revenue and Accounts Receivable 18 Expense Supplies and adjust Supplies balance
Accounting Prepare: Journal entries Get Money 1 Raise 200,000 from investors 2 Take out 30,000 from a Bank at 10% interest rate Spend Money 3 Hired an employee at $120,000/year salary 4 Bought Equipment $5000 5 Paid 1 month of rent for building for $1,600 cash 6 Paid $400 cash for advertising. 7 Received bill for equipment repair cost of $3,000 which is not paid yet 8 Purchased supplies for $320 cash, used $100 of supplies in January 9 Received and paid cash for utility bill for $115. 10 Paid $12,000 for insurance for all of 2022 Earn Money 11 Received $10,000 payment from customer for future services 12 Earned $100,000 of revenue, $10,000 was paid in cash the rest is owed to the company,1 year contract Adjusting JE's 13 Accrue Salaries Expense & Payable-you pay salaries every other Friday 14 Accrue Depreciation on Equipment (Straight line Dep 3 year life no salvage value) 15 Accrue Interest Expense and Interest Payable 16 Accrue insurance expense and Prepaid Insurance 17 Accrue revenue and Accounts Receivable 18 Expense Supplies and adjust Supplies balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Accounting
Prepare:
| Get Money | |
| 1 | Raise 200,000 from investors |
| 2 | Take out 30,000 from a Bank at 10% interest rate |
| Spend Money | |
| 3 | Hired an employee at $120,000/year salary |
| 4 | Bought Equipment $5000 |
| 5 | Paid 1 month of rent for building for $1,600 cash |
| 6 | Paid $400 cash for advertising. |
| 7 | Received bill for equipment repair cost of $3,000 which is not paid yet |
| 8 | Purchased supplies for $320 cash, used $100 of supplies in January |
| 9 | Received and paid cash for utility bill for $115. |
| 10 | Paid $12,000 for insurance for all of 2022 |
| Earn Money | |
| 11 | Received $10,000 payment from customer for future services |
| 12 | Earned $100,000 of revenue, $10,000 was paid in cash the rest is owed to the company,1 year contract |
| Adjusting JE's | |
| 13 | Accrue Salaries Expense & Payable-you pay salaries every other Friday |
| 14 | Accrue |
| 15 | Accrue Interest Expense and Interest Payable |
| 16 | Accrue insurance expense and Prepaid Insurance |
| 17 | Accrue revenue and |
| 18 | Expense Supplies and adjust Supplies balance |
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