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    Mar 27, 2017, 05:31 PM
    Proper Journal Entries
    Can you help with Journal Entries? Really confused
    01/1/2017 (1) Fred borrowed $35,000 with 8% interest rate from Bank of Bedrock with a 60 day note payable. Interest will be paid at the end of 60 days.
    01/1/2017 (2) Received cash from first client, Brad Stone-Pitt, as a payment towards an uncompleted job. Mr. Stone-Pitt paid $1,900 for snow removal services for the month of January and February.
    01/1/2017 (3) Paid monthly office rent of $900 with coins.
    01/1/2017 (4) Paid rent in 1 year advance for Storage facility in the amount of $19,020.
    01/1/2017 (5) Received and paid annual Property Insurance bill for $4,000. The property insurance bill is for the period of January 1 2017 – Dec 31 2017.
    01/9/2017 (6) Purchased office supplies (staplers, rock tablets, pencils, etc) on account for $1500 from Rock-Mart.
    01/10/2017 (7) Received electric bill for the month of January, $90, that will be paid Feb 5th.
    01/15/2017 (8) Purchased snow equipment for $9,000 with a note payable from John Deere Rock. Since Yabba Dabba Do Snow Removal is a new client, Fred was required to put a down payment of 10% and the remainder will be financed over 12 months with a 15% annual interest rate.
    01/21/2017 (9) Performed snow removal services for clients, totaling $10,000 plus sales tax of 5.75% Received $3,000 in payment. Will obtain remainder within 30 days.
    01/22/2017 (10) Fred received an inheritance and invested $30,000 of his personal funds into the company in exchange for capital stock.
    01/30/2017 (11) Paid salaries to employees, 2 friends of Barney’s, for $6995. These salaries were for the week periods of 01/01-01/21. Please record the Employee (11A) and Employer (11B) Payroll Journal Entry. Federal Tax rate is 20%. Assume FICA taxes will not be remitted to State & Local Govt until March 31[SIZE=2]st[/SIZE].
    01/30/2017 (12) Paid gasoline bill for month for snow removal equipment of $320 to John D. Rockefeller.
    01/30/2017 (13) Received phone and internet bill from Vonage for $45. Will pay on March 5th.

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