I need some help with general journal entries.
1. On July 1, receive 69,100 cash from new investors and issue69,100 common stock to them.
Debit cash for 69100, credit common stock?
2. On July 1, Purchase 93,000 of new mowing equipment, payingcash to mower dealer.
Debit Equpment for 93,000 Credit cash for 93,000?
3. July 1 Pay 500 cash for july truck rental.
Debit truck rental expense, Credit cash?
4. July 3, invoice a customer 1870 for completed mowing job,customer will pay in 10 days.
Debit Accounts Receivable 1870, Credit Unearned revenue for1870? Not sure if this one is right.
*****5. July 5, The board of directors declares a cash dividend,the total amount of the dividend is 27000, the date of record isset as July 15, the Date of payment is set as July 31.
I'm not sure how to enter this one. Debit Dividends payableCredit Accounts receivable????*****
6. July 7, pay the employees 12,000 for work performed duringthe first week of july.
Debit Wages expense 12,000, Credit cash 12,000?
7. July 10, Complete a mowing job for a new customer. Customerpays 950 cash for the job.
Debit cash 950, Credit service revenue 950?
8. July 12 collect 3,500 cash from a golf course for a specialrush mowing job completed on May 31.
Debit 3,500 cash, but what do I credit? Can I get an explanationon this one too please?
9. July 14, pay employees 7200 for work performed during thesecond week of july.
Debit Wages Expense 7200, credit cash 7200.
***What's the difference between wages payable and wagesexpense? When do I know to use the expense vs liability account? Iswages payable when they are owed money in the future?
10. July 15, purchase $750 of supplies from the mower dealer.The supplies are consumed immediately. The mower dealer will bepayed in two weeks.
Debit Supplies expense $750, Credit accounts payable 750? Isthere anything else to this?
****11. July 15, collect 1870 on account. The cash that isreceived is from the new customer For the job completed on July3.
If looking back at #4, would I debit Cash for 1870, creditAccounts Receivable for 1870, then what else??*****
If anyone could help it would be greatly appreciated. I'm reallystruggling in this class and am trying to understand things, butnot having much luck.
I need some help with general journal entries.
1. On July 1, receive 69,100 cash from new investors and issue69,100 common stock to them.
Debit cash for 69100, credit common stock?
2. On July 1, Purchase 93,000 of new mowing equipment, payingcash to mower dealer.
Debit Equpment for 93,000 Credit cash for 93,000?
3. July 1 Pay 500 cash for july truck rental.
Debit truck rental expense, Credit cash?
4. July 3, invoice a customer 1870 for completed mowing job,customer will pay in 10 days.
Debit Accounts Receivable 1870, Credit Unearned revenue for1870? Not sure if this one is right.
*****5. July 5, The board of directors declares a cash dividend,the total amount of the dividend is 27000, the date of record isset as July 15, the Date of payment is set as July 31.
I'm not sure how to enter this one. Debit Dividends payableCredit Accounts receivable????*****
6. July 7, pay the employees 12,000 for work performed duringthe first week of july.
Debit Wages expense 12,000, Credit cash 12,000?
7. July 10, Complete a mowing job for a new customer. Customerpays 950 cash for the job.
Debit cash 950, Credit service revenue 950?
8. July 12 collect 3,500 cash from a golf course for a specialrush mowing job completed on May 31.
Debit 3,500 cash, but what do I credit? Can I get an explanationon this one too please?
9. July 14, pay employees 7200 for work performed during thesecond week of july.
Debit Wages Expense 7200, credit cash 7200.
***What's the difference between wages payable and wagesexpense? When do I know to use the expense vs liability account? Iswages payable when they are owed money in the future?
10. July 15, purchase $750 of supplies from the mower dealer.The supplies are consumed immediately. The mower dealer will bepayed in two weeks.
Debit Supplies expense $750, Credit accounts payable 750? Isthere anything else to this?
****11. July 15, collect 1870 on account. The cash that isreceived is from the new customer For the job completed on July3.
If looking back at #4, would I debit Cash for 1870, creditAccounts Receivable for 1870, then what else??*****
If anyone could help it would be greatly appreciated. I'm reallystruggling in this class and am trying to understand things, butnot having much luck.
Related questions
American Laser, Inc., reported the following account balances on January 1. Accounts Receivable $ 5,000 Accumulated Depreciation 30,000 Additional Paid-in Capital 90,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 247,000 Cash 10,000 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 10,000 Retained Earnings 120,000 Treasury Stock 0 The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $500 balance due from a customer who went bankrupt.
Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
1
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction.
2
Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction.
3
Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction.
4
Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction.
5
Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction.
6
Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Record the transaction.
7
Wrote off a $500 balance due from a customer who went bankrupt. Record the transaction.
8
Prepare the closing entry for Dividends. Record the transaction.
Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances.
UnadjustedPost-closing Unadjusted
Unadjusted
Post-closing
Dates:Jan 01
Jan 01
Jan 31
Jan 01
Jan 31
Jan 15
Jan 31
Feb 15
Feb 28
Mar 15
Mar 31
Aug 15
Aug 31
Sep 15
Sep 30
Oct 01
Oct 03
Oct 31
to:Oct 03
Jan 01
Jan 31
Jan 01
Jan 31
Jan 15
Jan 31
Feb 15
Feb 28
Mar 15
Mar 31
Aug 15
Aug 31
Sep 15
Sep 30
Oct 01
Oct 03
Oct 31
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The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $28,000, paying cash. Nov. 2. Paid garage $675 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,000 for the truck. Year 2 Jan. 6. Purchased a new truck for $48,000, paying cash. Apr. 1. Sold the used truck for $15,000. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $9,000 and an estimated life of five years. Year 3 July 1. Purchased a new truck for $54,000, paying cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $16,750. (Record depreciation to date for Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $12,000 and an estimated useful life of eight years. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles.
Chart Of Accounts.
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal How does grading work? PAGE 1 JOURNAL ACCOUNTING EQUATION Score: 76/76
Points: 15 / 15 Journalize the Year 2 transactions and adjusting entries on Page 2. How does grading work? PAGE 2 JOURNAL ACCOUNTING EQUATION Score: 125/150
Points: 24.17 / 29 Journalize the Year 3 transactions and adjusting entries on Page 3. Question not attempted. PAGE 3 JOURNAL ACCOUNTING EQUATION Score: 0/125
Points: 0 / 24 Feedback |
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