I am needing to show a general journal entry for the following items:

Owner investment $7500 case
Owner investment of equipment $32500.00
Prepaid insurance for 24 months $3000.00
Office Supplies $1400
Fees Earned $2560.00
Utilities $875.00

Quote:

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Originally Posted by daniree

Owner investment $7500 case

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Dr. Cash 7500
Cr. Capital, Owner 7500

Quote:

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Originally Posted by daniree

Owner investment of equipment $32500.00

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Dr. Equipment 32,500
Cr. Capital, Owner 32,500

Quote:

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Originally Posted by daniree

Prepaid insurance for 24 months $3000.00

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Dr. Prepaid Insurance 3,000
Cr. Cash 3,000

Quote:

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Originally Posted by daniree

Office Supplies $1400

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Dr. Office Supplies 1,400
Cr. Cash 1,400

Quote:

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Originally Posted by daniree

Fees Earned $2560.00

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Dr. Cash 2,560
Cr. Fees Earned 2,560 (a sales account)

Quote:

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Originally Posted by daniree

Utilities $875.00

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Dr. Utilities Expense 875
Cr. Cash 875


Note: for some I assume you paid with cash or received cash…if you haven’t, then you could use AR and AP instead.

I need to delete a vehicle which we no longer have
Iwill credit the vehichle asset
What is the other side of my entry

Quote:

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Originally Posted by caroedwards

I need to delete a vehicle which we no longer have
Iwill credit the vehichle asset
what is the other side of my entry

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What happened to the vehicle? Did you sell it? Just take it to a garbage lot?

There is most likely accumulated amortization on it.

So, the JE is:

Dr. Accumulated Amortization (Depreciation)
Cr. Vehicle.

If you got cash from it, you debit that. And the net balance is just a plug (loss for a debit, gain if it's a credit... note, you will only have a gain if you received something for the car... either cash or something else).



EXAMPLE:

You bought a car 10 years ago for $20,000. You have depreciation of 18,000 on it….now you just threw it away.

Dr. Accumulated Amortization 18,000
Dr. Loss 2,000
Cr. Car 20,000