Help me practice! I need answers so I can study for real test!
Hello,
My name is Jennifer MArtinez and right now I am studying on journalizing transactions, but I really don't know if I am doing them right. I am going to send over a list of transactions and if you could journalize them for me, it would be a great help! I will use the answers to study for a test. Please help me to journalize, please? Thank you for your time.
The Transactions:
8/1 Jake took 1000 of his money to a local bank. He started his buisnes by depositing 700 into a checking acoount and 300 in a savings account. He also applied for a VISA card at the same time.
8/2 Jake borrowed 6000 from his father by signing a 6% note payable. The note was to be paid a year from today. Tom deposited the money into his business savings account.
8/4 Jake transferred 4000 from his savings to his checking account.
8/5 Jake purchased a pickup truck for 2800.
8/5 Jake paid 50 to obtain a cell phone, The phone was free, and the 50 would cover the first months service.
8/5 Jake purchased a 300 gallon asphalt slurry tank. By the time he installed it, including the hose, the total cost came to 550.
8/6 Jake paid a total of 650 for liability insurance and bonding.
8/7 Jake charged ( with his visa card) 100 for 2000 flyers.
8/7 Jake paid 80 for office supplies( business cards and invoices)
8/8 Jake charged 60 worth of gas and oil at Betties store( allowed Jake to carry an open account)
8/8 Jake received a memo from the bank , charging his checking account 15 for his first order of checks. This was considered an office expense.
8/9 Jake charged ( visa) 120 for squeegees and brooms at a store. He considers these expenses because will last for only a few applications, and must be thrown away soon.
8/9 A friend of Jakes, paid 600 to have two driveways into his business resealed. HIs friend told Jake that there was no rush, and he could perform the work later.
8/10 Jake paid 35 for an advertisement in the newspaper.
8/11 Jake charged another 50 for gas and oil at betties store.
8/11 Tom paid 600 to have his tank filled with asphalt slurry.
8/12 Jake sealed his first driveway, for his friend and collected 450.
8/12 Jake withdrew 50 from his checking account and planned on going out for the evening.
8/13 Jake sealed a driveway for another friend. The total bill was for 650, but his friend paid only 200, and the balance was to be paid later.
8/13 Jake performed a 400$ asphalt sealing job for another customer. Since she was not home, he left her an invoice.
8/14 Jake charged 42 ( visa) at a local store to have his oil changed in the truck( maintenece)
8/15 Another customer paid 560 for driveway sealing, the work was done that same day.
8/17 Jake paid betties store 50 on his account.
8/17 Jake transferred 1000 from his checking account to his savings account.
8/18 Another customer paid 620 to have his driveway sealed that day.
8/20 Jake paid 380 to have his slurry tank refilled.
8/22 Jake chrged another 63 for fuek abd iol at betties store.
8/23 Jake used his visa to buy another 67$ worth of sqeegees and brooms at a store.
8/24 Jake paid another 35 for advertising in the weeks newspaper.
8/26 Jake received a check for 400 from hs customer for the work done on 8/13.
8/27 Jake resealed another customers driveway. He left him an invoive for 480.
8/27 Jake was short of personal cash, so he cashed a business check for 8 to pay for his lunch.
8/28 Jake paid 65 to have the spark plugs replaced in his truck.(maintenence)
8/29 Jake received a check for 100 from jis other customer, a partial payment for the work done on 8/13.
8/30 Jake charged another 38 worth of fuel from betties store.
Please it would really help if you could journalize these for me asap. I really will love you for it. I need to study them. I have done thousands, but I just want to be sure I am doing this right.
Thank you for your very supportive hel
