1. Payments received from customers on account amounted to $1,380.

cash / A/R

2. A computer printer was purchased on account for $500.

Equipment / A/P

3. Services provided to clients and billed on account amounted to $3,760.

A/r / service revenue

4. $400 of supplies was purchased on account in July, and a physical count on July 31 showed that there was $470 of supplies on hand on July 31. (Supplies Expense is included in Office Expense.)

Supplies / A/P
Balance 770-?=470 ?=300 Supplies expense / supplies

5. When the Unearned Revenue account was reviewed, it was found that $800 of the balance was earned in July.

unearned revenue / sales revenue

6. Salaries and Wages Expense of $600 related to employee services provided in July was not yet recorded as of July 31.

salary and wages expense / salary and wages payable

7. Payments to suppliers on account amounted to $2,770.

supply expense / A/P

8. Received invoices totalling $1,200 related to office expenses incurred in July.

office expense / A/P

9. Declared a dividend of $530 on July 31.

dividends / A/p OR dividends payable? (please tell me)


CAN YOU PLEASE tell me if I did these entries correctly? And I don't know why but I am not allowed to use the supplies expense account according to my accounting homework website so some of the transaction are wrong that include the supplies expense.

Balances are given for April 30 but these transactions happened after and are for the may 30 trial balance which I need to make. THANK YOU VERY MUCH.

Please help me with transaction numbers (ONLY 1,2,4,6,8,10 and 13) *note- if I did not include the numbers, that means that I got the numbers right but not the entries

My attempted answers:
1. DB prepaid expense
CR cash (WRONG entry)

2. DB interest expense (wrong numbers) 1232
CR interest payable 1232

4. DB interest expense (wrong entries)
CR interest payable

6. Not sure at all

8. DB insurance expense (wrong numbers) 820
CR prepaid insurance 820

10. DB interest receivable (wrong numbers) 450
CR interest income 450

13. Db operating expense (wrong entries)
CR accounts payable




1. Joachim paid the local newspaper $350 for an advertisement to be run in January of the next year, and charged it to Advertising Expense.

2. On November 1, Joachim signed a three-month, 11% note to borrow $16,800 from Yorkville Bank.
3. The following salaries and wages are due and unpaid at December 31: sales, $1,460; office clerks, $1,000.
4. Interest of $400 has accrued to date on a note that Joachim holds from Grant Muldaur.
5. The estimated loss on bad debts for the period is $1,400.
6. Stamps and stationery are charged to the Office Expense account when purchased; $100 of these supplies remain on hand.
7. Joachim has not yet paid the December rent of $1,200 on the building his business uses.
8. Insurance was paid on November 1 for one year and charged to Prepaid Insurance, $984.
9. Property tax accrued, $1,900.
10. On December 1, Joachim accepted Alana Palmer's two-month, 15% note in settlement of her $6,000 account receivable.
11. On October 31, Joachim received $2,700 from Tareq Giza in payment of six months’ rent for Giza’s office space in the building and credited Unearned Rent Revenue.
12. On September 1, Joachim paid six months’ rent in advance on a warehouse, $8,400, and debited the asset account Prepaid Rent.
13. The bill from Light & Power Limited for December has been received but not yet entered or paid, $400.
14. The estimated depreciation on equipment is $1,300.

Prepare annual adjusting entries as at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Number 4. Start with your beginning supplies account balance plus the $400 purchase minus your $470 actual balance to get the amount of the journal entry. Your debit will be to Office Expense and your credit will be to Supplies.

Number 7. Your debit should be to Accounts Payable and your credit should be to Cash.

Number 9. Your debit will be to dividends and your credit should be to Dividends Payable.

The other entries look correct.

Number 4. Start with your beginning supplies account balance plus the $400 purchase minus your $470 actual balance to get the amount of the journal entry. Your debit will be to Office Expense and your credit will be to Supplies.

Number 7. Your debit should be to Accounts Payable and your credit should be to Cash.

Number 9. Your debit will be to dividends and your credit should be to Dividends Payable.

The other entries look correct.

Thank you so much for your help. You're a real life saver :)

Please help me with transaction numbers (ONLY 1,2,4,6,8,10 and 13) *note- if I did not include the numbers, that means that I got the numbers right but not the entries

My attempted answers:
1. DB prepaid expense
CR cash (WRONG entry)

2. DB interest expense (wrong numbers) 1232
CR interest payable 1232

4. DB interest expense (wrong entries)
CR interest payable

6. Not sure at all

8. DB insurance expense (wrong numbers) 820
CR prepaid insurance 820

10. DB interest receivable (wrong numbers) 450
CR interest income 450

13. Db operating expense (wrong entries)
CR accounts payable




1. Joachim paid the local newspaper $350 for an advertisement to be run in January of the next year, and charged it to Advertising Expense.

2. On November 1, Joachim signed a three-month, 11% note to borrow $16,800 from Yorkville Bank.
3. The following salaries and wages are due and unpaid at December 31: sales, $1,460; office clerks, $1,000.
4. Interest of $400 has accrued to date on a note that Joachim holds from Grant Muldaur.
5. The estimated loss on bad debts for the period is $1,400.
6. Stamps and stationery are charged to the Office Expense account when purchased; $100 of these supplies remain on hand.
7. Joachim has not yet paid the December rent of $1,200 on the building his business uses.
8. Insurance was paid on November 1 for one year and charged to Prepaid Insurance, $984.
9. Property tax accrued, $1,900.
10. On December 1, Joachim accepted Alana Palmer's two-month, 15% note in settlement of her $6,000 account receivable.
11. On October 31, Joachim received $2,700 from Tareq Giza in payment of six months’ rent for Giza’s office space in the building and credited Unearned Rent Revenue.
12. On September 1, Joachim paid six months’ rent in advance on a warehouse, $8,400, and debited the asset account Prepaid Rent.
13. The bill from Light & Power Limited for December has been received but not yet entered or paid, $400.
14. The estimated depreciation on equipment is $1,300.

Prepare annual adjusting entries as at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)