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    angelo2121's Avatar
    angelo2121 Posts: 1, Reputation: 1
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    #1

    Mar 15, 2012, 09:12 AM
    Journal entry for Accounting help.
    March 1) Jean kelly opened a dance school,called jeans dance studio, by depositing $15,000 into the bacnk account.

    2) paid three months' rent in advance, $1,800.

    4) Hired a part time assistant, to be paid 250 per week, starting next week.

    6) Purchased sound equiptment for 2,000. Paid $400 in cash, the remainder to be paid in insrallments of $800 every two weeks.

    8) Signed up 5 students, who will begin lessons on March 10, at $80 per week per student.

    17) received the first week's tuition from four students; the fifth student will remit payment in three days.

    17) Paid the assistanthis first week'd wages.

    20) Received payment from the fifth student.

    21)Paid the first installment on the sound equiptment purchased on March 6th

    23) Received an electric bill of $100, to be paid April 1.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 18, 2012, 09:43 AM
    These are journal entries, so what is your question? You need to figure out what accounts are affected, how much and whether the account will be debited or credited.

    For example, your fist date the owner deposits money into the bank for the business, so your accounts will be cash and the owners capital account. The amount is $15,000 and you are increasing Cash wich will be a debit and increasing the owners capital account which will be a credit. So your journal entry will be:
    Debit Cash for $15,000
    Credit Jean Kelly, Capital for $15,000

    For the rest of your dates you just need to follow the steps I provided above to solve them. For the date on the 8th there will not be a journal entry. It is provided for info concerning your other dates i.e. the 17th and the 20th.
    jpong's Avatar
    jpong Posts: 1, Reputation: 1
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    #3

    Jul 12, 2012, 05:05 AM
    Received and deposited tuition from students journal entry
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Jul 12, 2012, 06:33 AM
    Debit Cash
    Credit Tuition Revenue(or other appropriate account)

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