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Journalize Transactions
The following transactions took place during the month of December;
Dec. 5 Received a check for $30 representing interest due on marketable securities. Interest Receivables $30 DR Interest Income $30 CR Is this correct?: Dec.19 Received $125 from clients on account. Cash $125 DR Accounts Receivables $125 CR Is this correct? Dec.22 Invested another $1,000 in high-grade marketable securities. Marketable Securities $1,000 DR Cash $1,000 CR Is this correct? Dec.23 Received a check from Fender shop for $150, payment on account. Cash $150 DR Accounts Receivables $150 CR Is this correct? Dec.30 Wrote off $100 of prepaid rent as of November 30 to rent expense for December. Pre-paid Rent $100 DR not sure if it's correct and don't know which account to credit. Help. Dec.31 Unexpired insurance premiums amounted to $1,800 as of December 31. Insurance Expense $1,800 Dr Pre-paid Insurance $1,800 CR Is this correct? I really appreciate any help I can get. Thanks, Dell |
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Dec. 5 Received a check for $30 representing interest due on marketable securities.
Interest Receivables $30 DR Interest Income $30 CR Is this correct?: NO. It is either Dr. Cash 30 Cr. Interest Receivables 30 OR Cr. Interest Income 30 It depends if you have already accrued it or not. It depends when you year end is. If your year end is Dec. 31, then you would Cr. Interest Income. Dec.19 Received $125 from clients on account. Cash $125 DR Accounts Receivables $125 CR Is this correct? YES Dec.22 Invested another $1,000 in high-grade marketable securities. Marketable Securities $1,000 DR Cash $1,000 CR Is this correct? YES Dec.23 Received a check from Fender shop for $150, payment on account. Cash $150 DR Accounts Receivables $150 CR Is this correct? YES Dec.30 Wrote off $100 of prepaid rent as of November 30 to rent expense for December. Pre-paid Rent $100 DR not sure if it's correct and don't know which account to credit. Help. Dr. Rent EXPENSE 100 Cr. Prepaid Rent 100 Dec.31 Unexpired insurance premiums amounted to $1,800 as of December 31. Insurance Expense $1,800 Dr Pre-paid Insurance $1,800 CR Is this correct? No. You have the accounts right, just the amounts wrong. This is saying that you have 1,800 of insurance left. So you need to take the value of the pre-paid insurance and subtract 1800 from it. So if the value of the prepaid insurance is 3,000, then you record Insurance Expense $1,200 Dr Pre-paid Insurance $1,200 CR |
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