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Faded_Dreams · Feb 3, 2006, 01:23 PM

I need journal entries and adjustments for these transactions

Journalize :

Tim Duncan, the owner, invests $40,000 cash.
Prepaid $12,000 cash for twelve months' rent for office space.
Made credit puchase for $5,000 in office equipment.
Completed work for a client and immediately received $8,000 cash.
Completed a $4,000 project for a client on account.
Paid $3,000 cash on account.
Reveived $2,000 cash on account.
Purchased $900 of office supplies on credit.
Paid $700 cash for this month's utility bill.
Paid Employees' wages $2,000
Duncan withdrew $1,500 cash for personal use

Adjustments :

One months prepaid rent has expired
Office supplies on hand at the end of the month were $300
Fees Earned but unbilled $5,000
Wages accrued but unpaid $600
Depreciation Expense, $800

Accounts :

Cash, Accounts Receivable, Accounts Payable, Office Supplies, Office Equipment, Accumalted Depreciation, Depreciation, Prepaid Rent, Wages Payable, Capital, Drawing, Fees Earned, Wage Expense, Rent Expense, Office Supplies Expense, Depreciation Expense, Ulitity Expense

mh34 · Feb 7, 2006, 05:15 AM

Originally Posted by Faded_Dreams

I need journal entries and adjustments for these transactions

Journalize :

Tim Duncan, the owner, invests $40,000 cash.
Prepaid $12,000 cash for twelve months' rent for office space.
Made credit puchase for $5,000 in office equipment.
Completed work for a client and immediately recieved $8,000 cash.
Completed a $4,000 project for a client on account.
Paid $3,000 cash on account.
Reveived $2,000 cash on account.
Purchased $900 of office supplies on credit.
Paid $700 cash for this month's utility bill.
Paid Employees' wages $2,000
Duncan withdrew $1,500 cash for personal use

Adjustments :

One months prepaid rent has expired
Office supplies on hand at the end of the month were $300
Fees Earned but unbilled $5,000
Wages accrued but unpaid $600
Depreciation Expense, $800

Accounts :

Cash, Accounts Receivable, Accounts Payable, Office Supplies, Office Equipment, Accumalted Depreciation, Depreciation, Prepaid Rent, Wages Payable, Capital, Drawing, Fees Earned, Wage Expense, Rent Expense, Office Supplies Expense, Depreciation Expense, Ulitity Expense

If you can show us that you have at least attempted the problem, then I will help you. However, I am not just going to do your homework for you...

Talent4Less · Feb 16, 2010, 06:40 PM

Adjustments:
Prepaid Rent CR 1000
Rent Expense DR 1000

SUPPLIES EXPENSE DR 600
SUPPLES CR 600

DEPRECIATION EXPENSE DR 800
ACCUMULATED DEPRECIATION 800

ACCOUNTS RECEIVABLE CR 5000
FEES EARNED DR 5000

WAGES EXPENSE CR 600
WAGES PAYABLE DR 600

Talent4Less · Feb 16, 2010, 06:42 PM

[QUOTE=Talent4Less;2232824]Adjustments:

Prepaid Rent CR 1000
Rent Expense DR 1000

SUPPLIES EXPENSE DR 600
SUPPLES CR 600

DEPRECIATION EXPENSE DR 800
ACCUMULATED DEPRECIATION 800

ACCOUNTS RECEIVABLE CR 5000
FEES EARNED DR 5000

WAGES EXPENSE CR 600 cm
WAGES PAYABLE DR 600

morgaine300 · Feb 19, 2010, 01:24 AM

Originally Posted by Talent4Less

ACCOUNTS RECEIVABLE CR 5000
FEES EARNED DR 5000

WAGES EXPENSE CR 600 cm
WAGES PAYABLE DR 600

Both of these are backwards. Expenses are debits and revenues are credits. (Not to mention that a cr to a receivable and a dr to a payable are both reducing the accounts instead of increasing them.)

Are you attempting to provide answers to OP? If so, our guidelines are to not just answer homework for a student, but rather correct any work they've provided, guide, answer general questions, etc. but not actually do any homework for them.

If these are your answers because you had this same homework problem, please always start your own thread for your question instead of tagging onto someone else's. That just starts to get messy.

Either way, the thread is also is four years old, and most folks at most forums appreciate not having old threads drug up.

maryteaoti · Oct 12, 2011, 04:53 PM

Hey can you please to help me to journalize this kind of transation: the owner used goods of $20 for his own personal use