[derrick2007]

I know how to do simple general journal entries. Although I am having trouble how to set it up for this problem. I haven't done any general journal entreis like this one can someone help me with it how it suppost took I am confused.

Shelton Engineering completed the following transactions in the month of June.
a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business.
b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note payable for $48,600.
c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.
d. Paid $6,000 cash for the premium on an 18-month insurance policy.
e. Completed and delivered a set of plans for a client and collected $5,700 cash.
f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a longterm note payable for $12,000.
g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.
h. Purchased $2,250 of additional office equipment on credit.
I. Completed engineering services for $18,000 on credit.
j. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent must be paid within 30 days.
k. Collected $7,200 cash in partial payment from the client described in transaction g.
l. Paid $1,500 cash for wages to a drafting assistant.
m. Paid $2,250 cash to settle the account payable created in transaction h.
n. Paid $675 cash for minor repairs to the drafting equipment.
o. Shelton withdrew $9,360 cash for personal use.
p. Paid $1,500 cash for wages to a drafting assistant.
q. Paid $3,000 cash for advertisements in the local newspaper during June.

[chichay]

Cash on hand 2,715.00
Office equipment 8,250.00
Drafting equipment 67,500.00
Land 54,000.00
Portable building 75,000.00
Prepaid insurance 6,000.00
Accounts payable - current 1,200.00
Accounts payable - non current 60,600.00
Sales 35,700.00
Paid up capital 156,000.00
a/r 22,800.00
Rent expense 1,200.00
Salaries & wages 3,000.00
Repairs & maintenance 675.00
Advances to officers 9,360.00
Advertising expense 3,000.00
253,500.00 253,500.00

[morgaine300]

Derrick, you're claiming to know how to "do simple journal entries," but at the same time are saying you've never seen ones like this. I would like to know exactly what kind of entries you have seen, because these are "simple journal entries." I don't mean to say they should be simple for you to do, but rather that these are exactly the types of beginning entries that most books use. Granted, some are easier than others, but that's pretty typical of most problems you'll get. (In fact, looks like that came out of the Wild book.) So I have no idea what you mean that you haven't done entries "like this one."

No one can give you hints of how to get through every single one of these. They are all different and each one requires that you analyze it and figure out what to do with it. I can tell you the steps involved in figuring out how to record an entry, which I just posted over here:
https://www.askmehelpdesk.com/accoun...ns-389785.html

You also need to know the rules of debits & credits:
... .. Debit..........Credit
Assets... Increase... Decrease
Liabilities... Decrease... Increase
Equity... Decrease... Increase
Revenue... Decrease... Increase
Expenses... Increase... Decrease

But past those basics, I can't tell you how to do every single one of them since they're all different. (Without doing your homework for you, which is not what we're here to do.) Make an attempt to go through and do what you can. You can post that if you like and someone can let you know what is correct, what's not, etc. If you're confused over something specific, ask about that specific thing and what is confusing you about it.

[morgaine300]

chichay, start your own thread for your question instead of tacking onto someone else's especially when it's not even related. And make sure you ask a question. All I see is a list of accounts with some balances.

[bilalqadri10291]

Starte business with an investment of cash 500000

[pready]

Debit Cash for the amount of investment
Credit Owners Capital account for the amount of investment

[fahimyaqoob]

Cash on hand 2,715.00
Office equipment 8,250.00
Drafting equipment 67,500.00
Land 54,000.00
Portable building 75,000.00
Prepaid insurance 6,000.00
Accounts payable - current 1,200.00
Accounts payable - non current 60,600.00
Sales 35,700.00
Paid up capital 156,000.00
A/r 22,800.00
Rent expense 1,200.00
Salaries & wages 3,000.00
Repairs & maintenance 675.00
Advances to officers 9,360.00
Advertising expense 3,000.00
253,500.00 253,500.00