Journal entry worksheet1234 5 6 7812Brooks invested $200,000 cash along with $20,000 in office equipment in thecompany.Note: Enter debits before credits.DateGeneral JournalDebitCreditMar 01Record entryClear entryView general journal Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.March1 Brooks invested $200,000 cash along with $20,000 in office equipment in the company.2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000.3 The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. Payment is duewithin 10 days.6 The company completed services for a client and immediately received $6,000 cash.9 The company completed a $7,700 project for a client, who must pay within 30 days.12 The company paid $3,800 cash to settle the account payable created on March 3.19 The company paid $7,700 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for$7,700.22 The company received $4,000 cash as partial payment for the work completed on March 9.25 The company completed work for another client for $3,890 on credit.29 Brooks withdrew $7,400 cash from the company for personal use.30 The company purchased $600 of additional office supplies on credit.31 The company paid $1,300 cash for this month's utility bill.Required:1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); OfficeSupplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); D. Brooks, Capital (301); D.Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690).2. Post the journal entries from part 1 to the ledger accounts.3. Prepare a trial balance as of the end of March.

A journal entry is a means of recording all of a company's individual financial transactions in its…

Answered: Denzel Brooks opened a Web consulting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July 1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $125,000 cash along with office equipment valued at $30,000 in the company in exchange for common stock. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $15,000 in office equipment and $3,000 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received S 2,000 cash. April 9 The company completed a $10,000 project for a client, who must pay within 30 days. April 13 The company paid $18,000 cash to settle the account payable created on April 3. April 19 The company paid $6,000 cash for the premium on a 12 - month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $8,000 cash as partial payment for the work…
Required: 1. Prepare general Journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of April 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet < 1 2 Date April 01 3 Note:…
the company have cash of $12,351, Accounts Receivable of $18,431, Accounts Payable of$4,124, and G. Crane, Capital of $26,658. During the month of March, the following transactions occurred.1.Purchased equipment for $24,234 from Digital Equipment. Paid $5,634 cash and signed a note payable for the balance.2.Received $12,469 from customers for contracts billed in February.3.Paid $3,138 for March rent of office space.4.Paid $2,315 of the amounts owing to suppliers at the beginning of March.5.Provided software services to Kwon Construction Company for $7,147 cash.6.Paid BC Hydro $ 1,064 for energy used in March.7.G. Crane withdrew $4,853 cash from the business.B.Paid Digital Equipment $1.953 on account of the note payable issued for the equipment purchased in transaction 1. Of this,$93 was for interest expense.9 Hired an erployee to start working in April.10. Incurred advertising expense on account for March, $1,705.Prepare a tabular analysis of the above transactions. The first row…
Deb Kelley opens a web consulting business called Smart Deals andcompletes the following transactions in its first month of operations.Prepare journal entries for each transaction and identify the financialstatement impact of each entry. The financial statements are automatically generated based on thejournal entries recorded.Apr. 1 Kelley invested $110,000 cash along with officeequipment valued at $31,000 in the company.Apr. 2 The company prepaid $15,000 cash for 12 months' rent foroffice space. The company's policy is record prepaidexpenses in balance sheet accounts.Apr. 3 The company made credit purchases for $9,000 in officeequipment and $4,600 in office supplies. Payment is duewithin 10 days.Apr. 6 The company completed services for a client andimmediately received $7,000 cash.Apr. 9 The company completed a $11,000 project for a client,who must pay within 30 days.Apr. 13 The company paid $13,600 cash to settle the accountpayable created on April 3.Apr. 19 The company paid $4,800…
Ken Hughes opened a web consulting business called Security First and recorded the following transactions in its first month of operations. Apr. 1 Hughes invests $89,000 cash along with office equipment valued at $37,500 in the company. Apr. 2 The company prepaid $10,800 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,500 in office equipment and $4,100 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $6,100 cash. Apr. 9 The company completed a $17,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $12,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $3,120 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.…
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $200,000 cash along with $20,000 in office equipment in the company. 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,000 cash. 9 The company completed a $7,700 project for a client, who must pay within 30 days. 12 The company paid $3,800 cash to settle the account payable created on March 3. 19 The company paid $7,700 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,700. 22 The company received $4,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,890 on credit. 29 Brooks…
Getting ready for the upcoming holiday season is traditionally a busy time for greeting card com-panies, and it was no exception for Kate. The following transactions occurred during the month of October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts and administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receives a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utility bill. 5. Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6. Pays her assistant $200 for the work done this month. 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1,000. These were paid for during…
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporateda company that sells de - motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.a. Received $40,000 cash from the investors who organized Down, Incorporatedb. Borrowed $19,000 cash and signed a note due in two years.c. Ordered equipment costing $22,000.d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c), pald for half of it, and put the rest on account. Pleaae tell me the cash and equipment
Walker Company has just started the operations in July. The company is owned by Franklin Walker.The following transactions have taken place in the first month of operation. Dates Transactions July 1 Received cash investment of $ 650,000 from Franklin Walker.July 1 Purchased two computers for $50,000 for cash. July 4 Received $10,000 service income in cash from services provided. July 5Purchased supplies of $1,000 on credit. The payment will be made on 20 July. July 6Paid advertising expense of $1,500. July 12 Provided $6,500 worth of services on account.July 15 Received cash of $6,000 in advance from ABC. The company will provide the service for the next three months.July 20Paid telephone bill of $220. July 20Paid supplies purchased on 5 July.July 31Paid monthly salary to employee of $ 8,000. Required:Journalize the transactions above in the format Below. Date Account titles and explanation Reference
At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks. The company had the following transactions during April. April Haron Kadir invested $65,000 cash, office equipment with a value of $5,750, and $30,000 of computer equipment in the company. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. The company purchased a portable building with $34,500 cash and moved it onto the land acquired on date 2nd. The company paid $5,000 cash for the premium on a two-year insurance policy. The company provided services to a client and immediately collected $4,600 cash. The company purchased $4,500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3,700. The company completed $4,250 of services for a client. This amount is to be received within 30 days. The company purchased $950 of additional office equipment on credit. The company…
Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. Received four shareholders' contributions totaling $28,400 cash to form the corporation; issued 500 shares of $0.10 par value common stock. Paid three months' rent for the store at $1,830 per month (recorded as prepaid expenses). Purchased and received candy inventory for $6,400 on account, due in 60 days. Purchased supplies for $1,330 cash. Negotiated and signed a two-year $13,000 loan at the bank, receiving cash at the time. Used the money from (e) to purchase a computer for $2,700 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. Placed a grand opening…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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