Question
I need some help to make a journal entry for this Transaction . T ransactions for January 2018: Jan 1 Issued 10,000 common shares for
I need some help to make a journal entry for this Transaction .
Transactions for January 2018:
Jan 1
Issued 10,000 common shares for AED50 each.
Jan 1
Paid AED 7,200 for the next six months' rent of a part of a warehouse to V.G Storage solutions
Jan 2
Paid AED 24,000 for an insurance policy for a year to Emirates Insurance.
Jan 3
Purchased some office equipment for AED 32,000 cash from office solutions
The equipment has a useful life of 5 years and a salvage value of AED 2000. The company uses the straight-line depreciation method for this asset.
Jan 4
Purchased on credit 200 kilos of Sweet potatoes at AED 14 per kilo, 100 kilos of Pumpkin at AED 16 per kilo, and 150 kilos of Broccoli at AED 11 per kilo.
Jan 5
Purchased office supplies for AED 4,000 cash from S.T Solutions.
Jan 5
Sold 110 of Sweet potatoes and 90 of Broccoli on credit.
Jan 8
Sold 60 of Sweet potatoes and 80 Pumpkin on credit to Al-Reef Co-operative society & services.
Jan 9
Paid the amount owing to all three suppliers.
Jan 10
Purchased 250 kilos of Sweet potatoes on account. Price has risen to AED 15 per kilo and 120 kilos of Broccoli at 11 AED per kilo.
Jan 11
Collect the amount owing from Al-Reef Co-operative society & services and gave them the discount.
Jan 14
Sold 200 kilo of Sweet potatoes, 50 kilo of Broccoli and 50 kilos of Pumpkin to Ramez Hypermarket
Jan 19
Purchased 300 kilos of Sweet potatoes at AED 15 per kilo, 100 kilos of Broccoli at AED 11 per kilo and 200 kilos of Pumpkin at a reduced price of AED 14 per kilo.
Jan 20
Returned 50 kilos of Broccoli to the supplier.
Debit note was issued (Peachtree calls Debit notes as vendor credit notes)
Jan 22
Collect the money owing from Baniyas Co-Operation Association.
Jan 25
Sold 150 kilos of Sweet potatoes and 140 kilos of Pumpkin to Baniyas Co-Operation Association.
Jan 28
Paid electric bill of AED 500 cash.
Jan 30
Paid salaries of AED 1,500 in cash.
Jan 30
Sold 60 kilos of Pumpkin to Ramez Hypermarket
Jan 31
Ramez Hypermarket returned 20 kilos of Broccoli.
Jan 31
Journal entries at the end of the first month. Assume Office supplies on hand is AED 1,000.
Jan 31
Purchased 60 kilos of Sweet potatoes at AED 8 per kilo.
Feb 2
Sold 50 kilos of Sweet potatoes to Ramez Hypermarket
Feb 4
Sold 40 kilos of Pumpkin, 10 kilos of Sweet potatoes and 20 kilos of Sweet potatoes to Al-Reef Co-operative society & services on credit.
Feb 5
Al-Reef Co-operative society & services returned 5 kilos of Pumpkin.
Feb 7
Purchased 30 kilos of Sweet potatoes at AED 8 per kilo, 70 kilos of Pumpkin at AED 14 per kilo and 40 kilos of Broccoli at a reduced price of AED 10 per kilo.
Feb 9
Returned 10 kilos of Broccoli to the supplier.
Feb 10
Purchased 5 kilos of Pumpkin at AED 14 per kilo
Feb 11
Sold 40 kilos of Pumpkin and 20 kilos of Sweet potatoes to Baniyas Co-Operation Association.
Feb 13
Paid electricity bill of AED 1,900 cash.
Feb 14
Paid salaries of AED 1,700 in cash.
Feb 16
Purchased 50 kilos of Broccoli at a reduced price of AED 9 per kilo.
Feb 17
Purchased some office furniture's for AED 8,000 cash from offices co.
The equipment has a useful life of 5 years and a salvage value of AED 2,500. The company uses the straight-line depreciation method for this asset.
Feb 21
purchased a building for AED 150,000 paying in cash to ADCP.
Feb 23
Purchased a land for AED 200,000 from ADCP paying in credit to expand our company.
Feb 27
Sold 60 kilos of pumpkin to Al-Reef Co-operative society & services on cash
Feb 29
Collect the amount owing from Al-Reef Co-operative society & services.
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