Question
Prepare the following journal entries in proper journal entry form. 1. Purchased a 1-year insurance policy, paid $2,640. 2. Billed a customer for a $2,100
Prepare the following journal entries in proper journal entry form.
1. Purchased a 1-year insurance policy, paid $2,640.
2. Billed a customer for a $2,100 job.
3. Received $4,800 to start an eight-month job, beginning next month.
4. Bought a computer on credit for $3,600.
5. Contributed cash of $3,400 to a business checking account. 6. Received a gas bill, $300.
7. Paid $400 for van repairs.
8. Purchased supplies for $400 in cash.
9. Transferred $3,600 to his personal checking account.
10. Received $1,150 for a job he just completed.
11. The first month of the job in number 3 above has passed.
12. Hired an assistant, agreed to pay them $800 per week.
13. Purchased a van for $22,000 cash and a computer for $5,000 on account.
14. Received $4,000 from a customer for a job previously completed.
15. Paid $3,500,000 for a building worth $8,000,000, signed a note payable for the remainder.
16. Paid $4,500 for 3 months rent.
17. Invested $2,000 of personal funds in the companys cash account in exchange for equity.
18. Paid first of 12 installments regarding transaction in number 4, above. 19. Paid his assistant for a months work.
20. Earned additional revenues amounting to $800: $600 in cash and $200 on account.
21. One month has passed since transaction number 16 above.
22. Depreciation on the building for the month was $120,000, credited accum. deprec.
23. Received $1,400 in payment for services previously rendered.
24. One month has passed since the insurance policy in number 1 above was purchased.
25. Customer paid $7,000 on a $9,000 job just completed.
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