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Cash Accounts Receivable Interest Receivable Inventory Note Receivable Prepaid Insurance Supplies Office Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Interest Payable Note Payable Common Stock
Cash Accounts Receivable Interest Receivable Inventory Note Receivable Prepaid Insurance Supplies Office Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Interest Payable Note Payable Common Stock Retained Earnings Dividends Service Revenue Interest Revenue Costs of Goods Sold Depreciation Expense Insurance Expense Interest Expense Rent Expense Salaries Expense 1. Jan. 1 Issued 18,000 shares of common stock for $90,000 cash. 2. Jan. 3 Purchased $108,000 of office equipment by paying $9,000 cash and by signing a one-year, 10% interest-bearing note payable for the remaining balance. 3. Jan. 3 Purchased $5,400 supplies on account. Hint: Debit supplies. 4. Jan. 4 Performed $7,200 of legal services on account. 5. Jan. 6 Received a $2,700 cash deposit from a new client for legal work to commence next month. 6. Jan. 10 Paid $9,000 cash for a 12-month insurance policy. Analyze each of the above transactions and record the general journal entry for each, omitting explanations. Ignore any month-end adjusting entries. General Journal Ref. Account Name Dr. Cr. 1. 0 0 0 0 > 2. 0 0 Cash 0 0 0 0 3. 0 0 0 0 4. 0 0 0 0 5. 0 0 0 0 6. 0 0 0 0 7. Jan. 13 Paid cash to settle the account for supplies purchased on January 3. 8. Jan. 20 Performed legal services for $9,000 cash. 9. Jan. 30 Collected $3,600 cash from customer on account for legal services performed on January 4. 10. Jan. 31 Paid $5,400 cash in salaries for the month of January. 11. Jan. 31 Paid $1,800 cash dividends to shareholders. 12. Jan. 31 Paid $9,000 cash for January rent. Analyze each of the above transactions and record the general journal entry for each, omitting explanations. Ignore any month-end adjusting entries. General Journal Ref. Account Name 7. Dr. Cr. 0 0 0 0 8. 0 0 0 0 9. 0 0 0 0 10. 0 0 0 0 0 11. 0 0 0 12. 0 0 > 0 0
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