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JOURNALIZE TRANSACTIONS - HELP WITH ACCOUNTING

by SHA
(Atlanta, GA)










































1.JOURNALIZE THE TRANSACTIONS. NUMBER THE JOURNAL PAGE 1, WRITE THE YEAR OCTOBER 1, 2010 AT THE TOP COLUMN, AND INCLUDE A DESCRIPTION FOR EACH ENTRY.
2.POST TO THE LEDGER ACCOUNTS. BEFORE YOU START THE POSTING PROCESS, OPEN ACCOUNTS BY ENTERING ACCOUNT NAMES AND NUMBERS IN THE HEADINGS. FOLLOW THE ORDER OF THE ACCOUNTS IN THE CHART OF ACCOUNTS.

ASSETS: 101 CASH, 111 ACCOUNTS RECEIVABLE, 121 SUPPLIES, 141 OFFICE EQUIPMENT, 151 ART EQUIPMENT
LIABILITIES: 202 ACCOUNTS PAYABLE,
OWNERS EQUITY: 301 CONNIE HERNANDEZ, CAPITAL;202 CONNIE HERNANDEZ, DRAWING
REVENUE:401 FEES INCOME
EXPENSES: 511 OFFICE CLEANING EXPENSE, 514 RENT EXPENSE, 517 SALARIES EXPENSE, 520 TELEPHONE EXPENSE,523 UTILITIES EXPENSE


OCT 1-CONNIE HERNANDEZ INVESTED $35,000 CASH IN THE BUSINESS.
OCT 2-PAID OCT OFFICE RENT OF $1,125, ISSUED CHECK 1001
OCT 5-PURCHASED DESKS AND OTHER OFFICE FURNITURE FOR $7,000 FROM OFFICE FURNITURE MART, INC. RECEIVED INVOICE 6704 PAYABLE IN 60 DAYS.
OCT 6-ISSUED CHECK 1002 FOR $2,175 TO PURCHASE ART EQUIPMENT.
OCT 7-PURCHASE SUPPLIES FOR $535, PAID WITH CHECK 1003.
OCT 10-ISSUED CHECK 1004 FOR $250 FOR OFFICE CLEANING SERVICE.
OCT 12-PERFORMED SERVICES FOR$1,600 IN CASH AND $1,400 ON CREDIT. (USE A COMPOUND ENTRY.)
OCT 15-RETURNED DAMAGED SUPPLIES FOR A CASH REFUND OF $150.
OCT 18-PURCHASED A COMPUTER FOR $1,025 FROM OFFICE FURNITURE MART, INC., INVOICE 7108, ISSUED CHECK 1005 FOR A $525 DOWN PAYMENT, WITH THE BALANCE PAYABLE IN 30 DAYS. (USE ONE COMPOUND ENTRY.)
OCT 20-ISSUED CHECK 1006 FOR $3,500 TO OFFICE FURNITURE MART, INC., AS PAYMENT ON ACCOUNT FOR INVOICE 6704.
OCT 26-PERFORMED SERVICES FOR $1,950 ON CREDIT.
OCT 27-PAID $125 FOR MONTHLY TELEPHONE BILL; ISSUED CHECK 1007.
OCT 30-RECEIVED $1,600 IN CASH FROM CREDIT CUSTOMERS.
OCT 30-MAILED CHECK 1008 TO PAY THE MONTHLY UTILITY BILL OF $296.
OCT 30-ISSUED CHECKS 1009-1011 FOR $3,775 FOR SALARIES.

ANALYZE:WHAT IS THE BALANCE OF ACCOUNT 202 IN THE GENERAL LEDGER?


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May 19, 2012
JOURNALIZE TRANSACTIONS
by: Staff


Part I

Question:

by SHA
(Atlanta, GA)


1.JOURNALIZE THE TRANSACTIONS. NUMBER THE JOURNAL PAGE 1, WRITE THE YEAR OCTOBER 1, 2010 AT THE TOP COLUMN, AND INCLUDE A DESCRIPTION FOR EACH ENTRY.
2.POST TO THE LEDGER ACCOUNTS. BEFORE YOU START THE POSTING PROCESS, OPEN ACCOUNTS BY ENTERING ACCOUNT NAMES AND NUMBERS IN THE HEADINGS. FOLLOW THE ORDER OF THE ACCOUNTS IN THE CHART OF ACCOUNTS.

ASSETS: 101 CASH, 111 ACCOUNTS RECEIVABLE, 121 SUPPLIES, 141 OFFICE EQUIPMENT, 151 ART EQUIPMENT
LIABILITIES: 202 ACCOUNTS PAYABLE,
OWNERS EQUITY: 301 CONNIE HERNANDEZ, CAPITAL;202 CONNIE HERNANDEZ, DRAWING
REVENUE:401 FEES INCOME
EXPENSES: 511 OFFICE CLEANING EXPENSE, 514 RENT EXPENSE, 517 SALARIES EXPENSE, 520 TELEPHONE EXPENSE,523 UTILITIES EXPENSE


OCT 1-CONNIE HERNANDEZ INVESTED $35,000 CASH IN THE BUSINESS.
OCT 2-PAID OCT OFFICE RENT OF $1,125, ISSUED CHECK 1001
OCT 5-PURCHASED DESKS AND OTHER OFFICE FURNITURE FOR $7,000 FROM OFFICE FURNITURE MART, INC. RECEIVED INVOICE 6704 PAYABLE IN 60 DAYS.
OCT 6-ISSUED CHECK 1002 FOR $2,175 TO PURCHASE ART EQUIPMENT.
OCT 7-PURCHASE SUPPLIES FOR $535, PAID WITH CHECK 1003.
OCT 10-ISSUED CHECK 1004 FOR $250 FOR OFFICE CLEANING SERVICE.
OCT 12-PERFORMED SERVICES FOR$1,600 IN CASH AND $1,400 ON CREDIT. (USE A COMPOUND ENTRY.)
OCT 15-RETURNED DAMAGED SUPPLIES FOR A CASH REFUND OF $150.
OCT 18-PURCHASED A COMPUTER FOR $1,025 FROM OFFICE FURNITURE MART, INC., INVOICE 7108, ISSUED CHECK 1005 FOR A $525 DOWN PAYMENT, WITH THE BALANCE PAYABLE IN 30 DAYS. (USE ONE COMPOUND ENTRY.)
OCT 20-ISSUED CHECK 1006 FOR $3,500 TO OFFICE FURNITURE MART, INC., AS PAYMENT ON ACCOUNT FOR INVOICE 6704.
OCT 26-PERFORMED SERVICES FOR $1,950 ON CREDIT.
OCT 27-PAID $125 FOR MONTHLY TELEPHONE BILL; ISSUED CHECK 1007.
OCT 30-RECEIVED $1,600 IN CASH FROM CREDIT CUSTOMERS.
OCT 30-MAILED CHECK 1008 TO PAY THE MONTHLY UTILITY BILL OF $296.
OCT 30-ISSUED CHECKS 1009-1011 FOR $3,775 FOR SALARIES.

ANALYZE: WHAT IS THE BALANCE OF ACCOUNT 202 IN THE GENERAL LEDGER?

-------------------------------------------------------

May 19, 2012
JOURNALIZE TRANSACTIONS
by: Staff


-------------------------------------------------------

Part II

Answer:


Chart of Accounts


BALANCE SHEET ACCOUNTS

Assets
      101 Cash
      111 Accounts Receivable
      121 Supplies
      141 Office Equipment
      151 Art Equipment


Liabilities
      202 Accounts Payable

Owner’s Equity
      301 Connie Hernandez, Capital
      302 Connie Hernandez, Drawing



Revenue
      401 Fees Income

Expenses
      511 Office Cleaning Expense
      514 Rent Expense
      517 Salaries Expense
      520 Telephone Expense
      523 Utilities Expense


OCT 1-CONNIE HERNANDEZ INVESTED $35,000 CASH IN THE BUSINESS.
      Dr   101 Cash   $35,000
      Cr   301 Connie Hernandez, Capital   $35,000

OCT 2-PAID OCT OFFICE RENT OF $1,125, ISSUED CHECK 1001
      Dr   514 Rent Expense    $1,125
      Cr   101 Cash   $1,125

OCT 5-PURCHASED DESKS AND OTHER OFFICE FURNITURE FOR $7,000 FROM
OFFICE FURNITURE MART, INC. RECEIVED INVOICE 6704 PAYABLE IN 60 DAYS
      Dr   141 Office Equipment    $7,000
      Cr   202 Accounts Payable    $7,000

OCT 6-ISSUED CHECK 1002 FOR $2,175 TO PURCHASE ART EQUIPMENT.
      Dr   151 Art Equipment    $2,175
      Cr   101 Cash    $2,175

OCT 7-PURCHASE SUPPLIES FOR $535, PAID WITH CHECK 1003.
      Dr   121 Supplies    $535
      Cr   101 Cash   $535

-------------------------------------------------------

May 19, 2012
JOURNALIZE TRANSACTIONS
by: Staff


-------------------------------------------------------

Part III

OCT 10-ISSUED CHECK 1004 FOR $250 FOR OFFICE CLEANING SERVICE.
      Dr   511 Office Cleaning Expense    $250
      Cr   101 Cash   $250

(I did not use a compound entry for the next transaction)

OCT 12-PERFORMED SERVICES FOR $1,600 IN CASH (USE A COMPOUND ENTRY.)
      Dr   101 Cash    $1,600
      Cr   401 Fees Income    $1,600

OCT 12-PERFORMED SERVICES FOR $1,400 ON CREDIT. (USE A COMPOUND ENTRY.)
      Dr   111 Accounts Receivable    $1,400
      Cr   401 Fees Income    $1,400

OCT 15-RETURNED DAMAGED SUPPLIES FOR A CASH REFUND OF $150.
      Dr   101 Cash    $150
      Cr   121 Supplies    $150

OCT 18-PURCHASED A COMPUTER FOR $1,025 FROM OFFICE FURNITURE MART, INC., INVOICE 7108, ISSUED CHECK 1005 FOR A $525 DOWN PAYMENT, WITH THE BALANCE PAYABLE IN 30 DAYS. (USE ONE COMPOUND ENTRY.)
      Dr   141 Office Equipment    $1,025
      Cr   101 Cash    $525
      Cr   202 Accounts Payable    $500

OCT 20-ISSUED CHECK 1006 FOR $3,500 TO OFFICE FURNITURE MART, INC., AS PAYMENT ON ACCOUNT FOR INVOICE 6704.
      Dr   202 Accounts Payable    $3,500
      Cr   101 Cash    $3,500

OCT 26-PERFORMED SERVICES FOR $1,950 ON CREDIT.
      Dr   111 Accounts Receivable    $1,950
      Cr   401 Fees Income    $1,950

OCT 27-PAID $125 FOR MONTHLY TELEPHONE BILL; ISSUED CHECK 1007.
      Dr   520 Telephone Expense    $125
      Cr   101 Cash   $125

-------------------------------------------------------

May 19, 2012
JOURNALIZE TRANSACTIONS
by: Staff


-------------------------------------------------------

Part IV

OCT 30-RECEIVED $1,600 IN CASH FROM CREDIT CUSTOMERS.
      Dr   101 Cash    $1,600
      Cr   111 Accounts Receivable    $1,600

OCT 30-MAILED CHECK 1008 TO PAY THE MONTHLY UTILITY BILL OF $296.
      Dr   523 Utilities Expense    $296
      Cr   101 Cash   $296

OCT 30-ISSUED CHECKS 1009-1011 FOR $3,775 FOR SALARIES.
      Dr   517 Salaries Expense    $3,775
      Cr   101 Cash   $3,775







ANALYZE:WHAT IS THE BALANCE OF ACCOUNT 202 IN THE GENERAL LEDGER?


202 Accounts Payable

OCT 5-PURCHASED DESKS AND OTHER OFFICE FURNITURE FOR $7,000 FROM
OFFICE FURNITURE MART, INC. RECEIVED INVOICE 6704 PAYABLE IN 60 DAYS
      Cr   202 Accounts Payable    $7,000

Balance       Credit    $7,000

OCT 18-PURCHASED A COMPUTER FOR $1,025 FROM OFFICE FURNITURE MART, INC., INVOICE 7108, ISSUED CHECK 1005 FOR A $525 DOWN PAYMENT, WITH THE BALANCE PAYABLE IN 30 DAYS. (USE ONE COMPOUND ENTRY.)
      Cr   202 Accounts Payable    $500

Balance       Credit    $7,500


OCT 20-ISSUED CHECK 1006 FOR $3,500 TO OFFICE FURNITURE MART, INC., AS PAYMENT ON ACCOUNT FOR INVOICE 6704.
      Dr   202 Accounts Payable    $3,500

Balance       Credit    $4,000





Thanks for writing.

Staff
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