Question
Journalize the following adjusting entries using the following information: The total monthly water rate is $30,000. One employees salary was overpaid by $4,500. Investigations proved
-
Journalize the following adjusting entries using the following information:
-
The total monthly water rate is $30,000.
-
One employees salary was overpaid by $4,500. Investigations proved that a
miscalculation occurred and the employee was indeed over paid for the month.
-
The insurance for the shop was due and payable by May 1st. The annual premium
is $48,000 and the expense is incurred monthly. This was not previously included
in the transactions listed
-
It was found that of Neiman Marcus balance, $4,000 must be written off as bad
debts.
-
Three thousand dollars ($3,000) of the Commission received was for the month of
June 2021
-
For the first month of operation, depreciation annually is calculated at:
o Building 9% Straight Line o Motor Vehicle - 15% Straight Line o Furniture 12% Straight line
Note: when doing the adjusted T accounts only the accounts that have been affected need to be done
Journalize the following adjusting entries using the following information:
-
The total monthly water rate is $30,000.
-
One employees salary was overpaid by $4,500. Investigations proved that a
miscalculation occurred and the employee was indeed over paid for the month.
-
The insurance for the shop was due and payable by May 1st. The annual premium
is $48,000 and the expense is incurred monthly. This was not previously included
in the transactions listed
-
It was found that of Neiman Marcus balance, $4,000 must be written off as bad
debts.
-
Three thousand dollars ($3,000) of the Commission received was for the month of
June 2021
-
For the first month of operation, depreciation annually is calculated at:
o Building 9% Straight Line o Motor Vehicle - 15% Straight Line o Furniture 12% Straight line
Note: when doing the adjusted T accounts only the accounts that have been affected need to be done
JOURNAL
Date | Particulors | Debit | Credit |
01-05-2021 | Cash A/c | 50,000 | |
Motor Vehicle | 1,20,000 | ||
Building | 2,50,000 | ||
To Jessie Samuel Capital Account | 4,20,000 | ||
02-05-2021 | Bank A/C | 2,60,000 | |
To First Union Bank Loan A/C | 2,60,000 | ||
03-05-2021 | Furniture | 50,000 | |
To Bank A/C | 50,000 | ||
Purchase A/C | 1,30,000 | ||
To Bank | 1,30,000 | ||
04-05-2021 | Cash A/C | 1,10,000 | |
To Sales A/C | 1,10,000 | ||
05-05-2021 | New York & Co A/C | 1,05,000 | |
Nordstrom A/c | 95,000 | ||
To Sales A/C | 2,00,000 | ||
06-05-2021 | Tory Burch A/C | 15,000 | |
To Rent Receivable A/C | 15,000 | ||
07-05-2021 | Purchase A/C | 80,000 | |
To Jimmy Choo A/C | 80,000 | ||
08-05-2021 | Neimsn Marcus A/C | 65,000 | |
To Sales | 65,000 | ||
10-05-2021 | Stationary A/C | 21,000 | |
To Cash | 21,000 | ||
11-05-2021 | Advertisement A/C | 60,000 | |
To Cash | 60,000 | ||
13-05-2021 | Jimmy Choo A/c | 6,000 | |
To Purchase Return | 6,000 | ||
14-05-2021 | Furniture A/C (Display Cabinet0 | 1,50,000 | |
To courts Ltd A/C | 1,50,000 | ||
15-05-2021 | Purchase A/C | 35,200 | |
To Manolo Blahnik A/C | 35,200 | ||
16-05-2021 | Bank A/C | 1,35,000 | |
To Sales A/C | 1,35,000 | ||
17-05-2021 | Cash A/C | 99,750 | |
Discount A/C | 5,250 | ||
To New York & Co | 1,05,000 | ||
18-05-2021 | Bank A/C | 45,000 | |
To Cash | 45,000 | ||
19-05-2021 | Sales Return A/C | 5,500 | |
To Nordstrom | 5,500 | ||
20-05-2021 | Jimmy Choo A/C (80,000-6000) | 74,000 | |
To Bank A/C | 65,000 | ||
TO Discount Received A/C | 9,000 | ||
22-05-2021 | Elecricity Charges | 60,000 | |
To Banh | 60,000 | ||
Water Charges | 25,000 | ||
To Cash | 25,000 | ||
Security Fee | 25,000 | ||
To Bank | 25,000 | ||
25-05-2021 | Salary A/c | 85,000 | |
To Bank | 85,000 | ||
28-05-2021 | Jessie Samuels Drawings A/C | 15,000 | |
To Sales | 15,000 | ||
30-05-2021 | Bank A/C | 20,000 | |
To Commission Received A/C | 20,000 | ||
ADJUSTMENT ENTRIES | |||
Date | Particulors | Debit | Credit |
30-05-2021 | Water Charges A/C | 5,000 | |
To Outstanding water Charges A/c | 5,000 | ||
Salary Suspense A/C | 4,500 | ||
To Salary A/C | 4,500 | ||
Insurance Premium A/C | 4,000 | ||
(48000/12 months) | |||
To Cash | 4,000 | ||
Baddebts A/C | 4,000 | ||
To Neiman Marcus | 4,000 | ||
Commission Received A/C | 3,000 | ||
To Commission Received In Advance A/c | 3,000 | ||
Depreciation A/C | 4,625 | ||
To Building (2,50,000/100*9) /12 months | 1,875 | ||
To Motor Vevhicle (1,20,000/100*15)/12 | 1,500 | ||
To Furniture | |||
(50.000/100*12)/12 month + Half of (1,50,000/100*12)12 | 1250 |
Need help with this > 1. Post the above adjusting entries to their respective accounts in the general ledger creating additional accounts as the journals would dictate. (Please refer to notes re the journals)...
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