Problem 1: Part A - Write the journal entries for the current year. Part B - Pos

Question

Problem 1:

Part A - Write the journal entries for the current year.  

Part B - Post to ledgers the above journal entries and balance after each transaction.

Place account numbers as post reference in the journal when done posting.  

  

Problem 1:

Part A - Write the journal entries for the current year.  

Jan. 2 - Owner Paul Jones invests $30,000 in business. Jan. 5 - Paul receives $1,000 cash for fees earned from customer. Jan. 8 - Paul invoices customer on account for $400 for fees earned. Jan. 10 - Paul recevices $300 from customer on their account. Jan. 11 - Paul Purchases $100 of supplies on account. Jan. 12 - Paul withdrawls $2,000 cash.

Explanation / Answer

Part A:

Part B:

Answer:

Answer: Journal Entries (Amount in $) Sl No Particulars L/F Debit Credit 1 Cash A/c Dr 2 30,000 To Paul Jones's Capital A/c 1 30,000 {Being investment made in own business accounted} 2 Cash A/c Dr 2 1,000 To Fees Earned A/c 4 1,000 {Being fee earned from the customer accounted} 3 Accounts Receivable A/c Dr 3 400 To Fees Earned A/c 4 400 {Being invoice made to the customer for fee earnded accounted} 4 Cash A/c Dr 2 300 To Accounts Receivable A/c 3 300 {Being amount received from accounts receivable accounted} 5 Purchases A/c Dr 5 100 To Accounts Payable A/c 6 100 {Being purchase made accounted} 6 Paul Jones's Capital A/c Dr 1 2,000 To Cash A/c 2 2,000 {Being drawings made by paul charged to capital account} Total 33,800 33,800

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