lilsar427
Nov 28, 2006, 01:57 PM
let me know if these answers r right please
12/01 the owner gives you a despoit ticket showing he has put $25,000 in the company bank accounti and informs you that he has invested that cash in the business
cash DR : 25,000
capital CR: 25,000
12/01 the owner advises you thata he has also put a truch that he personally owns in the business and gives you the title to the vehiclle showing the transfer into the company. The truch has an appraised value of $10,560 according to the Blue Book you borrowed from a car dealer
vehicles DR: 10,560
Cash CR: 10,560
12/01 you write check #1 to xyz realty in the amount of $1500 to pay the first months rent
rent CR: 1500
Cash DR: 1500
12/02 a truck delievers a shipment of office furniture and the driver gives you a bill for 1,800 due. The owner authorizes the payment and you write check #2
office furniture DR: 1800
Cash CR: 1800
12/02 the owner tells you that he has opened a charge account at Staples and asks you to go there and pick up the office supplies that you will need to get started. You go to staples, purchase the supplies. And return with them. You have the supplies and an invoice for 175 that will is due to be paid in 30 dayhs. The company uses the asset method of accounting for supplies
supplies DR: 175
Supplies Exspense CR: 175
12/05 the owner brings in a check for 2700 from a customer named brown company and tells you it is a payment in full for services provided
A/R DR: 2700
Sales REvenue CR: 2700
12/07 the owner brings in a check for 1900 from a customer Green COmpany and tells you it's a payment in full for services provided
A/R DR: 1900
Sales REvenue CR: 1900
12/08 the owner hands you an invoice he has written for work he performed for brown company. The amount is 2000 and he tells you they will pay the bill in 10 days
A/R DR: 2000
Sales REvenue CR: 1900
12/14 the owner tells you to pay yourself 800 for two weeks pay (no deductions on tax) write check 3
wage expense DR: 800
Cash CR: 800
12/14 the owner tells you to write him a check dor 1250 for his personal use. Check 4
owner witdrawl DR: 1250
Cash CR: 1250
12/18 the owner tells you to make a partial payment of 80 to Staples on account. Check 5
A/P DR: 80
Cash CR: 80
12/20 brown company, the customer that owes you 2000 sends in a payment of 1500 with a note that they will pay the remainder on the 10th of January.
A/R CR: 1500
Sales revenue DR: 1500
12/22 your boss takes you and your spouse out to dinnder as a way to thank you for the good job you have been doing. He pays the bill out of his pocket.
not necessary?
12/27 the owner hands you an invoice he has written for work he performed for the Green Company. The amount is 3100. And he tells you they will pay the bill in 10 days
A/R DR: 3100
Sales Revenue CR: 3100
12/28 you reciece a bill of 600 for two years worth of coverage from your insurance company. It is due immetiately so you write check 5 and mail it
prepaid insurance CR: 600
insurance exspense DR: 600
12/31 at month end you make the adjustin entries based on the following:
the company truck has an estimated usufil life of 4 years and will have no salvage value at the end of that period.
depreciation exspense DR: 220
Accumulated depreciation exspense CR: 600
you count the office supplies on hand and determine that you have $100 left
-have no idea on this one :(
you make the insurance adjustment
-have no idea on this one :(
the office furniture has an estimated useful life of 5 years with no salvage value.
deprec exspense DR: 30
acc dep esp CR: 30
OK OK... I know it's a lot but I just went back to college after 2 years off so I'm strugglin a little bit with this one class in accounting... if you could please help me out I would GREATLY appriciate it!
THANKS A BUNCH SARAH
12/01 the owner gives you a despoit ticket showing he has put $25,000 in the company bank accounti and informs you that he has invested that cash in the business
cash DR : 25,000
capital CR: 25,000
12/01 the owner advises you thata he has also put a truch that he personally owns in the business and gives you the title to the vehiclle showing the transfer into the company. The truch has an appraised value of $10,560 according to the Blue Book you borrowed from a car dealer
vehicles DR: 10,560
Cash CR: 10,560
12/01 you write check #1 to xyz realty in the amount of $1500 to pay the first months rent
rent CR: 1500
Cash DR: 1500
12/02 a truck delievers a shipment of office furniture and the driver gives you a bill for 1,800 due. The owner authorizes the payment and you write check #2
office furniture DR: 1800
Cash CR: 1800
12/02 the owner tells you that he has opened a charge account at Staples and asks you to go there and pick up the office supplies that you will need to get started. You go to staples, purchase the supplies. And return with them. You have the supplies and an invoice for 175 that will is due to be paid in 30 dayhs. The company uses the asset method of accounting for supplies
supplies DR: 175
Supplies Exspense CR: 175
12/05 the owner brings in a check for 2700 from a customer named brown company and tells you it is a payment in full for services provided
A/R DR: 2700
Sales REvenue CR: 2700
12/07 the owner brings in a check for 1900 from a customer Green COmpany and tells you it's a payment in full for services provided
A/R DR: 1900
Sales REvenue CR: 1900
12/08 the owner hands you an invoice he has written for work he performed for brown company. The amount is 2000 and he tells you they will pay the bill in 10 days
A/R DR: 2000
Sales REvenue CR: 1900
12/14 the owner tells you to pay yourself 800 for two weeks pay (no deductions on tax) write check 3
wage expense DR: 800
Cash CR: 800
12/14 the owner tells you to write him a check dor 1250 for his personal use. Check 4
owner witdrawl DR: 1250
Cash CR: 1250
12/18 the owner tells you to make a partial payment of 80 to Staples on account. Check 5
A/P DR: 80
Cash CR: 80
12/20 brown company, the customer that owes you 2000 sends in a payment of 1500 with a note that they will pay the remainder on the 10th of January.
A/R CR: 1500
Sales revenue DR: 1500
12/22 your boss takes you and your spouse out to dinnder as a way to thank you for the good job you have been doing. He pays the bill out of his pocket.
not necessary?
12/27 the owner hands you an invoice he has written for work he performed for the Green Company. The amount is 3100. And he tells you they will pay the bill in 10 days
A/R DR: 3100
Sales Revenue CR: 3100
12/28 you reciece a bill of 600 for two years worth of coverage from your insurance company. It is due immetiately so you write check 5 and mail it
prepaid insurance CR: 600
insurance exspense DR: 600
12/31 at month end you make the adjustin entries based on the following:
the company truck has an estimated usufil life of 4 years and will have no salvage value at the end of that period.
depreciation exspense DR: 220
Accumulated depreciation exspense CR: 600
you count the office supplies on hand and determine that you have $100 left
-have no idea on this one :(
you make the insurance adjustment
-have no idea on this one :(
the office furniture has an estimated useful life of 5 years with no salvage value.
deprec exspense DR: 30
acc dep esp CR: 30
OK OK... I know it's a lot but I just went back to college after 2 years off so I'm strugglin a little bit with this one class in accounting... if you could please help me out I would GREATLY appriciate it!
THANKS A BUNCH SARAH