Prepare journal entries in a Excel Template format . Be sure all dates agree wit

Question

Prepare journal entries in a Excel Template format. Be sure all dates agree with the problem

For 6/1/2015:

Deposit $150,000 to Cash

For the description, write: Initial deposit from owner

For 6/3/2015:

Buys for cash furniture and equipment from Weiss for $50,000.

For the description, write:  For furniture and equipment from Weiss

For 6/10/2015:

Deposit the amount of $40,000 from Pat B for Consulting Revenue

For the description, write: Work completed on 6/10/15 for Pat B

For 6/20/2015:

Pay Wans for $5,000 for purchase of supplies

For the description, write: For purchase of supplies from Wansi

For 6/30/2015:

Deposit the amount of $120,000 from Bill Mak for Consulting Revenue

For the description, write: Work completed on 6/30/2015 for Bill Mak

For 6/30/2015:

Pay #1 Employee $3,000

For the description, write: Payroll expense to #1 Employee for month of June 2015

Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P

Here are the charter of accounts:

600

Cost of Merchandise Sold

Thanks!

Chart of Accounts 100 Cash 101 Accounts Receivable 102 Inventory-Supplies 103 Office Supplies 104 Construction In Progress 105 Furniture & Equipment 200 Accounts Payable 201 Loan-ABC 202 Loan-KYS 300 Capital 301 Owner Investment 400 Sales Revenue 401 Consulting Revenue 500 Payroll Expense 501 Rent Expense 502 Telephone Expense 503 Freight Expenses 504 Utilities Expense

600

Cost of Merchandise Sold

Explanation / Answer

Please note: Supplies purchased on 6/20/2015 are assumed to be inventory-supplies since the same has not been specified in the question. Kindly re-check whether inventory-supplies or office supplies. Also since format is not provided with the question, please enter the journal entries in the appropriate format required.

Date Account Titles and Explanation Debit Credit 6/1/2015 Cash 150000 Owner Investment 150000 (Initial deposit from owner) 6/3/2015 Furniture & Equipment 50000 Cash 50000 (For furniture and equipment from Weiss) 6/10/2015 Cash 40000 Consulting Revenue 40000 (Work completed on 6/10/15 for Pat B) 6/20/2015 Inventory-Supplies 5000 Cash 5000 (For purchase of supplies from Wansi) 6/30/2015 Cash 120000 Consulting Revenue 120000 (Work completed on 6/30/15 for Bill Mak) 6/30/2015 Payroll Expense 3000 Cash 3000 (Payroll expense to #1 Employee for month of June 2015)

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---