[tjj2320]

Hi I have a homework due and I don't understand this at all, can someone help me! (Urgent)

Record the following journal entries and create Ledger accounts for Cash, A/R, prepaid rent, office supplies expense, utilities expense, notes payable, Hidden Glen capital account and drawing account. Relating to Hidden Glen Partnership, an engineering firm. At the month end record the appropriate closing entries.


Hired an administrative assistant at $500 per week. This individual is paid on the 15th of each month and was hired at mid month

Paid 3 months rent of $2,000 per month in advance per the terms of the lease


Made the first installment payment on the Office Supplies, Inc note (see3rd entry)


Collected $5,000 from previous credit sales



Thank you

[tickle]

I don't feel that this site should include doing someone's homework. Do you not have a textbook ? How is it helping you learn how to do it if someone does it for you.

[tjj2320]

I do have a text book and read it, I still do not understand... this is my first accting class. This is the problem in the text book and the one I have a problem with are
2, 3 and 7... not the entire thing... I just typed out the entire problem so someone will have an idea as to what I was talking about. I guess I didn't clarify it...

[CaptainForest]

2. hired an adminstrative assistant at $500 per week. this individual is paid on the 15th of each month and was hired at mid month

Dr. Salaries Expense 250
Cr. Salaries Payable 250

3. Paid 3 months rent of $2,000 per month in advance per the terms of the lease

Dr. Prepaid Rent 2,000
Cr. Cash 2,000

Or is this suppose to be an adjusting entry?

7. made the first installment payment on the Office Supplies, Inc note (see3rd entry)

And how much was that for?

Dr. AP
Cr. Cash

[CaptainForest]

TJJ,

Tickle is just trying to say that you need to show us how you ATTEMPTED your work.

We know you have not done it correctly, or else, why would you be here?

But, if you don't even show us you are trying, why should we bother to help you?

I have answered some of your questions on this thread and your CF thread.