Journal Entries

Bill starts a business by investing $10,000 cash in the business.

The business completes work for a customer and collects $1,000 in cash.

The business does work for a Customer and sends the customer a bill for $ 750.

The business pays, in advance for 1 years worth of truck insurance.

The business buy supplies, on account, in the amount of $500.

The owner withdrew $2,000 in cash to make a mortgage payment on his home.

On Jan 1, BCo received $3,000 from a customer to provide landscape services for Jan, Feb and Mar. (BCo already made the correct entry on Jan 1 debiting Cash and crediting Unearned Revenue).

Prepare BCos adjusting entry for JAN 31

BobCo pays Salaries of $5,000 per week. Mon, Tues, Wed are in JAN while Thurs and Fri fall into FEB. Prepare the adjusting entry as of JAN 31

A machine was purchased for $24,000 on JAN 1. Its estimated useful life is 48 months. Prepare the entry for depreciation on JAN 31.

On JAN 1 the Supplies account balance was $3,000. On JAN 31 there were $ 1,000 of Supplies remaining (unused). Prepare the adjusting entry for JAN 31

On JAN 1 BobCo. paid, in advance, $3,000 for 6 months of Insurance (Jan thru June).

(BobCo already made the correct entry on Jan 1 debiting prepaid Insurance and crediting Cash)

Prepare the adjusting entry for JAN 31.

Using the partial adjusted trial balance above prepare closing entries

Account	Adj Trial Balance
Titles	Dr.	Cr.
Cash	10,000
Accounts Receivable	5,000
Unearned Revenue		1,000
Capital (Common Stock)		15,000
Withdraw (Dividends)	2,000
Service Revenue		5,000
Supplies Expense	1,000
Depreciation Expense	3,000
Totals	21,000	21,000