Prepare journals and accounts in the books of Chris Clark.

1. Started business with 90,000 in bank.
2. Bought van paying by cheque 15,000
3. Bought office fixtures 3000
4. Bought goods of 10,000 on credit from Supermax
5. pay rent by cheque 1,500
6. Sold goods for 12,000 on credit to C Walter
7. Paid Supermax a cheque of 8000
8. Received from C Walter a cheque of 12,000
9. The proprietor took cash for his own personal use of 1,000
10. Paid the months wages of 3000

My Answer:

1. Cash(Debit) Chris Clark, Capital(Credit)
2. Van (Debit) A/P Chris Clark (Credit)
3. Office Fixtures (Debit) Cash(Credit)
4. Purchases (Debit) A/P Supermax (Credit)
5. Rent Expense (Debit) A/P Chris Clark (Credit)
6. Goods Sold (Debit) Account Receivable C Walter (Credit)
7. A/P Chris Clark (Debit) A/R Supermax (Credit)
8. A/R Chris Clark (Debit) A/P C Walter (Credit)
9. Chris Clark, Drawing (Debit) Cash (Credit)
10. Wages Expense(Debit) Cash (Credit)

Please help me check if my answers are correct? I missed last week's lecture so Im pretty screwed up now..

1. Correct
2. Credit should be to Cash
3. Correct
4. Debit should be to Inventory or Purchases
5. Credit should be to Cash
6. Debit Accounts Receivable, Credit Sales Revenue. Also for the cost of Inventory sold you will Debit COGS and Credit Inventory.
7. Debit Accounts Payable, Credit Cash
8. Debit Cash, and Credit Accounts Receivable.
9. Correct
10. Debit Wage Expense or Salaries Expense

Fees received in advance for services performed between June 16 and August 15 is $1000. What accounts do I credit and debit if the trail balance is at June 30.

The journal entry to record the transaction is:
Debit Cash for the amount
Credit Unearned Service Revenue for the amount.