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Journal entries for this list

Journal and closing entries for this list

1/1/2020 Issued shares in exchange for cash 1/1/2020 Received 4-year bank loan at a 5% interest rate (interest only payments made at the end of the year) 1/1/2020 Purchased furniture with cash (15 year useful life. $0 residual value, straight-line method) 1/2/2020 Purchased equipment on account (5 year useful life, $5,000 residual value, double-declining balance method) 1/3/2020 Signed five-year lease on office space (rent paid in cash on the first day of the month) 1/4/2020 Purchased supplies on account 1/7/2020 Received deposit on 12-month contract from Alberta Health Services starting on February 1, 2015 1/8/2020 Performed services on account for London Drugs 1/10/2020 Paid employee wages 1/12/2020 Performed services for WestJet who paid cash for the full amount 1/14/2020 Collected 50% of outstanding receivable from London Drugs 1/18/2020 Paid 100% of outstanding obligation related to the equipment 1/22/2020 Performed services for Chinook Mall who paid cash for the full amount 1/31/2020 Paid employee wages 1/31/2020 Determined that 10% of supplies had been used 1/31/2020 Determined that 3% is the average default rate for the commercial cleaning industry (use this rate going forward) 1/31/2020 All other applicable month-end adjusting entries 20,000 100,000 50,000 170,000 6,000 2,000 120,000 30,000 10,000 20,000 3,000 10,000 6,000 3,600 12,000 Date Transaction 2/1/2020 Paid monthly rent in cash 2/1/2020 Purchased computer on account (3 year useful life. $0 residual value, declining balance method) 2/1/2020 Received deposit on 6-month contract from Brookfield Residential (services performed in equal increments, starting February 2/4/2020 Received 100% of outstanding receivable from the London Drugs 2/10/2020 Paid employee wages 2/11/2020 Purchased supplies on account 2/18/2020 Paid 75% of outstanding payable relating to computer purchase 2/22/2020 Performed services on account for Peter's Drive-In 2/31/2020 Paid employee wages 2/31/2020 Determined that 75% of supplies had been used 2/31/2020 All other applicable month-end adjusting entries 10,000 2,000 50,000 10,000 120,000 6,000 120,000 10,000 72,000 60,000 Date Transaction 3/1/2020 Sold equipment despite the fact that it was working as intended 3/1/2020 Paid monthly rent in cash 3/2/2020 Performed services on account for the Ship and Anchor 3/15/2020 Paid employee wages 3/16/2020 Purchased a 12- month insurance package starting on March 1, 2015 3/17/2020 Declared dividend for common shareholders 3/18/2020 Paid 100% of outstanding payable relating to computer purchase 3/19/2020 Purchased supplies on account 3/22/2020 Performed services on account for Husky Incorporated 3/31/2020 Paid employee wages 3/31/2020 Paid outstanding balance for supplies 3/31/2020 Determined that Peter's Drive-In was bankrupt and would not be able to pay their outstanding receivable 3/31/2020 Made a principal only bank loan payment 3/31/2020 Determined that 80% of supplies had been used 3/31/2020 All other applicable month-end adjusting entries 1,000 36,000 10,000 10,000