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-   -   Help me Journalize transaction in the general Journal? (https://www.askmehelpdesk.com/showthread.php?t=711793)

  • Oct 25, 2012, 03:43 PM
    caprice23
    Help me Journalize transaction in the general Journal?
    Transactions for December 20xx

    December 01

    Borrowed $50,000.00 from North Bank by signing a 6%, 12 month note. Interest payments are due on January 01 and July 01 throughout the life of the note.

    December 01

    Issued Check No. 5855 for $3,840.00 to Rainey Dae Insurance Company for a one-year insurance policy on the building, effective January 01 next year.

    December 01

    Issued Check No. 5857 for $1,600.00 to Sterling Supply Company in exchange for office supplies.

    December 01

    Distributed the net salaries amount for the bi-weekly period ending 11/30/xx, which was accrued in

    November, to employees via direct deposits.

    Note: This entry should include a credit to the Cash account.

    December 02

    Issued Check No. 5858 for $4,500.00 to Xtreme Sports Magazine to run a two page advertisement for six months, effective January 01 next year.

    December 02

    Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

    December 03

    Sold two XTRM - X23F ATVs to a cash customer for $6,500.00 each.

    December 03

    Billed customer A. Reece $565.24, for service work performed on his XTRM - X23F ATV. The costs of parts and accessories totaled $367.41 (Invoice No. SA20123).

    December 04

    Received a check for $6,370.00 from customer C. Diaz as payment on her account, less discount (Invoice No. SI18453).
  • Oct 25, 2012, 03:46 PM
    paraclete
    How about we see your attempts and we will tell you if you are right
  • Oct 25, 2012, 04:21 PM
    caprice11233
    I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. Is there an email for I can show you :/
  • Oct 25, 2012, 04:24 PM
    caprice11233
    Quote:

    Originally Posted by paraclete View Post
    how about we see your attempts and we will tell you if you are right

    I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. Is there an email for I can show you :/ I'm the one that post it but when I try loggin in it won't let me
  • Oct 25, 2012, 08:18 PM
    paraclete
    Quote:

    Originally Posted by caprice11233 View Post
    I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. is there an email for i can show you :/ im the one that post it but when i try loggin in it wont let me

    You can attach an excel file using the advanced function
  • Oct 25, 2012, 08:49 PM
    caprice11233
    1 Attachment(s)
    Here is my answers
  • Oct 25, 2012, 08:50 PM
    caprice11233
    1 Attachment(s)
    Quote:

    Originally Posted by paraclete View Post
    you can attach an excel file using the advanced function

    My answers
  • Oct 26, 2012, 03:49 AM
    paraclete
    Your entry for payment of mortgage interest and principal is incorrect ;Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

    You were already given the total of the entry

    There seems to be a number of entries in your spreadsheet that aren't included in the data you provided but I would say you seem to have the general principles right and you need to work on the detail
  • Oct 26, 2012, 12:21 PM
    caprice11233
    1 Attachment(s)
    Quote:

    Originally Posted by paraclete View Post
    Your entry for payment of mortgage interest and principal is incorrect ;Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

    You were already given the total of the entry

    There seems to be a number of entries in your spreadsheet that arn't included in the data you provided but I would say you seem to have the general principles right and you need to work on the detail

    How can I work on the details I still fill that something isn't right and the total still doesn't add up I went over it again even try changing numbers and still nothing... here a update
  • Oct 26, 2012, 01:26 PM
    paraclete
    This what I mean by attention to detail

    This entry is unbalanced

    12/3/20xx Accounts Receivable 565.24
    Sales and Serive Receivable 565.24
    cost of parts and accessories 367.41
    So is this one
    12/28/20xx Tax Expense 826.00
    FICA Tax 541.00
    Federal Unemployment Tax 36.00
    State Unemployment Tax 243.00
    And this one
    12/28/20xx Salaries Expense 6,080.00
    Salarie Payable 6,080.00
    Taxes Payable 1,702.00

    And this one
    12/21/20xx Cash 6,500.00
    Discount Expense 130.00
    Accounts Receivable 6,370.00

    Need I say more
    Check all the entries and adhere to first principles
  • Oct 26, 2012, 02:41 PM
    caprice123
    Yes I still don't understand.


    So I have to make the unbalance entries balance 0_o but how
  • Oct 26, 2012, 02:45 PM
    caprice123
    Quote:

    Originally Posted by paraclete View Post
    This what I mean by attention to detail

    this entry is unbalanced

    12/3/20xx Accounts Receivable 565.24
    Sales and Serive Receivable 565.24
    cost of parts and accessories 367.41
    so is this one
    12/28/20xx Tax Expense 826.00
    FICA Tax 541.00
    Federal Unemployment Tax 36.00
    State Unemployment Tax 243.00
    and this one
    12/28/20xx Salaries Expense 6,080.00
    Salarie Payable 6,080.00
    Taxes Payable 1,702.00

    and this one
    12/21/20xx Cash 6,500.00
    Discount Expense 130.00
    Accounts Receivable 6,370.00

    need I say more
    Check all the entries and adhere to first principles

    Yes, I still don't understand

    So I have to make them balance out right 0_o
  • Oct 26, 2012, 03:46 PM
    paraclete
    Yes you have to create journal entries that are balanced. Debits equal credits. There are errors here, whether they are errors in the data or errors you have made I cannot say but there are classic errors; credits as debits, misstated numbers, unallocated amounts. When you correct these everything will be in balance. The only way to handle these problems is to look at the integrity of each entry, does it conform to the data, is the data correct, has a correct intrepretation been made
  • Oct 27, 2012, 08:41 AM
    caprice123
    Quote:

    Originally Posted by paraclete View Post
    yes you have to create journal entries that are balanced. debits equal credits. There are errors here, whether they are errors in the data or errors you have made I cannot say but there are classic errors; credits as debits, misstated numbers, unallocated amounts. When you correct these everything will be in balance. The only way to handle these problems is to look at the integrity of each entry, does it conform to the data, is the data correct, has a correct intrepretation been made

    I don't know I give up because I still don't see the problem once I get these journal right I know I be okay with the rest of the stuff.

    Can you please correct some of them for me for I can see
  • Oct 29, 2012, 06:37 PM
    paraclete
    I already pointed out to you the errors it appears I need to explain them as well. You have to do some work yourself so that you learn, accounting is learning by doing. You must start from the point that a mistake has occurred and you have made it


    12/3/20xx Accounts Receivable 565.24 debit
    Sales and Serive Receivable 565.24 credit
    Cost of parts and accessories 367.41 debit
    Parts and accessories inventory 367.41 credit

    So is this one
    12/28/20xx Tax Expense 826.00
    FICA Tax 541.00
    Federal Unemployment Tax 36.00
    State Unemployment Tax 243.00
    An earlier journal would suggest FICA Tax 541.00 should read 547.00

    12/28/20xx Salaries Expense 6,080.00 Debit
    Salaries Payable 6,080.00 Credit
    Taxes Payable 1,702.00 credit
    taxes paid 1702.00 debit

    And this one
    12/21/20xx Cash 6,370.00 debit
    Discount Expense 130.00 debit
    Accounts Receivable 6,500.00 credit

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