Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950. 8 Paid phone bill, $85. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $800. 25 Paid utilities bill, $105. 27 Bernick withdrew cash for personal use, $400. 29 Paid part-time employee, $600. Journal Entries, Page 1 1. Prepare the General Journal for January 1–10, page 1. If an amount box does not require an entry, leave it blank. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 Jan. 1 Cash 1 2 Diane Bernick, Capital 2 3 3 4 Jan. 2 Rent Expense 4 5 Cash 5 6 6 7 Jan. 3 Office Equipment 7 8 Accounts Payable 8 9 9 10 Jan. 5 Cash 10 11 Consulting Fees 11 12 12 13 Jan. 8 Phone Expense 13 14 Cash 14 15 15 16 Jan. 10 Miscellaneous Expense 16 17 Cash 17 Feedback Area

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jan. 1	Bernick invested cash in the business, $12,000.
2	Paid office rent, $750.
3	Purchased office equipment on account, $1,300.
5	Received cash for services rendered, $950.
8	Paid phone bill, $85.
10	Paid for a magazine subscription (miscellaneous expense), $20.
11	Purchased office supplies on account, $250.
15	Made a payment on account (see Jan. 3 transaction), $200.
18	Paid part-time employee, $600.
21	Received cash for services rendered, $800.
25	Paid utilities bill, $105.
27	Bernick withdrew cash for personal use, $400.
29	Paid part-time employee, $600.

Journal Entries, Page 1

1. Prepare the General Journal for January 1–10, page 1. If an amount box does not require an entry, leave it blank.

Page: 1

	DATE	ACCOUNT TITLE
1	Jan. 1	Cash	1
2		Diane Bernick, Capital	2
3			3
4	Jan. 2	Rent Expense	4
5		Cash	5
6			6
7	Jan. 3	Office Equipment	7
8		Accounts Payable	8
9			9
10	Jan. 5	Cash	10
11		Consulting Fees	11
12			12
13	Jan. 8	Phone Expense	13
14		Cash	14
15			15
16	Jan. 10	Miscellaneous Expense	16
17		Cash	17

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