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New Member
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Oct 25, 2012, 03:43 PM
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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).
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Ultra Member
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Oct 25, 2012, 03:46 PM
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How about we see your attempts and we will tell you if you are right
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New Member
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Oct 25, 2012, 04:21 PM
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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 :/
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New Member
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Oct 25, 2012, 04:24 PM
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Originally Posted by paraclete
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
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Ultra Member
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Oct 25, 2012, 08:18 PM
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Originally Posted by 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 :/ 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
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New Member
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Oct 25, 2012, 08:49 PM
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Here is my answers
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New Member
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Oct 25, 2012, 08:50 PM
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Originally Posted by paraclete
you can attach an excel file using the advanced function
My answers
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Ultra Member
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Oct 26, 2012, 03:49 AM
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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
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New Member
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Oct 26, 2012, 12:21 PM
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Originally Posted by 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 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
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Ultra Member
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Oct 26, 2012, 01:26 PM
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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
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New Member
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Oct 26, 2012, 02:41 PM
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Yes I still don't understand.
So I have to make the unbalance entries balance 0_o but how
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New Member
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Oct 26, 2012, 02:45 PM
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Originally Posted by 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
Yes, I still don't understand
So I have to make them balance out right 0_o
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Ultra Member
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Oct 26, 2012, 03:46 PM
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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
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New Member
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Oct 27, 2012, 08:41 AM
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Originally Posted by 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
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
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Ultra Member
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Oct 29, 2012, 06:37 PM
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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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