Prepare general journal entries to record these transactions.[/U][/B] [/B][/B]

Jayden Lanelle opens a computer consulting business called Viva Consultants and completes the following transactions in its first month of operations.


April 1 Lanelle invests $115,000 cash along with office equipment valued at $27,600 in the company.

2 The company prepaid $7,200 cash for twelve months' rent for office space.
3 The company made credit purchases for $13,800 in office equipment and $2,760 in office supplies. Payment is due within 10 days.

6 The company completed services for a client and immediately received $2,000 cash.
9 The company completed a $9,200 project for a client, who must pay within 30 days.
13 The company paid $16,560 cash to settle the account payable created on April 3.
19 The company paid $6,000 cash for the premium on a 12-month insurance policy.
22 The company received $7,360 cash as partial payment for the work completed on April 9.

25 The company completed work for another client for $2,640 on credit.
28 Lanelle withdrew $6,200 cash from the company for personal use.
29 The company purchased $920 of additional office supplies on credit.
30 The company paid $700 cash for this month's utility bill.

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Have you made some attempt to do these yet?

Quote:

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Originally Posted by morgaine300

Please see the guidelines for posting homework problems:
Ask Me Help Desk - Announcements in Forum : Homework Help

Have you made some attempt to do these yet?

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This is what I have came up with on trial and error. Please correct me if I am wrong. I know this is not a homework helper, but I just need a little insight I am taking this class online... Thanks in advance.

April 1st-----Cash 115,000(debit) office equipment 27,600(debit) J.Lanelle Capital 142,600(credit)

April 2--- prepaid rent 7,200(debit) Cash 7,200(credit)

April 3--- office equipment 13,800(debit) office supplies 2,760(debit Accounts payable 16,560(credit)

April 6---cash 2,000(debit) accounts payable 2,000 (credit)

April 9---accounts receivable 9,200(debit) services revenue 9,200(credit)

April 13---cash 16,560 (debit) accounts payable 16,560 credit

April 19 pre paid insurance 6,000(debit) cash 6,000(credit)

April 22 cash 7,360 (debit) accounts receivable 7,360 credit

April 25 accounts receivable 2,640 (debit) services revenue 2,640 (credit)

April 28 J.Lanelle, withdrawals 6,200 (debit) personal expenses 6,200(credit)

April 29 office supplies 920.00(credit) accounts receivable 920.00(credit)

April 30 utility expense 720(debit) accounts payable 720(credit)

April 6, the Credit should be to Services Revenue account not Accounts Receivable.

April 13, the Credit is Cash.

April 28, the Credit is Cash.

April 30 the amounts should be $700 and the Credit should be cash because you paid the bill.

The rest of the entries look correct.

29, debit should be to equipment & credit should be party or payable a/c. because you are purchasing the asset

Please keep an eye on the date of the threads. Also, you are incorrect - the debit is to supplies because that is what was purchased, not equipment.