Prepare the journal entries, Accounting Basics

Prepare the Journal Entries

Journalize the following business transactions in general journal form. Identify each transaction by number.

You may omit explanations of the transactions.  

  1.  Jennie Beagle invests $25,000 cash to start a real estate company operating as a proprietorship.

  2.  Paid $2,100 cash for the first three month's rent.

  3.  Purchased office equipment for $10,000, paying $3,500 in cash and signed a 30-day, 5% note payable for $6,500.

  4.  Paid $600 cash for the purchase of office supplies.

  5.  Received a bill for $500 for advertising for the current month.

  6.  Billed $4,000 to clients for real estate commissions.

  7.  Paid $200 cash on account for the advertising in transaction 5.

  8.  Paid $2,500 cash for office salaries.

  9.  Jennie withdrew $1,200 cash.

  10.  Received a cheque for $2,000 from a client in payment on account for commissions billed in transaction 6.

 Required:

Prepare the journal entries to record the above transactions.

 

Posted Date: 2/15/2013 5:49:35 AM | Location : United States







Related Discussions:- Prepare the journal entries, Assignment Help, Ask Question on Prepare the journal entries, Get Answer, Expert's Help, Prepare the journal entries Discussions

Write discussion on Prepare the journal entries
Your posts are moderated
Related Questions
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40

Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys

Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.

Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs

Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat

Your individual coursework portfolio addresses the following learning outcomes: ? Discuss the corporate governance issues and the duty of care of the directors of limited companies

Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces

The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various  types  of coffee  machines, grinders,  filters and beans. The business has two dir

1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie