19 D J K L 3 fX JAB C E F H 1 Journal Entries Standard Entries (beginning of month) 4 A.) Jaxon, Inc. borrows $100,000 from Second National Bank. 5 B.) Jaxon, Inc. issues $150,000 in stock, receiving cash from the investors. 6 C.) Jaxon, Inc. buys $2,500 in supplies, on account. 7 D.) Jaxon, Inc. buys a new piece of equipment for $25,000 in cash. E.) Jaxon, Inc. purchases $12,000 in insurance in cash, for a 12 month policy, since their prior insurance 8 policy had been used up. 9 F.) Jaxon, Inc. receives $5,000 cash in advance from a customer for services to be rendered next period. 10 G.) Jaxon, Inc. paid rent of $10,000 for the month. 11 H.) Jaxon, Inc. buys $1,250 in supplies paying cash. 12 1.) Jaxon, Inc. pays a cash dividend of $2,000 to its investors. 13 14 Adjusting Entries (end of month) 15 J.) Jaxon, Inc. needs to accrue $2,000 in salaries that will not be paid until next month. 16 K.) Jaxon, Inc. has earned $2,000 of the services that were paid for in advance by the customer in entry F. L.) At the end of the period, Jaxon, Inc. has provided services in the amount of $500 to another customer, but has not yet billed them 17 since they only issue bills at the beginning of each month. 18 M.) Jaxon, Inc. needs to record the annual $1,025 of depreciation on the equipment. 19 N.) One month of the new insurance policy has been used up, and a journal entry is needed to reflect this. 0.) At the end of the period, $925 in supplies are remaining. (Remember that we started with a beginning 20 balance and also purchased new supplies.) 21 22 Closing Entries (end of month) 23 P.) Prepare the closing entry to close revenues out to Retained Earnings 24 Q.) Prepare the closing entry to close expenses out to Retained Earnings 25 R.) Prepare the closing entry to close dividends out to Retained Earnings 26 C C D E F G H 1 Debit Credit A B 7 Standard Entries B 9 A.) 0 1 2 B.) 3 4 5 7 BD.) 1 E.) 2 3 4 F.] 5 6 7 G.) B 9 0 H.) 1 2 3 1.) 4 5 E F G H AB C 6 Adjusting Entries Enter a name for a cell range, or select a 8 named range from the list 9 0 K.) 5 6 M.) 7 8 9 N.) ON ONMANO OOHNMD NOONMONDO 5 Closing Entries 6 P.) 7 8 9 0.) 5 6 7 R.) 8 9