Question

(1). Journalize the following selected transactions for January, identifying each entry by letter. Explanations may be...

(1). Journalize the following selected transactions for January, identifying each entry by letter. Explanations may be omitted.

Jan.

1

(a)Received cash from the investment made by the owner, $14,000.

2

(b)Received cash for providing accounting services, $9,500.

3

(c)Billed customers on account for providing services, $4,200.

4

(d)Paid advertising expense, $700.

5

(e)Received cash from customers on account, $2,500.

6

(f)Owner withdraws $1,010.

7

(g)Received telephone bill, $900.

8

(h)Paid telephone bill, $900.

General Journal

Problem ___1__

Date

Account Titles

Ref.

Debits

Credits

            

(2). Prepare a journal entry for the purchase of a truck on April 4 for $85,700, paying $15,000 cash and the remainder on account. Omit explanation and reference.

General Journal

Problem ___2__

Date

Account Titles

Ref.

Debits

Credits

(3). Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation and reference.

General Journal

Problem ___3__

Date

Account Titles

Ref.

Debits

Credits

(4). Record the following selected transactions for April in a two-column journal, identifying each entry by letter. Omit explanation.

April

            (a) On April 1st, received $18,000 from Katie Long, owner.

(b) On April 2nd, purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder.

(c) On April 5th, paid $2,300 for rent for April.

(d) On April 8th, purchased $1,500 of supplies on account.

(e) On April 10th, recorded $9,800 of fees earned on account.

(f) On April 17th, received $7,500 in cash for fees earned.

(g) On April 21st, paid $1,200 to creditors on account.

(h) On April 25th, paid wages of $3,425.

(i) On April 28th, received $7,900 from customers on account.

(j) On April 30th, recorded owner's withdrawal of $1,875.

General Journal

Problem ___4__

Date

Account Titles

Ref.

Debits

Credits

Homework Answers

Answer #1
Q1.
Journal Entries
Date Accounts title and explanations Debit 4 Credit $
1-Jan Cash Account Dr. 14000
    Owner's capital 14000
2-Jan Cash Account Dr. 9500
      Service revenue 9500
3-Jan Accounts receivable Dr. 4200
      Service revenue 4200
4-Jan Advertisement expense Account Dr. 700
      Cash account 700
6-Jan Cash account Dr. 2500
      Accounts receivable 2500
6-Jan Owners Withdrawals Dr. 1010
       Cash Account 1010
7-Jan Utilities expense Account Dr. 900
     Utility expense Payable 900
8-Jan utility expense Payable Dr. 900
     Cash account 900
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