rjsurp
Jan 27, 2012, 02:52 AM
I have done and re-done this case study literally 6 or so times with all incorrect inbalances and without the correct check numbers, I am in desperate need of help journalizing these transactions:
11/1 Jasmine contributes 55,000 in cash, 20,000 in computers, 8,000 in office furniture to her new company in exchange for Common Stock.
my answer: D Cash 55,000
D Computers 20,000
D Office furniture 8,000
C C-STK 83,000
11/2 Paid 6,000 for four months rent.
my answer: D Prepaid rent expense 6,000
C Cash 6,000
11/2 paid 2,200 for one year liability insurance policy.
My answer: D prepaid insurance 2,200
C Cash 2,200
11/4 Received 4,000 from Alpha Co. For computer services.
My answer: D Cash 4,000
C A/R 4,000
11/5 purchased 10,000 of merchandise from Mass corp, terms 1/10, net/30, FOB shipping point.
My answer: D MI 10,000
C A/P 10,000
11/5 Paid $500 freight charges for the Mass Corp purchase.
My answer: D MI 500
C Cash 500
11/7 Paid digital chronicles $600 for advertising expense.
My answer: D Advertising exp 600
C Cash 600
11/8 Discovered $1000 of the merchandise ordered on 11/5 was wrong, returned it back to Mass Corp.
My answer D A/P Mass Corp 1000
C MI 1000
11/11 Paid 850 for computer repairs expense.
My answer D Computer repair expense 850
C Cash 850
11/11 Sold merchandise to BG johnson for 2,000, terms 1/10, net/30, FOB shipping point. The merchandise cost 1,500.
My answer D A/R 2,000
C Sales 2,000
D COGS 1,500
C MI 1,500
11/13 Purchased office supplies on account for 2,400.
My answer D Supplies 2,400
C A/P 2,400
11/14 Received 6,000 from IMB corp for computer consulting services.
My answer D Cash 6,000
C A/R 6,000
11/15 Paid mass corp for the merchandise purchased on 11/5 net of any discounts and returns.
My answer D A/P 9000
C MI 90
C Cash 8,910
11/16 Paid the Utility bills totaling 150.
My answer D Utility Exp 150
C Cash 150
11/19 purchased 15,000 of merchandise from Mass corp, terms 1/10, net/30, FOB shipping destination.
My answer D MI 15,000
C A/P 15,000
11/21 Received payment from BG johnson.
My answer D Cash 1,980
D Sales-Disc 20
C A/R 2,000
11/25 Sold merchandise to Apollo corp for 5,000, terms 1/10 net/30, FOB shipping point, the Merchandise cost 3,000.
My answer D Cash 5,000.
C Sales 5,000.
D COGS 3,000
C MI 3,000.
11/30 Apollo returned 1,000 of merchandise that had cost 500. The merchandise was defective.
My answer D SRA 1,000.
C A/R 1,000.
12/1 Paid Janet for 10 days of work at 125/day.
My answer D Wage expense 1250
C Cash 1250
12/1 Reimbursed Janet for mileage expenses, 250 miles at a rate of .58 per mile.
My answer D Mileage expense 145
C Cash 145
12/5 Received 15,000 from cash-customers for computer consulting services.
My answer D Cash 15,000
C sales 15,000.
12/6 Note: _ Billed Alpha co. For computer consulting services, 4,000.
12/8 Sold to ding Inc. merchandise with a cost of 2,000 for 3,000, terms 1/10, net/30, FOB shipping point.
My answer D Cash 3,000
C Sales 3,000
D COGS 2,000
C MI 2,000
12/9 Perchased MI from Mass corp, 8,000, terms 1/10, net/30 FOB Destination.
My answer D MI 8,000
C A/P 8,000
12/9 Realized we forgot to pay Mass corp for the purchase of 11/19, and paid now.
My answer D A/P 15,000
C Cash 15,000
12/10 paid 1,500 of the amount owed for the office supplies purchased on 11/13.
My answer D A/P 1,500
C Cash 1,500
12/13 received payment from Alpha Co.
My answer D Cash 4,000
C A/R 4,000
12/18 Received 3,000 from DELLta computers for computer consulting services
My answer D Cash 3,000
C A/R 3,000
12/20 Sold merchandise to Echo Modems for 1,500, terms 1/10, net/30, FOB shipping Destination. The Merchandise cost 1,200 and the shipping cost was 100.
My answer D Cash 1,500
C Sales 1,500
D COGS 1,200
C MI 1,200
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D Freight expense 100
C Cash 100
12/21 Reimbursed Jasmine Mileage expense, 300 miles at a rate of .58/mile.
My answer D Mileage Expense 174
C Cash 174
12/22 Paid Jasmine 3,000 in Dividends.
My answer D Dividends 3,000
C A/P Jasmine 3,000
12/22 paid janet fpr eight days of work at 125/day.
My answer D Wage expense 1000
C Cash 1000
12/23 Paid utility bills, 200.
My answer D Utility Expense 200
C Cash 200.
On the Trial balance everything seems to match with the check figures I was given except for: Cash, A/R, A/P. MI, and Sales.
Check figures: Cash should = D47,401
A/R should = D16,000
A/P should = C8,900
MI should = D24,710
sales should = C51,000.
Note; I've already turned in my results with really no difinitive answer to what exactly is right and what is wrong in my journal, just an over all grade, so I figured I would try to figure it out on my own, but alas to no success! Please, put this journal to rest so I can understand better.
11/1 Jasmine contributes 55,000 in cash, 20,000 in computers, 8,000 in office furniture to her new company in exchange for Common Stock.
my answer: D Cash 55,000
D Computers 20,000
D Office furniture 8,000
C C-STK 83,000
11/2 Paid 6,000 for four months rent.
my answer: D Prepaid rent expense 6,000
C Cash 6,000
11/2 paid 2,200 for one year liability insurance policy.
My answer: D prepaid insurance 2,200
C Cash 2,200
11/4 Received 4,000 from Alpha Co. For computer services.
My answer: D Cash 4,000
C A/R 4,000
11/5 purchased 10,000 of merchandise from Mass corp, terms 1/10, net/30, FOB shipping point.
My answer: D MI 10,000
C A/P 10,000
11/5 Paid $500 freight charges for the Mass Corp purchase.
My answer: D MI 500
C Cash 500
11/7 Paid digital chronicles $600 for advertising expense.
My answer: D Advertising exp 600
C Cash 600
11/8 Discovered $1000 of the merchandise ordered on 11/5 was wrong, returned it back to Mass Corp.
My answer D A/P Mass Corp 1000
C MI 1000
11/11 Paid 850 for computer repairs expense.
My answer D Computer repair expense 850
C Cash 850
11/11 Sold merchandise to BG johnson for 2,000, terms 1/10, net/30, FOB shipping point. The merchandise cost 1,500.
My answer D A/R 2,000
C Sales 2,000
D COGS 1,500
C MI 1,500
11/13 Purchased office supplies on account for 2,400.
My answer D Supplies 2,400
C A/P 2,400
11/14 Received 6,000 from IMB corp for computer consulting services.
My answer D Cash 6,000
C A/R 6,000
11/15 Paid mass corp for the merchandise purchased on 11/5 net of any discounts and returns.
My answer D A/P 9000
C MI 90
C Cash 8,910
11/16 Paid the Utility bills totaling 150.
My answer D Utility Exp 150
C Cash 150
11/19 purchased 15,000 of merchandise from Mass corp, terms 1/10, net/30, FOB shipping destination.
My answer D MI 15,000
C A/P 15,000
11/21 Received payment from BG johnson.
My answer D Cash 1,980
D Sales-Disc 20
C A/R 2,000
11/25 Sold merchandise to Apollo corp for 5,000, terms 1/10 net/30, FOB shipping point, the Merchandise cost 3,000.
My answer D Cash 5,000.
C Sales 5,000.
D COGS 3,000
C MI 3,000.
11/30 Apollo returned 1,000 of merchandise that had cost 500. The merchandise was defective.
My answer D SRA 1,000.
C A/R 1,000.
12/1 Paid Janet for 10 days of work at 125/day.
My answer D Wage expense 1250
C Cash 1250
12/1 Reimbursed Janet for mileage expenses, 250 miles at a rate of .58 per mile.
My answer D Mileage expense 145
C Cash 145
12/5 Received 15,000 from cash-customers for computer consulting services.
My answer D Cash 15,000
C sales 15,000.
12/6 Note: _ Billed Alpha co. For computer consulting services, 4,000.
12/8 Sold to ding Inc. merchandise with a cost of 2,000 for 3,000, terms 1/10, net/30, FOB shipping point.
My answer D Cash 3,000
C Sales 3,000
D COGS 2,000
C MI 2,000
12/9 Perchased MI from Mass corp, 8,000, terms 1/10, net/30 FOB Destination.
My answer D MI 8,000
C A/P 8,000
12/9 Realized we forgot to pay Mass corp for the purchase of 11/19, and paid now.
My answer D A/P 15,000
C Cash 15,000
12/10 paid 1,500 of the amount owed for the office supplies purchased on 11/13.
My answer D A/P 1,500
C Cash 1,500
12/13 received payment from Alpha Co.
My answer D Cash 4,000
C A/R 4,000
12/18 Received 3,000 from DELLta computers for computer consulting services
My answer D Cash 3,000
C A/R 3,000
12/20 Sold merchandise to Echo Modems for 1,500, terms 1/10, net/30, FOB shipping Destination. The Merchandise cost 1,200 and the shipping cost was 100.
My answer D Cash 1,500
C Sales 1,500
D COGS 1,200
C MI 1,200
--------------------
D Freight expense 100
C Cash 100
12/21 Reimbursed Jasmine Mileage expense, 300 miles at a rate of .58/mile.
My answer D Mileage Expense 174
C Cash 174
12/22 Paid Jasmine 3,000 in Dividends.
My answer D Dividends 3,000
C A/P Jasmine 3,000
12/22 paid janet fpr eight days of work at 125/day.
My answer D Wage expense 1000
C Cash 1000
12/23 Paid utility bills, 200.
My answer D Utility Expense 200
C Cash 200.
On the Trial balance everything seems to match with the check figures I was given except for: Cash, A/R, A/P. MI, and Sales.
Check figures: Cash should = D47,401
A/R should = D16,000
A/P should = C8,900
MI should = D24,710
sales should = C51,000.
Note; I've already turned in my results with really no difinitive answer to what exactly is right and what is wrong in my journal, just an over all grade, so I figured I would try to figure it out on my own, but alas to no success! Please, put this journal to rest so I can understand better.