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General Journal Transaction # Account # Account Name Debit Credit 1 NO JE 2 10000 Cash 20000.00 39003 Common Stock 20000.00 3 18000 Prepaid Rent
General Journal Transaction # Account # Account Name Debit Credit 1 NO JE 2 10000 Cash 20000.00 39003 Common Stock 20000.00 3 18000 Prepaid Rent 2400.00 10000 Cash 2400.00 4 18100 Prepaid Insurance 2800.00 10000 Cash 2800.00 5 15000 computer Eqipment 3600.00 21200 Note Payable- Office Mart 3600.00 6 10000 Cash 5000.00 21100 Note Payable - Wells Fargo 5000.00 7 15100 Delivery Van 16000.00 10000 Cash 16000.00 8 15100 Delivery Van 600.00 10000 Cash 600.00 9 18200 Prepaid Advertising 500.00 10000 Cash 500.00 10 12100 Inventory-Helium 900.00 20000 Accounts Payable 900.00 11 12000 Inventory-Balloons 6200.00 20000 Accounts Payable 6200.00 12 60100 Legal Expense 800.00 10000 Cash 800.00 13 NO JE 14 11000 Accounts Receivable 4000.00 40000 Sales 4000.00 50000 COGS 2200.00 12000 Inventory-Balloons 1700.00 12100 Inventory-Helium 500.00 15 13100 Supplies 300.00 20000 Accounts Payable 300.00 16 12000 Inventory-Balloons 7500.00 20000 Accounts Payable 7500.00 17 10000 Cash 6495.00 23300 Sales Tax Payable 495.00 40000 Sales 6000.00 50000 COGS 4200.00 12000 Inventory-Balloons 3900.00 12100 Inventory-Helium 300.00 18 20000 Accounts Payable 300.00 10000 Cash 300.00 19 20000 Accounts Payable 900.00 10000 Cash 882.00 12100 Inventory-Helium 18.00 20 12100 Inventory-Helium 700.00 20000 Accounts Payable 700.00 21 60500 Advertising & Promotion Expense 700.00 12000 Inventory-Balloons 600.00 12100 Inventory-Helium 100.00 22 10000 Cash 4000.00 11000 Accounts Receivable 4000.00 23 60400 Gasoline Expense 300.00 60150 Supplies Expense 50.00 10000 Cash 350.00 24 13200 Shipping Supplies 50.00 10000 Cash 50.00 25 10000 Cash 7560.00 23300 Sales Tax Payable 560.00 40000 Sales 7000.00 50000 COGS 4500.00 12000 Inventory-Balloons 4000.00 12100 Inventory-Helium 500.00 26 20000 Accounts Payable 13700.00 10000 Cash 13426.00 12000 Inventory-Balloons 274.00 27 10000 Cash 2489.75 23300 Sales Tax Payable 189.75 40000 Sales 2300.00 50000 COGS 1050.00 12000 Inventory-Balloons 1000.00 12100 Inventory-Helium 50.00 28 60550 Utility Expense 120.00 23400 Utilities Payable 120.00 29 21200 Note Payable- Office Mart 600.00 60700 Interest Expense 36.00 10000 Cash 636.00 30 10000 Cash 3680.50 23300 Sales Tax Payable 280.50 40000 Sales 3400.00 50000 COGS 1250.00 12000 Inventory-Balloons 1200.00 12100 Inventory-Helium 50.00 31 23300 Sales Tax Payable 1525.25 10000 Cash 1525.25 32 39007 Dividends 100.00 10000 Cash 100.00 Part Three Instructions Before preparing the T-Accounts make sure that all joumal entries are corrected so that the ending balance in the T-Accounts will be correct. Find the ending balance for each account. Do this by creating a T-account for each account in an Excel Spreadsheet as shown in the template after the instructions here. Put all debits and credits in each account and calculate the ending balance. All accounts that were used in the Chart of Accounts should be included and if the account has a zero balance place the zero on the normal balance side. Once you finish preparing all the balances in each account, use the spreadsheet to answer the questions in Blackboard. In Blackboard the question will be the same for each account. What is the balance in Account number 10000 (or whatever account it asks) and what is the normal balance? Since it asked for account number 10000 that is the cash account and then enter your answer below as written: Dr $10,500.00 This will be done for each account. Use the spreadsheet to answer the questions in Blackboard. Once you complete answering the questions in Blackboard then upload your T-Account Spreadsheet to Blackboard following the instructions below: Step 1: Enter the journal entries into the Excel Template spreadsheet and when completed print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard for the corresponding week in the content folder. Step 3: Once you complete entering information into Blackboard, upload the spreadsheet into Blackboard by clicking on the navigation pane then clicking on Practice Set. A template for the T-Accounts follows. Some accounts such as cash will require more than just one or two lines. Requirements 1. Correct Errors: Correct any errors that you made on the journal and adjusting journal entries before entering the information into the T-Accounts. 2. Account Balances: Once you have completed entering the transactions then prepare the ending balance in each account
General Journal
Transaction #
Account #
Account Name
Debit
Credit
1
NO JE
2
10000
Cash
20000.00
39003
Common Stock
20000.00
3
18000
Prepaid Rent
2400.00
10000
Cash
2400.00
4
18100
Prepaid Insurance
2800.00
10000
Cash
2800.00
5
15000
computer Eqipment
3600.00
21200
Note Payable-
Office Mart
3600.00
6
10000
Cash
5000.00
21100
Note Payable -
Wells Fargo
5000.00
7
15100
Delivery Van
16000.00
10000
Cash
16000.00
8
15100
Delivery Van
600.00
10000
Cash
600.00
9
18200
Prepaid Advertising
500.00
10000
Cash
500.00
10
12100
Inventory-Helium
900.00
20000
Accounts Payable
900.00
11
12000
Inventory-Balloons
6200.00
20000
Accounts Payable
6200.00
12
60100
Legal Expense
800.00
10000
Cash
800.00
13
NO JE
14
11000
Accounts Receivable
4000.00
40000
Sales
4000.00
50000
COGS
2200.00
12000
Inventory-Balloons
1700.00
12100
Inventory-Helium
500.00
15
13100
Supplies
300.00
20000
Accounts Payable
300.00
16
12000
Inventory-Balloons
7500.00
20000
Accounts Payable
7500.00
17
10000
Cash
6495.00
23300
Sales Tax Payable
495.00
40000
Sales
6000.00
50000
COGS
4200.00
12000
Inventory-Balloons
3900.00
12100
Inventory-Helium
300.00
18
20000
Accounts Payable
300.00
10000
Cash
300.00
19
20000
Accounts Payable
900.00
10000
Cash
882.00
12100
Inventory-Helium
18.00
20
12100
Inventory-Helium
700.00
20000
Accounts Payable
700.00
21
60500
Advertising & Promotion
Expense
700.00
12000
Inventory-Balloons
600.00
12100
Inventory-Helium
100.00
22
10000
Cash
4000.00
11000
Accounts Receivable
4000.00
23
60400
Gasoline Expense
300.00
60150
Supplies
Expense
50.00
10000
Cash
350.00
24
13200
Shipping Supplies
50.00
10000
Cash
50.00
25
10000
Cash
7560.00
23300
Sales Tax Payable
560.00
40000
Sales
7000.00
50000
COGS
4500.00
12000
Inventory-Balloons
4000.00
12100
Inventory-Helium
500.00
26
20000
Accounts Payable
13700.00
10000
Cash
13426.00
12000
Inventory-Balloons
274.00
27
10000
Cash
2489.75
23300
Sales Tax Payable
189.75
40000
Sales
2300.00
50000
COGS
1050.00
12000
Inventory-Balloons
1000.00
12100
Inventory-Helium
50.00
28
60550
Utility Expense
120.00
23400
Utilities Payable
120.00
29
21200
Note Payable-
Office Mart
600.00
60700
Interest Expense
36.00
10000
Cash
636.00
30
10000
Cash
3680.50
23300
Sales Tax Payable
280.50
40000
Sales
3400.00
50000
COGS
1250.00
12000
Inventory-Balloons
1200.00
12100
Inventory-Helium
50.00
31
23300
Sales Tax Payable
1525.25
10000
Cash
1525.25
32
39007
Dividends
100.00
10000
Cash
100.00
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