Journal Entry #6 On January 15, Ryan makes a $2,000 payment towards his computer equipment purchase on January 03 Journal Entry #7 On January 17, Ryan performs additional computer repair services and earns $10,500 cash: Journal Entry #8 On January 22, Ryan purchases $500 in office supplies on account: Journal Entry #9 On January 26, Ryan decides to increase his cash balance, and takes out a 6-month note at a local bank for $10,000 cash: Journal Entry #10 On January 31, Ryan pays himself a cash dividend for $5,000: Journal Entry #1 Now, we will enter the following general joumal entry to create and provide the initial funding for our business, Computer Doctor Ryan starts Computer Doctor on January 01, 2018 by contributing $19,000 cash and office equipment valued at $15,000 (Office Equipment has an expected useful life of 7 years with a $1,000 salvage value. It will be depreciated using straight-line depreciation) Journal Entry #2 On January 01, Ryan pays $12,000 for one year's worth of business insurance: Journal Entry #3 On January 03, Ryan purchases computer diagnostic equipment for $10,000 on account. The equipment has an expected 5-year life with no expected salvage value. Ryan will depreciate the equipment using straight-line depreciation: Journal Entry #4 On January 07, Ryan performs computer repair services and collects $8,000 cash: Journal Entry #5 On January 10, Ryan purchases office supplies for $3,000 cash