Need All Journal Entries

Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory-Orange Headbands 12100 Inventory - Blue Headbands 13100 Office Supplies 13200 Store Supplies 18000 Prepaid Rent 18100 Prepaid Insurance 18200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Store & Office Equipment 17000 Accumulated Depreciation -Store & Office Equipment 15100 Furniture & Fixtures 17100 Accumulated Depreciation Furniture & Fixtures 15200 Computer Equipment 17200 Accumulated Depreciation - Computer Equipment Expenses 50000 60100 60150 60200 60300 60350 60400 60500 Cost of Goods Sold Legal Expense Store Supplies Expense Office Supplies Expense Insurance Expense Wages Expense Delrary Expense Advertising and Promotion Expanse Utility Expanse Rent Expense Depreciation Expense Interest Expense Interest Expense Bank Service Fee 60550 60600 60650 60700 60750 Current Liabilities 20000 Accounts Payable 21100 Note Payable-Wells Fargo Bank 21200 Note Payable-Store & Office Supply 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable Long-Term Liabilities 27000 Mortgage Payable 27100 Notes Payable 4 Page T-Accounts: All T-accounts with the correct balances should be prepared. There is an example of how to set up the T-Accounts in Excel at the end of the practice set. Make sure to include all accounts even if they have a zero balance and make sure that the zero is on the normal balance side of the account. Once all the balances are in the T-accounts and the answers have been inputted into Blackboard please staple your T-Account page to the back cover of the practice set. Blackboard Instructions: When entering the journal entries into Blackboard please follow the examples below exactly. 1. Enter each transaction on one line. First the debit and then the credit. Do NOT enter any account names only account numbers, Use Dr for Debit and Cr for Credit with no period. Also please put the cents even if it is zero. See example below: Dr 10000 $50,000.00 Cr 39003 $50,000.00 (Debit Account Il Amount Credit Account # Amount) Notice that the account numbers do NOT have commas and the dollar amounts have commas and dollar signs and all dollar amounts have the cents even if it is zero. 2. If there is more than one debit enter the debit first with the smallest account number(s) listed first and then the credits with the smallest account number listed first. Make sure that you enter Dr or Cr before each account number. See example below: Dr 12000 $8,000.00 Cr 10000 $1,000.00 Cr 20000 $7000.00 3. For all sales, list the Sale entry first then the cost of Goods Sold entry second. The entire entry for both should be on one line. First the sale, as shown below, then the cost of the inventory. Again, put the smallest account number first if there are more than one debit or credit. Dr 10000 $30,000.00 Cr 23300 $500.00 Cr 40000 $29,000.00 Dr 50000 $15,000.00 Cr 12000 $8,000.00 Cr 12100 $7,000.00. Both entries should all be on one line. 8 Pa If there is no journal entry and you only need to put in a number please entere dollar amount or as a number as the example below. $15,000.00 or 15,000 5. When entering the ending balances for the T-Accounts enter the debitor creon amount last. You do not need to enter the account number. See example below. Dr $10,000.00 or Cr $10,000.00 6. If there is no journal entry to be written please write No JE for no lournal entry. See below for example. NO JE 6. 1/05/20 7. 1/05/20 8. 1/06/20 9. 1/06/20 1/08/20 and the residual (salvage) value is $2,000. This will be recorded as Store and Office Equipment. Deposit #2 Signed a note payable to borrow $7,000 from Wells Fargo Bank. Interest is 6% annually and the note is to be repaid with interest in six months. ck #1003 Purchased furniture and fixtures for $13,000 from Furniture Warehouse. The estimated service life of this asset is 5 years. The residual (salvage value) is $1,000. This will be recorded as Furniture and Fixtures. Ck #1004 Purchased Computer Equipment for $900 to be used in the store. The computer equipment has a useful life of 3 years Ck #1005 Purchased $300 in office supplies. Purchased $11,000 of Inventory-Orange Headbands from Hailey's Headbands on account. Purchased $5,000 Inventory.Blue Headbands from Hailey's Headbands on account. Ck #1006 Ms. Sneed received and paid the $350 charge from her lawyer. Sweaty Bands is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Ms. Sneed will allow major customers to charge their purchases on account and then pay later. Sold headbands to UTEP for their homecoming banquet on account for $8,000. The cost of the orange headbands is $2,500. The cost of the blue headbands is $1,500. UTEP does not have to pay sales tax on the purchase. 10. 11. 1/08/20 12. 13. 1/13/20 1/13/20 14. 1/13/20 15. 1/14/20 16. 1/14/20 17. 1/15/20 Purchased $200 of store supplies on account. This is to be recorded as store supplies Purchased additional orange headbands from Hailey's Headbands on account, for $5,500. Recorded sales on account for the first five days of operation Sales on account totaled $5,500 and the sales tax totaled $453.75. The cost of merchandise sold was $2750.00. (Orange headbands were $1,500 and Blue headbands were $1,250.) Received and paid the $200 invoice for store supplies. Received cash from sales on account on 1/15/20 Paid the two invoices from Hailey's Headbands from 1/08/20. Ordered blue headbands for $2,900 on account. Ms. Sneed donated headbands to the Child Crisis fundraiser. She felt that this was a good way to advertise her new business. Her 18. 1/20/20 19. 1/22/20 20. 1/22/20 21. 1/22/20 22. 1/23/20 Ck #1007 Deposit #3 Ck #1008 business was listed as a sponsor and a large ad was put in the fund raiser program. Cost of the blue headbands were $750, and the