Question
I need help with the following General Journal Entries iica had the following transactions in January, her first month in business: Deposited $10,000 into a
I need help with the following General Journal Entries iica had the following transactions in January, her first month in business: Deposited $10,000 into a bank acoount in the business's name to start the business on. Jessica rented a studio office where she will operate her business. She paid the first six month's rent of $3,000. Rent will be due on the first of every month. Jessica purchased a company automobile. She bought a used car costing $7,200. She paid $1,200 cash and borrowed the remaining $6,000 at the bank to purchase the car. Jessica hired a part-time employee, Lee, to come in and clean, run errands, and help where needed around the office. She pays Lee $75/ week to come in for 2 hours per day Monday through Friday. Lee will be paid every Friday. Today is Thursday, Lee's first day of work. Jessica paid Lee $30 in wages for the week. (Lee worked Thursday and Friday her 1st week). A customer came in and contracted for a portrait. The price of the portrait will be $500. The customer paid $200 in advance and the remaining $300 will be paid when the portrait is delivered. A customer ordered a custom painting. They agreed upon a price of $300 to be paid upon delivery of the painting. (Hint: A/R ) Jessica purchased artist's paint, paint brushes, canvas, and other supplies on account for the business at a cost of $1,500. The supplies should last her at least 2-3 months. Jessica completed and delivered other paintings to customers (not the customer from Jan 6), receiving $1,200 in cash for fees earned. Jessica paid $300 for local newspaper and radio advertising for the month of January. Jessica sold paintings to customers on account for $650. Jessica bought gasoline for the company car to meet several customers in their homes to discuss artist services she is to perform. The fuel cost was $80. Jessica expects the fuel to last until the end of the month. Jessica paid Lee $75 in wages for the week. Jessica sold a painting she had on display in her shop for $150 cash. Jessica sold 2 paintings on display for a total of $350 cash. Jessica purchased some office furniture for the business for $1,200. Jessica purchased cleaning supplies for the office, paying cash. The cleaning supplies cost $25 and Jessica expects them to be used up by the end of the month. A customer contracted for a portrait for $450. She paid the full contract price in advance. Jessica completed and delivered the portrait for the customer from January 6 . The customer paid Jessica the $300 still owed on the portrait. Jessica paid Lee $75 in wages for the week. Jessica sold a painting for $150 cash. Jessica sold 5 more completed paintings on account for $1,200. Jessica sold completed paintings to customers for cash, receiving $600. Jessica sold a painting for $200 on account. Jessica withdrew $500 from the company bank account for personal use. Jessica received $850 from customers on account. Jessica paid Lee's $75 in wages for the week. A customer ordered a portrait to be painted at an agreed-upon price of $500. The customer paid a $200 deposit on the portrait. The balance is to be paid upon receipt of the portrait. Jessica completed the custom painting ordered by the customer on Jan 7 . The customer is to pick the painting up on Feb 3. Jessica sent Lee out to purchase $100 worth of finger foods and soft drinks for an open house and grand opening event she had planned for t hat aftemoon to showcase her paintings and artwork for sale. (Consider this miscellaneous exp). She expects all the food and drinks to be consumed during the event. Jessica received the first utility bill for the business. Utilties for January were $200. The utility bill is due February 10th. The first telephone bill for the company came in the mail. Telephone service for the month of January was $60. The bill is due on Feb 10s. Paid the $1,500 for the supplies purchased on account on Jan 7th. Date Account Titles \& Explanations Post Ref. Debits Credits
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