[pandabear85]

Hello,

I'm supposed to create a journal entry for the items below. If anyone could let me know if I've made any errors it would be greatly appreciated. I got my B.A. In psych and this accounting class has been really challenging!

-For the fiscal year of 2011
Jan-1 Acquired additional $20,000 by issuing common stock.
Jan-1 Company purchased computer for $15,000. No salvage value and 3 year estimated useful life.
March-1 Company borrowed $10,000 by issuing a one-year note at 12%.
May-1 Company paid $2,400 cash in advance for one year of rent.
June-1 Company made $5,000 distribution to shareholders.
July-1 Company purchased land for $10,000.
August-1 Cash payments on accounts payable amounted to $6,000.
August-1 $9,600 cash in advance for 12 months of service to be performed monthly for the next year.
September-1 Sold land for $13,000. Bought the land originally for $13,000.
October-1 Company purchased $1,300 in supplies on account.
November-1 Purchased 1 year, $20,000 certificate of deposit at 6%.
December- 31 Earned $40,000 worth of service revenue on account.
December-31 Cash collections from accounts receivable amount to $44,000.
December-31 The company incurred other operating expenses on account that amounted to $6,000.
December-31 $2,300 worth of salaries had been earned but not paid out.
December-31 Supplies worth $200 were on hand at the end of the period.

Attached are the journal entries and the adjustments I made. I would be fantastic if someone could review them and let me know if I made any mistakes.
Thank you in advance!

[pready]

Most of your entries look good with the following execptions:
Jun 1 your Debit should be to Dividends
Aug 1 cash payments your Debit should be to Accounts Payable
Dec 31 other operating expenses - your Credit should be to Accounts Payable
Dec 31 salaries your Credit should be to Salaries Payable
Dec 31 supplies your Debit should be to Supplies Expense for 1,100 and your Credit should be to Supplies for 1,100

[pandabear85]

Thank you pready I really appreciate it!

[srutikumar]

When I set aside a provision for an expense, and the expense is in excess of the provision, what to do.