[daniree]

I am needing to show a general journal entry for the following items:

Owner investment $7500 case
Owner investment of equipment $32500.00
Prepaid insurance for 24 months $3000.00
Office Supplies $1400
Fees Earned $2560.00
Utilities $875.00

[CaptainForest]

Owner investment $7500 case

Dr. Cash 7500
Cr. Capital, Owner 7500

Owner investment of equipment $32500.00

Dr. Equipment 32,500
Cr. Capital, Owner 32,500

Prepaid insurance for 24 months $3000.00

Dr. Prepaid Insurance 3,000
Cr. Cash 3,000

Office Supplies $1400

Dr. Office Supplies 1,400
Cr. Cash 1,400

Fees Earned $2560.00

Dr. Cash 2,560
Cr. Fees Earned 2,560 (a sales account)

Utilities $875.00

Dr. Utilities Expense 875
Cr. Cash 875


Note: for some I assume you paid with cash or received cash…if you haven’t, then you could use AR and AP instead.

[caroedwards]

I need to delete a vehicle which we no longer have
Iwill credit the vehichle asset
What is the other side of my entry

[CaptainForest]

I need to delete a vehicle which we no longer have
Iwill credit the vehichle asset
what is the other side of my entry

What happened to the vehicle? Did you sell it? Just take it to a garbage lot?

There is most likely accumulated amortization on it.

So, the JE is:

Dr. Accumulated Amortization (Depreciation)
Cr. Vehicle.

If you got cash from it, you debit that. And the net balance is just a plug (loss for a debit, gain if it's a credit... note, you will only have a gain if you received something for the car... either cash or something else).



EXAMPLE:

You bought a car 10 years ago for $20,000. You have depreciation of 18,000 on it….now you just threw it away.

Dr. Accumulated Amortization 18,000
Dr. Loss 2,000
Cr. Car 20,000