free accounting homework help
Please help me to Post these Journal Entries to. General Ledger Accounts and then to trial balance sheet.
A. 1-Jun Smith invests $20,000 in business: Evans consulting
Dr Cash 20,000
Cr D. Smith, Capital 20,000
B. B. 2-June Smith pays seven month’s rent in advance totaling $8,500
Dr Prepaid Rent 8,500
Cr Cash 8,500
C. C- 10-Jun Smith provides services of $20,000 on account
Dr Accounts Receivable 20,000
Cr Service Revenue 20,000
D. D. 11-Jun Smith purchases equipment for $28,000 with a note payable useful life of the equipment is 11 years. No Salvage Value
Dr Equipment 28,000
Cr Notes Payable 28,000
E. 16-Jun Smith takes a $5,000 draw (Dividend)
Dr D. Evans, Drawing 500
Cr Cash 500
F. 18-Jun Smith collect $ 1.000 of the accounts receivable
Dr Cash 1,000
Cr Accounts Receivable 1,000
G. 20-Jun Smith purchased office Supplies for $ 3000
Dr Office Supplies 3,000
Cr Cash 3,000
Adjusting Entries
H. 30-Jun Rent uses
8,500 / 7 = $1,214.29 adjustment
Dr Rent Expense 1,214.29
Cr Prepaid Rent 1,214.29
I. 30-Jun Equipment depreciated for one month
Using straight-line
28,800 / 11 / 12 = $212.12 adjustment
Dr Depreciation Expense--Equipment 218.18
Cr Accumulated Depreciation--Equipment 218.12
J. 30-Jun Took physical inventory of supplies totaling $1,050
3,000 - 1,050 = $1,950 adjustment
Dr Office Supplies Expense 1,950
Cr Office Supplies 1,950
