Homework Help is Here – Start Your Trial Now!
Business
Accounting
Create a business transaction journal using these following transactions.

Create a business transaction journal using these following transactions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Create a business transaction journal using these following transactions.
Use the following Chart of Accounts to complete: Assets: Cash, Accounts Receivable Ralph Monroe, Accounts Receivable - Susan Adamss, Accounts Receivable - Ed Moore, Supplies, Prepaid Insurance, Equipment Liabilities: Accounts Payable - EJ Equipment, Accounts Payable Sarasota Supply Owner's Equity: Simon Says - Capital, Simon Says - Drawing Revenue: Sales Expense: Advertising Expense, Miscellaneous Expense, Rent Expense, Utility Expense Record the following transactions: August 1: Receipt #7 showing cash received from owner, Simon Says, as an investment, $40,000 August 2: Check #10 showing cash paid cash for rent, $500 August 2: Purchase invoice #120 for equipment purchased on account from EJ Equipment, $4,000 10 11 12 13 August 4: Receipt #8 showing cash received on account from customer Ralph Monroe, $2,000 14 August 4: Receipt #9 showing cash received on account from customer Susan Adams, $1,000 August 5: Check #11 showing cash paid for utilities, $100 August 8: Check #12 showing cash paid on EJ Equipment account, $3,000 August 8: Check #13 showing cash paid for advertising, $400 August 9: Purchase invoice #490 showing supplies purchased on account from Sarasota Supply, $750 August 11: Sales invoice #10 showing services sold on account to customer Ed Moore, $4,000 August 11: Check #14 showing cash paid to owner for personal use, $3,000 August 20: Check #15 showing cash paid on account to Sarasota Supply vendor, $750 August 20: Receipt #10 showing cash received on account from customer Ed Moore, $2,000 August 30: Check #16 showing cash paid in advance for one year's insurance coverage, $800 August 30: Check #17 showing cash paid for miscellaneous expenses, $500 15 16 17 18 19 20 21 22 23 24 25 26 27
Transcribed Image Text:Use the following Chart of Accounts to complete: Assets: Cash, Accounts Receivable Ralph Monroe, Accounts Receivable - Susan Adamss, Accounts Receivable - Ed Moore, Supplies, Prepaid Insurance, Equipment Liabilities: Accounts Payable - EJ Equipment, Accounts Payable Sarasota Supply Owner's Equity: Simon Says - Capital, Simon Says - Drawing Revenue: Sales Expense: Advertising Expense, Miscellaneous Expense, Rent Expense, Utility Expense Record the following transactions: August 1: Receipt #7 showing cash received from owner, Simon Says, as an investment, $40,000 August 2: Check #10 showing cash paid cash for rent, $500 August 2: Purchase invoice #120 for equipment purchased on account from EJ Equipment, $4,000 10 11 12 13 August 4: Receipt #8 showing cash received on account from customer Ralph Monroe, $2,000 14 August 4: Receipt #9 showing cash received on account from customer Susan Adams, $1,000 August 5: Check #11 showing cash paid for utilities, $100 August 8: Check #12 showing cash paid on EJ Equipment account, $3,000 August 8: Check #13 showing cash paid for advertising, $400 August 9: Purchase invoice #490 showing supplies purchased on account from Sarasota Supply, $750 August 11: Sales invoice #10 showing services sold on account to customer Ed Moore, $4,000 August 11: Check #14 showing cash paid to owner for personal use, $3,000 August 20: Check #15 showing cash paid on account to Sarasota Supply vendor, $750 August 20: Receipt #10 showing cash received on account from customer Ed Moore, $2,000 August 30: Check #16 showing cash paid in advance for one year's insurance coverage, $800 August 30: Check #17 showing cash paid for miscellaneous expenses, $500 15 16 17 18 19 20 21 22 23 24 25 26 27
Asset: • Cash • Accounts Receivable Ralph Monroe • Accounts Receivable Susan Adams • Accounts Receivable Ed Moore • Supplies Prepaid Insurance Equipment Liability: • Accounts Payable - EJ Equipment • Accounts Payable Sarasota Supply Owner's Equity: • Simon Says - Capital • Simon Says - Drawing Revenue: • Sales Expense: • Advertising Expense • Miscellaneous Expense • Rent Expense • Utility Expense
Transcribed Image Text:Asset: • Cash • Accounts Receivable Ralph Monroe • Accounts Receivable Susan Adams • Accounts Receivable Ed Moore • Supplies Prepaid Insurance Equipment Liability: • Accounts Payable - EJ Equipment • Accounts Payable Sarasota Supply Owner's Equity: • Simon Says - Capital • Simon Says - Drawing Revenue: • Sales Expense: • Advertising Expense • Miscellaneous Expense • Rent Expense • Utility Expense
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS