Need help verifying my journal entries for all the 30 transactions.

OCTET Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Long-Term Liabilities 12000 Inventory-Cookies 27000 Mortgage Payable Note Payable 27100 12100 Inventory- Baskets 13100 Supplies (Ribbon, Sticks, Cellophane) Shipping Supplies Prepaid Rent Stockholders' Equity 39003 Common Stock 13200 39005 Retained Earnings 14000 Dividends paid 39007 14100 Prepaid Insurance 14200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Computer Equipment Accumulated Depreciation 17000 Expenses Computer Equipment Cost of Goods Sold 50000 Delivery Van 15100 60100 Legal Expense Supplies Expense Shipping Supplies Expense Insurance Expense Accumulated 17100 60150 Depreciation-Delivery Van 60200 60300 Wages Expense Credit Card Expense 60350 60400 Current Liabilities Advertising and Promotion Expense Utility Expense 60500 Accounts Payable 20000 Note Payable - Wells Fargo 60550 21100 60600 Rent Expense Bank Depreciation Expense 60650 Note Payable-Office Mart 21200 60700 Interest Expense Wages Payable 23100 Bank Service Fee 60750 Interest Payable 23200 Sales Tax Payable 23300 SIP OOCTETY Part One, Two and Three Instructions Record the June transactions in the general journal (last section of this practice set) using the following events. No explanation is required for each journal and adjusting journal entry. Skip a line between each entry and number the entries to match the number of transactions. After all journal entries are written in the practice set, then write the adjusting journal entries into the practice set. On an excel spreadsheet or sheet of paper, show each account in the Chart of Accounts as a T-account with an ending balance. You will need the ending balance in the cash account for the bank reconciliation. Transactions Description Date Deposit No. / Check No. Connie Cooper met with her lawyer and CPA for advice on starting the business. They decided that Ms. Cooper would organize the 1 6/02 business as a corporation. The lawyer told Ms. Cooper to register the company name Connie's Cookie Bouquet with the County of El Paso. In addition, Ms. Cooper will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Ms. Cooper set up her accounting system. Ms. Cooper opened a business checking account at Wells Fargo Bank by depositing $35,000. The corporation issued her a stock certificate for 35,000 shares of common stock with no par value. 2. 6/02 Deposit #1 Ms. Cooper signed a one-year rental agreement with Reynolds Ck #1001 3. 6/03 Realtors for warehouse space. She was required to pay $2,400 for rent for the months of June 1- September 30, Arranged for a general business liability insurance policy and paid $2,700 to State Penn Insurance. This premium is for twelve months 6/03 Ck #1002 4. coverage. Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 9% annually and the note is to be repaid with interest in Deposit #2 6/05 5. six months. Purchased a delivery estimated service life of this asset is 5 years. The residual (salvage value) is $1,000. This will be recorded as Delivery Van and depreciated accordingly. Paid $600 to have Connie's logo painted on the side of the van. This van for $16,000 from Marvin's Motors. The Ck #1003 6/05 6. Ck #1004 6/06 7. 61Page CCOUNTING So OCTETY 20. 6/23 Received payment in full from UTEP. The payment was deposited in the bank Deposit #4 21. 6/23 Ck #1009 Ms. Cooper paid her credit card bill for the month. The total was $350. $300 was for gas and $50 was for the decorative ribbon used in the Humane Society arrangement. 22. 6/23 Paid for the baskets purchased from Bonnie's Baskets on 6/08. Ck #1010 23. 6/23 Internet and retail sales totaled $7,000 plus sales taxes of $560, The cost of the merchandise sold was $4,500 (cookies $3,500; baskets Deposit #5 $1,000). The money was deposited in the bank. 6/23 24. Ck #1011 Paid the balance due to Connie's Cookies for the cookies. There are two invoices on 6/8 and 6/16. 25. 6/25 Collected and deposited $2,484 of payments on account from retail Deposit #6 credit customers of which $184 was sales tax. COGS is $1,900 and cookies are $1,680 and baskets are $220. 6/28 Received but did not pay the phone bill for the month, $120. 26. Paid the first monthly installment on the computer equipment. The 6/30 27. Ck #1012 payment amount is $336. Of this amount, $36 is for interest and $300 is for principal on the note payable. Make the check payable to Office Mart. Purchased cookies on account for $3,400, terms 2/15, n/30. 6/30 28. Paid all sales tax owed for June to the Comptroller of Public 6/30 Ck #1013 29. Accounts. Declared and paid a cash dividend of $100 to Connie Cooper. 30. 6/30 Ck #1014 *Assume all terms will be met for the discount. Once all journal entries are recorded in the practice set, record the nine adjusting journal entries below in the practice set. CCOUNTING OCTETY Bank Statement Wells Fargo Bank Page 1 PO Box 12345 El Paso, Texas 79998-2345 Connie's Cookie Bouquet 123 Main Avenue El Paso, Texas 79945 WELLS FARGO BANK STATEMENT Connie's Cookie Bouauet Balance, beginning Deposits and other credits Checks and other debits Balance on statement date 06/01 SC $43,040 June $24,366 June 06/30 $18,674 Deposits Added Deposit 1 Deposit 2 Deposit 3 Deposit 4 Deposit 5 $35,000 $10,000 $6,480 $4,000 $7,560 6/2 6/5 6/20 6/23 6/28 Wells Fargo Bank Statement-Checks Paid and other Debts $400 $300 $2.400 1007 1001 $2,700 1008 $16,000 1012 $600 1002 $636 1003 1004 Check Printing Fee $500 DM $800 $30 1005 1006 Assume that any errors have been made by the bank. 12 P age # Debit Credit Date Account No. Account Name No JE 1 2-Jun Cash Common Stock $35,000.00 2-Jun 10000 $ 35,000.00 39003 Prepaid Rent Cash 3-Jun 14000 2,400.00 S 10000 2,400.00 Prepaid Insurance Cash 4 3-Jun 14100 2,700.00 10000 2,700.00 Cash $10,000.00 5-Jun 10000 $ 10,000.00 Note Payable - Wells Fargo Bank 21100 Delivery Van Cash $16,000.00 6 5-Jun 15100 $ 16,000.00 10000 Delivery Van Cash 7 6-Jun 15100 600.00 10000 600.00 Prepaid Advertising Cash $ 8 6-Jun 14200 500.00 10000 500.00 Inventory - Cookies Accounts Payable 9 8-Jun 12000 6,200.00 20000 6,200.00 Inventory Baskets Accounts Payable 2,900.00 10 8-Jun 12100 S 20000 2,900.00 Legal Expense 11 13-Jun 60100 800.00 10000 Cash 800.00 No JE 12 14-Jun Supplies (Ribbon, Sticks, Cellophane) Account Payable 13 14-Jun 13100 300.00 $ 20000 300.00 Shipping Supplies 14 13200 400.00 14-Jun Cash $ 10000 400.00 Account Receivable Sales Cost of Goods Sold Inventory-Cookies Inventory- Baskets Supplies (Ribbon, Sticks, Cellophane) 14-Jun $ 15 11000 4,000.00 S 4,000.00 40000 2,250.00 50000 1,700.00 12000 12100 500.00 13100 50.00 S 16 16-Jun Inventory - Cookies 12000 5,500.00 Accounts Payable 20000 5,500.00 Cash $ 17 20-Jun 10000 6,480.00 Sales S 40000 6,000.00 Sales Tax Payable Cost of Goods Sold Inventory-Cookies Inventory- Baskets $ 23300 480.00 $ 50000 4,200.00 12000 3,900.00 12100 300.00 Account Payable Cash $ 18 22-Jun 20000 300.00 10000 300.00 Advertising and Promotion Expense Inventory - Cookies Inventory- Baskets 23-Jun 19 60500 700.00 $ 12000 600.00 100.00 12100 $ Cash 20 23-Jun 10000 4,000.00 Accounts Receivable $ 4,000.00 11000 Utility Expense Advertising and Promotion Expense Cash 21 23-Jun 60550 300.00 S 60500 50.00 S 10000 350.00 |Account Payable Cash $ 2,900.00 22 23-Jun 20000 $ 10000 2,900.00 Cash Sales Sales Tax Payable Costs of Goods Sold Inventory-Cookies Inventory- Baskets $ 23 23-Jun 10000 7,560.00 $ 40000 7,000.00 23300 560.00 4,500.00 50000 $ 12000 3,500.00 12100 1,000.00 Account Payable Cash $ 11,700.00 24 23-Jun 20000 $11,700.00 10000 Cash Sales Sales Tax Payable Costs of Good Sold Inventory-Cookies Inventory-Baskets 25 25-Jun 2,484.00 10000 40000 2,300.00 23300 184.00 1,900.00 50000 1,680.00 $ 12000 12100 220.00 Utility Expense |Accounts Payable 26 28-Jun 60550 120.00 $ 20000 120.00 Note Payable-Office Mart Interest Expense Cash $ 27 30-Jun 21200 300.00 $ 60700 36.00 10000 336.00 Inventory - Cookies Accounts Payable $ 28 30-Jun 3,400.00 12000 3,400.00 20000 Sales Tax Payable Cash 30-Jun 23300 1,224.00 $ 10000 1,224.00 Dividends Paid Cash 30 30-Jun 39007 100.00 10000 100.00 29