Journal Entries, Ledger, and Trial Balance (S. Joseph)

Chart of Accounts: Assets: Cash Accounts Receivable Computer Supplies PrePaid Insurance PrePaid Rent Office Equipment Computer Equipment Liabilities Accounts Payable Unearned Service Revenue Capital: S. Joseph, Capital S. Joseph, Withdrawals

Revenue: Computer Service Revenue

Expenses: Wages Expense Advertisting Expense Mileage Expense Repairs Expense Miscellaneous Expense

Journal ( Oct) Sam Joseph launched a compuuter services company, called, Pro Computer Specialist, which provides The initial chart of accounts are provided in worksheet 1. Prepare the journal entries for each of the following transactions:

October 1: Joseph invested $45,000 cash, computer equipment with a market value of $20,000, and office equipment with a market value of $8,000 in exchange for capital in the business.

October 02: The company paid $3300 cash for four months' rent.

October 3: The company purchased $1420 of computer supplies, on account, from Harris Office Products.

October 05: The company paid $2220 cash for one year's premium on a property and liability insurance policy.

October 06: The company billed Rontran Corporation $4800 for services performed for coding software.

October 08: The company paid $1420, on account, for computer supplies purchased on October 03.

October 10: The company invoiced a customer, $4800, for services performed.

October 11: The company received $4800 cash, on account. (See October 06 transaction).

October 17: The company paid $805 cash to repair computer equipment.

October 20: The company paid $1728 cash for advertisement with a local radio station.

October 22: The company received $1400 cash, on account. (See October 10 transaction)

October 28: The company invoiced ARC Company, $5850, for services performed.

October 31: The company paid $875 in wages to a part-time office assistant.

October 31: S. Joseph withdrew $3600 cash from the company for personal use.

Journal (Nov)

November 01: The company reimbursed S. Joseph in cash for business automobile mileage allowance. 1000 miles at $0.32/per mile.

November 02: The company received $4650 cash from Liman Brothers for services performed.

November 05: The company purchased computer supplies, $1125, on account.

November 08: The company purchased additonal computer equipment, $8420, paying $2500 cash and the remainder on account, payable in full in 60 days.

November 13: The company received $10,400 for a service contract with Jespenall Corporation. Services will begin on January 01, and will be billed at a rate $200/per hour.

November 18: The company received $2280 cash, on account.

November 22: The company paid $1850 cash, for miscellaneous expenses.

November 28: The company reimbursed S. Josepsh in cash for automobile usage during the month, 1200 miles at $0.45/per mile.

November 30: The company paid $1750 in wages expense to part-time assistant, and S. Joseph withdrew $2000 cash from the business for personal use.

Pro Computer Services ledger:

Cash, Accounts Receivable, Computer Supplies,Pre-Paid Insurance, Pre-Paid Rent, Office Equipment, Computer Equipment, Accounts Payable, Unearned Service Revenue,S. Joseph, Capital, S. Joseph, Withdrawals, Computer Service Revenue, Wages Expense, Advertising Expense, Mileage Expense, Repairs Expense, Miscellaneous Expense, & Ending Balance