Question

Lesters’ Jewelry company completed these transactions during November of the current year: Nov. 1 Began a...

Lesters’ Jewelry company completed these transactions during November of the current year:

Nov. 1

Began a the business by investing $3,000 in cash and

Precious stones with  a $10,000 fair value.

Nov. 2

Purchased on credit office equipment, $1,500, and office supplies, $500.

Nov. 4

Completed a custom braclet for client and immediately received

a payment of $1,200 cash.

Nov. 8

Nov. 9

Completed a necklace for a client and charged his account $3,400.

Hired a new employee to begin work on Nov 20.

Nov. 10

Paid for the items purchased on credit on November 2.

Nov. 14

Paid the annual $1,200 premium on an insurance policy.

Nov. 18

Received payment in full from the client of November 8.

Nov. 23

Took out a bank loan of $20,000.

Nov. 27

Lester withdrew $250 cash from the business to pay

Nov 29

personal expenses.

Paid employees $800 for the months wages.

Nov. 30

Paid the November utility bills, $225.

Required:   Prepare journal entries for the above transactions.

Business   Accounting   
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Homework Answers

Answer #1

Journal Entries:

Nov 1- Cash A/c Dr- $3000, Stock A/c Dr- 10,000 To Capital A/C Cr

Nov-2 Office Equipment A/c Dr- $1,500 OFFICE SUPPLIES A/C DR- $500 TO PARTY A/c Cr.$2000

Nov-3 Party A/C Dr- $ 1200 TO Sales A/C Cr. $ 1,200.

Cash A/C Dr- $1200 To Party A/C Cr- $1200

Nov 8- Party A/c Dr- $3,400 To Sales A/C Cr- 3,400

Nov-9 No Entry

Nov 10- Party A/C Dr $ 1500 To Cash $ 1500

Nov 14- Insurance Exp A/C Dr $1200 To Party A/C $1200

Nov 18- Cash A/c Dr $3,400 To Party A/C $3,400

Nov 23- Bank A/C Dr $ 20,000 To Loan A/C $ 20,000

Nov 27- Drawings AC Dr $ 250 To Cash A/C $ 250

Nov 29- Wages A/C Dr $800 To Cash A/C $800

Nov 30- Utility Bills A/C $225 Dr To Cash A/C $225

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