Week Three Assignment

Part 1

Journalize the November transactions from Week 2 (also listed again below) and the December transactions listed below.

Part 2

Post the journal transactions to the general ledger

Comprehensive Chart of Accounts:

101 Cash

111 Accounts Receivable

137 Prepaid Rent

141 Computer Equipment

143 Office Furniture

201 Accounts Payable

301 J. Jones, Capital

302 J. Jones, Drawing

401 Fees Income

511 Rent Expense

514 Utilities Expense

521 Salaries Expense

November Business Transactions:

3rd: J. Jonesvisits her local bank and withdraws $50,000 from her personal savings account, depositing the cash into a new bank account in the name of the business, Smith Consultants.

5th: JonesConsultants issues check 1001 for $2,000 to purchase computer equipment from Digital Warehouse, Inc.

6th: JonesConsultants issues check 1002 to Property, Inc. to pay the current month's rent due of $1,000 as well as prepay rent (at $1,000 per month) for the months of December and January.

10th: JonesConsultants issues check 1003 to purchase office furniture in the amount of $3,500 from Furniture Depot.

11th: JonesConsultants purchases $4,000 of computer equipment from Elite Computing on account due in 90 days. Elite Computing issues invoice 7964.

14th: JonesConsultants performs services to cash clients for $1,200.

17th: JonesConsultants performs services to charge account client, Speedy Freight, in the amount of $3,000. Invoice 101 is issued and is receivable in 30 days.

19th: JonesConsultants issues check 1004 to State Power Company for the November utility bill in the amount of $500.

20th: JonesConsultants performs services to cash clients for $6,000.

25th: JonesConsultants issues J. Jonescheck 1005 as a draw for her personal use in the amount of $4,000.

December Business Transactions:

10th: JonesConsultants purchases $3,000 of computer equipment from Elite Computing. They issue check 1007 for $1,000 with the balance due in 90 days on invoice 8009.

15th: JonesConsultants performs services for charge account client, Speedy Freight, issuing invoice 102 for $2,500.

16th:JonesConsultants receives a check from Speedy Freight for payment of invoice 101 from November for $1,000.

18th: JonesConsultants issues check 1008 for $1,500 to Elite Computing to pay invoice 7964.

20th: JonesConsultants issues check 1010 to pay salaries of $2,000 for December.

WEEK 3: JOURNALIZING AND POSTING JOURNALIZE AND POST NOVEMBER AND DECEMBER TRANSACTIONS - DON'T FORGET TO POST TO THE GENERAL LEDGER ON THE SECOND (YELLOW) TAB AT THE BOTTOM. IT IS ON A SEPARATE WORKSHEET!!!! GENERAL JOURNAL Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Description Post Ref Debit 2015 NOV Page 1 Credit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 GENERAL JOURNAL Date 1 2 3 4 5 DEC 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Description Post Ref Debit Page 2 Credit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 WEEK 3: JOURNALIZING AND POSTING JOURNALIZE AND POST NOVEMBER AND DECEMBER TRANSACTIONS - FORMAT IS IMPORTANT GENERAL LEDGER Account: Date CASH Description 101 Account No. Balance Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit Post Ref Debit Credit 2015 Account: Date Account: Date Account: Date Account: Date Account: ACCOUNTS RECEIVABLE Description PREPAID RENT Description COMPUTER EQUIPMENT Description OFFICE FURNITURE Description ACCOUNTS PAYABLE Date Description Account: J. JONES, CAPITAL Date Description Account: Date Account: Date Account: Date Account: Date Account: Date J. JONES, DRAWING Description FEES INCOME Description RENT EXPENSE Description UTILITIES EXPENSE Description SALARIES EXPENSE Description Account Name Cash Accounts Receivable Prepaid Rent Computer Equipment Office Furniture Accounts Payable J. Jones, Capital J. Jones, Drawing Fees Income Rent Expense Utilities Expense Salaries Expense Totals Jones Consultants Trial Balance December 30, 2015 Debit 111 Account No. Balance Debit Credit 137 Account No. Balance Debit Credit 141 Account No. Balance Debit Credit 143 Account No. Balance Debit Credit 201 Account No. Balance Debit Credit 301 Account No. Balance Debit Credit 302 Account No. Balance Debit Credit 401 Account No. Balance Debit Credit 511 Account No. Balance Debit Credit 514 Account No. Balance Debit Credit 521 Account No. Balance Debit Credit Credit