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Accounting
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

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

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...
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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 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
 

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