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.


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
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7

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

what are the internal sources of accounting?

On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins

Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu

80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio