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need journal entries Blackboard Instructions entering the journal entries into Blackboard please follow the examples below exactly. Enter each transaction on one line. First the
need journal entries
Blackboard Instructions entering the journal entries into Blackboard please follow the examples below exactly. 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 # 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 Pag Current Assets 10000 Cash 11000 Accounts Receivable Inventory-Orange Headbands Inventory - Blue Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends 12000 Revenue 40000 Sales Precald Rer 12100 Headbands 13100 Office Supplies 13.200 Store Supplies 18000 18100 Prepaid insurance 18.200 Prepaid Advertising Long-Term Assets 15000 Store & Office Equipment 17000 Accumulated Depreciation -Store & Office Equipment 15100 Furniture & Fixtures 17100 Accumulated Depreciation-Furniture & Expenses 50000 60100 60150 60300 60350 60400 60500 Cost of Goods Sold Legal Expense Store Supplies Expense Office Supplies Expense Insurance Expense Wages Expense Delivery Expense Advertising and Promotion Expense Utility Expense Rent Expense Depreciation Expense Interest Expense Bank Service Fee 15200 17200 Fixtures Computer Equipment Accumulated Depreciation - Computer Equipment 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 Transactions Date Deposit No. / Check No. Description 1. 1/02/20 1/02/20 Deposit #1 Samantha Sneed met with her lawyer and CPA for advice on starting the business. They decided that Ms. Sneed would organize the business as a corporation. The lawyer told Ms. Sneed to register the company name, Sweaty Bands, Inc., with the County of El Paso. In addition, Ms. Sneed 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. Sneed set up her accounting system. Ms. Sneed opened a business checking account at Wells Fargo Bank by depositing the personal check she gave her company for $25,000. The corporation issued her a stock certificate for 50,000 shares of common stock. Ms. Sneed signed a one-year rental agreement with Rusty Realtors for shop space. She was required to pay $3,200 for rent for the months of January 1, 2020 - April 30, 2020. Arranged for a general business liability insurance policy and paid $1,800 to State Penn Insurance. This premium is for six months of coverage. Purchased store equipment for a cost of $10,000 from Office and Store Supply for use in the business. Ms. Sneed signed a one year, 6% note payable for the cost of the office and store equipment. The store and office equipment have an estimated useful life of 4 years 3. 1/03/20 Ck #1001 4. 1/03/20 Ck #1002 5. 1/03/20 5 Page Step by Step Solution
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