🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION β†’
Log in
Accounting
1
answer
0
watching
560
views

1-Mark invested $20,000 cash in the business

2-Purchase equipment for $15,000 in cash

3-Purchase supplies on account for $500.00

4-Billing clients for $3,000 for services

5-Paid $300.00 for advertising expense for business

Instructions:

Journalize the following transactions. Do not provideexplanations.

Please write a correct account titles in complete word.Example: Account Payable.

(Omit a letter S in the end of word).

Watch
1
answer
0
watching
560
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Tod Thiel
Tod ThielLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

I need to journalize these transactions. Trying to keep thesebalanced is difficult, and I've been confused as to what accountsto debit/credit. If you could help me fill this out, that would begreatly appreciated.

For the past several years, Aaron Jones has operated aconsulting business from his home on a part-time basis. As ofDecember 1, 20X1, Aaron decided to move to rented quarters andincorporate his business as Progress Consulting Inc. ProgressConsulting entered into the following transactions duringDecember:

1st AaronJones invested the following assets in the business: cash, $50,000;supplies,

$10,000; and office equipment, $30,000. Mr. Jones received stockin an

amount equal to his investment in the corporation.

2nd Paid $9,000for rent for December 20X1 through February 28, 20X2.

3rd Paid$12,000 for a one year premium on property and casualty insurance.The

policy covers the period December 1, 20X1 to November 30,20X2.

4th Received $16,000 cash from a client as an advance payment forservices to be

performed in the future.

5th Purchased additional office equipment on account from Payne Companyfor $10,000.

10th Paid $7,500 for anewspaper advertisement that ran in todayҀ™s paper.

11th Paid Payne Company$3,000 for part of the debt incurred on December 5.

12th Billed clients forservices performed on account, $5,800.

17th Received cash paymentfrom client for services performed on this date, $14,000.

18th Paid $6,000 forsupplies.

20th Billed clients forservices performed on account, $15,000.

24th Received cash paymentfrom client for services performed on this date, $2,000.

25th Received cash fromclients as payment on account, $3,000.

30th Paid $750 forutilities for December.

31st Paid cash dividend of$5,000.

These are the accounts we have:

PROGRESS CONSULTING: Chart of Accounts

11 Cash

12 Accounts Receivable

14 Supplies

15 Prepaid Rent

17 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

22 Wages Payable

23 Unearned Revenues

31 Common Stock

34 Retained Earnings

35 Dividends

37 Income Summary

41 Service Revenues

51 Insurance Expense

52 Advertising Expense

53 Rent Expense

55 Supplies Expense

57 Depreciation Expense

59 Utilities Expense

60 Wage Expense

Date

Description

Debit

Credit

Dec

1

Cash

50,000

1

Supplies

10,000

1

Office Equipment

30,000

1

Common Stock

90,000

2

Prepare a ledger and post these transactions to determine the balance of each account.

GENERAL JOURNAL Page 1
Date Accounts Debits Credits
02-Jan-X5 Cash 1,000,000
Capital Stock 1,000,000
Bikash invested cash in exchange for stock
04-Jan-X5 Equipment 200,000
Loan Payable 200,000
Purchased equipment with proceeds of loan
06-Jan-X5 Accounts Receivable 300,000
Revenues 300,000
Provided services to customers on account
07-Jan-X5 Supplies Expense 10,000
Accounts Payable 10,000
Purchased (on account) and used supplies
11-Jan-X5 Accounts Payable 10,000
Cash 10,000
Paid for purchase of Jan. 7
15-Jan-X5 Wage Expense 100,000
Cash 100,000
Paid employee
GENERAL JOURNAL Page 2
Date Accounts Debits Credits
17-Jan-X5 Cash 150,000
Accounts Receivable 150,000
Collected partial payment on receivables
18-Jan-X5 Cash 180,000
Revenues 180,000
Provided services to customers for cash
20-Jan-X5 Supplies Expense 20,000
Accounts Payable 20,000
Purchased (on account) and used supplies
31-Jan-X5 Wage Expense 100,000
Cash 100,000
Paid employee
31-Jan-X5 Loan Payable 200,000
Interest Expense 2,000
Cash 202,000
Paid off the loan with interest

Worksheet to post answers below:

CASH
Date Description Debit Credit Balance
01-Jan-X5 Balance forward - - -
02-Jan-X5 Journal Page 1 1,000,000 - 1,000,000
- - -

J. Carrie established Carrie's Photo Tours during June of this year. The accountant prepared the following chart of accounts:

Assets Liabilities Owner's Equity Revenue Expenses

Cash Accounts Payable J. Carrie, Capital Income from Services Wages Expense

Supplies J. Carrie, Drawing Rent Expense

Computer Software Advertising Expense

Office Equipment Utilities Expense

Neon Sign Misc Expense

The following transactions occurred during the month of June:

a. Carrie deposited $30000 cash in a bank account in the name of the business.

b. Bought office equipment for cash, $1850, ck no. 1001

c. Bought computer software from Morey's Computer Center, $640, paying $350 in cash and placing balance on account ck no. 1002.

d. Paid current month's rent, $950 ck. no. 1003.

e. Sold services for cash, $1575.

f. Bought a neon sign from the SIGN Company, $1335, paying $435 in cash and placing the balance on account ck. no. 1004.

g. Received bill from The Gossiper for advertising, $445.

h. Bought supplies on account from city Suppy, $460.

i. Received and paid the eleletric bill, $380, ck. no. 1005.

j. Paid on account to The Gossiper, $245 ck.no. 1006.

k. Sold services for cash $3474.

l. Paid on wages to an employee, $930 ck. no. 1007.

m. Carrie invested his personal computer(Office Equipment) with a fair market value of $1000 in the business.

n. Carrie withdrew cash for personal use. $800, ck. no. 1008.

o. Received and paid the bill for city business license, $75, ck. no. 1009 (Misc Expense).

Required

1. Record the owner's name in the Capital and Drawing T Accounts.

2. Correctly place the plus and minus signs for each T Account and label the debit and credit sides of the accounts.

3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction.

4. Foot the T Accounts and show the balances.

5. Prepare a trial balance, with a three-line heading, dated June 30, 20_.

Trial Balance total$37899

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in