Question
January, 2018 Prepare the following journal entries in proper journal entry form. 1. Bought supplies on credit for $700. 2. Received $3,600 to start a
January, 2018 Prepare the following journal entries in proper journal entry form. 1. Bought supplies on credit for $700.
2. Received $3,600 to start a six-month job, beginning next month.
3. Started a company by contributing equipment worth $3,400, land worth $80,000 and cash of $10,000 into a business checking account.
4. Billed a customer for a $2,100 job.
5. Received an invoice for a gas bill, $150.
6. Paid $300 for van repairs.
7. Purchased supplies for $500 in cash.
8. Withdrew $1,600 and deposited it into a personal checking account.
9. Received $950 for a job he just completed.
10. Agreed to do a job for a customer for $600.
11. Purchased another van for $14,000; and a computer for $2,000 on account.
12. Received $3,000 from a customer for a job previously completed.
13. Purchased land worth $4,000,000. Paid $2,700,000 in cash and signed a note payable for the remainder.
14. Paid $3,600 for 3 months rent.
15. Contributed $2,000 of personal funds to the companys cash account.
16. Paid $300 regarding transaction in number 1, above.
17. Paid his assistant $500 for this weeks salary.
18. Paid his assistant for a months work.
19. Paid cash to creditors on account, $100.
20. The first month of the job in number 2 above has passed.
21. One month has passed since transaction number 14 above.
22. Depreciation on the building for the month was $100,000.
23. Received payment for the job in number 4, above.
24. Completed a job and billed the client $700.
25. Customer paid $5,000 on an $8,000 job just completed.
Indicate which account type each account belongs to by putting an x in the appropriate box.
ty with ACCOUNTS a n equity, rem ARTES OUMY apetes ASSETS Accounts Payable Revenue Drawing Travel Services Supplies Rent Prepaid Insurance Accounts Receivable Cash Repairs Notes Payable Depreciation Furniture and Equipment Insurance AdvertisingStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started