[lovergirl247]

I need to add general journal entries for the following accounts for June 30,2008 and I am having trouble. I am a first year accounting student. Yikes.
Accounts payable... $10,000
Factory Building... 100,000
Cash... 26,000
Contributed Capital... 180,000
Equipment... 118,000
Land... 200,000
Notes Payable... 2,000
Retained Earnings... 259,000
Supplies... 7,000
Also listed are transactions for July
Issued 4,000 shares of stock for $400,000
Borrowed 90,000 cash from local bank, payable June 30, 2010
Bought a factory building for $182,000 paid 82,000 in case and signed a three year note for the balance.
Paid cash for Equipment that cost $200,000
Purchased supplies for 30,000 on account.

I have been beating myself up with this all day and am at my wits end. Any help would be greatly appreciated. Thanks a ton! I thought I had it down and on paper to me it looks terrible... I have to submit this by Sunday midnight and I have been doing this all week long. Thank you to all who can assist.

There also needs to be t accounts made and a trial balance sheet... I am so confused it's not funny anymore :(

[pready]

First you need to set up T- accounts for each account you have with balances in the T-account. For your Assets your balances will be on the Left side (debit balance) of the T-account, for the other accounts your balances will be on the Right side (credit balance) of your T-account.

Second, you will journalize your December transactions. For the first transaction you will debit Cash for the amount of cash received, and Credit Common Stock for the amount.

After you journalize your transactions you will post the journal entry to your T-account. For the fisrt example you will post on the left side of the Cash T-acocunt for the amount of cash received and post on the right side of the Comnon Stock T-account for the amount.

You will then figure your balance in the T-accounts, then list your accounts with a column for your debit balances and a column for your credit balances. Then you will total your columns. If your debit column equals your credit column your trial balnce balances. If it does not then you made an error somewhere and you need to check to make sure your journalized your entries correctly and check for posting errors in your T-accounts.