3-4 On Your OwnJournalizing transactions and starting a new journal pageA-ZUse the general journal from On Your Gwn 3-3. Work this problemindependently.Transactions:23. Sold services on account to G. Stratton,$515.00. S2.June24. Paid cash for advertising, $165.00. C7.25. Received cash from sales, $1,100.00. T25.26. Paid cash for delivery charges(Miscellaneous Expense), $18.00. C8.26. Received cash on account from G.Stratton, $635.00. R3.n 26 on page 1.27. Paid cash for postage (MiscellaneousExpense), $44.00. C9.28. Paid cash for supplies, $210.00. C10.30. Received cash from sales, $300.00. T30.-1, 3-2 and 3-31. Journalize the transactions for June 23 through 26. Source documents areabbreviated as follows: check, C; receipt, R; sales invoice, S; calculatortape, T.2. Use page 2 of the journal to journalize the remaining transactions forJune.4 Us i 2:05LLbacksp

JOURNAL ENTRY IS AN ART OF RECORDING BUSINESS TRANSACTIONS EITHER ECONOMIC OR NON ECONOMIC .

3-4 On Your Own Journalizing transactions and starting a new journal page Use the general journal from On Your Gwn 3-3. Work this problem independently. Transactions: 23. Sold services on account to G. Stratton, $515.00. S2. June 24. Paid cash for advertising, $165.00. C7. 25. Received cash from sales, $1,100.00. T25. 26. Paid cash for delivery charges (Miscellaneous Expense), $18.00. C8. 26. Received cash on account from G. Stratton, $635.00. R3. 27. Paid cash for postage (Miscellaneous Expense), $44.00. C9. 28. Paid cash for supplies, $210.00. C10. 30. Received cash from sales, $300.00. T30. 1. Journalize the transactions for June 23 through 26. Source documents are abbreviated as follows: check, C; receipt, R; sales invoice, S; calculator tape, T. 2. Use page 2 of the journal to journalize the remaining transactions for June.

3-4 On Your Own Journalizing transactions and starting a new journal page Use the general journal from On Your Gwn 3-3. Work this problem independently. Transactions: 23. Sold services on account to G. Stratton, $515.00. S2. June 24. Paid cash for advertising, $165.00. C7. 25. Received cash from sales, $1,100.00. T25. 26. Paid cash for delivery charges (Miscellaneous Expense), $18.00. C8. 26. Received cash on account from G. Stratton, $635.00. R3. 27. Paid cash for postage (Miscellaneous Expense), $44.00. C9. 28. Paid cash for supplies, $210.00. C10. 30. Received cash from sales, $300.00. T30. 1. Journalize the transactions for June 23 through 26. Source documents are abbreviated as follows: check, C; receipt, R; sales invoice, S; calculator tape, T. 2. Use page 2 of the journal to journalize the remaining transactions for June.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 1OYO

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TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a ) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared in Exercise 3-5B if necessary.
Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.
TRANSACTION ANALYSIS Linda Kipp starred a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared Exercise 3-5A if necessary.
TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900.
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 40,000. b. Paid rent on office and equipment for the month, 4,800. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 1,100. e. Earned sales commissions, receiving cash, 18,750. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 800. g. Paid office salaries, 3,500. h. Determined that the cost of supplies used was 1,300. i. Paid dividends, 1,500. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.