Parrish Ch.3 pg. 61Based on the information below, please complete the following. Thank youPrepare General Journal Entries (Partial Chart of Accounts)Post Journal Entries to the General Ledger1) 2/01 Elena Martin starts her business , Elana's Nails, on February 1, 2027 by depsoting $5000 of her personal cash into her new business checking account at First Street Bank2) 2/02 Elena pays one month's booth rent to Insyle salon for $200 cash3) 2/05 Elena buys supplies for $300 cash4) 2/07 Elena buys equipment for $400 cash5) 2/10 Elena has her first customers and they pay her $300 for nail services6) 2/11 Elena pays $50 cash for a shipment of supplies including a $10 shipping charge

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Asked Nov 23, 2019
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Parrish Ch.3 pg. 61

Based on the information below, please complete the following. Thank you

Prepare General Journal Entries (Partial Chart of Accounts)

Post Journal Entries to the General Ledger

1) 2/01 Elena Martin starts her business , Elana's Nails, on February 1, 2027 by depsoting $5000 of her personal cash into her new business checking account at First Street Bank

2) 2/02 Elena pays one month's booth rent to Insyle salon for $200 cash

3) 2/05 Elena buys supplies for $300 cash

4) 2/07 Elena buys equipment for $400 cash

5) 2/10 Elena has her first customers and they pay her $300 for nail services

6) 2/11 Elena pays $50 cash for a shipment of supplies including a $10 shipping charge

 

 

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Expert Answer

Step 1

Required journal entries:

General Journal
Description
Date
Debit
Credit
Cash
Elena's capital
(to record the investmet of capital)
Rent expense
$5,000
2/01
$5,000
$200
2/02
$200
Cash
(to record the payment of rent in
acdvace)
|Supplies
$300
2/05
$300
Cash
(to record the purchase of supplies)
Equipment
2/07
$400
$400
Cash
(to record the purchase of equipment)
Cash
Service revenue
(to record the service revenue
received)
Supplies
Cash
(to record the purchase of supplies)
$300
2/10
$300
$50
2/11
$50
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General Journal Description Date Debit Credit Cash Elena's capital (to record the investmet of capital) Rent expense $5,000 2/01 $5,000 $200 2/02 $200 Cash (to record the payment of rent in acdvace) |Supplies $300 2/05 $300 Cash (to record the purchase of supplies) Equipment 2/07 $400 $400 Cash (to record the purchase of equipment) Cash Service revenue (to record the service revenue received) Supplies Cash (to record the purchase of supplies) $300 2/10 $300 $50 2/11 $50

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Step 2

Journal entries are posted to ge...

A
В
C
E
F
Cash
1
Journal Debit
Credit
Balance (S)
Date
2
Explanation
(S)
5000
Ref.
(S)
-D3
-F3+D4-E4
F4+D5- E5
-F5+D6 - E6
=F6+D7-E7
-F7+D8 -E8
-F8
Elena's capital
Rent expense
3 2/01
A
с
Equipment
Journal Debit
D
E
200
300
400
4 2/02
22
Supplies
Equipment
Service revenue
Supplies
Balance (ending)
5 2/05
Credit
Balance (S)
Date
23
Explanation
6 2/07
(S)
400
(S)
=D24
F24
Ref.
300
7 2/10
Cash
Balance (ending)
24 2/07
50
8 2/11
25
9
26
10
Service revenue
27
Journal Debit
(S)
Rent expense
Journal Debit
Credit
11
Date
28
Explanation
Balance (S)
Credit
Ref.
(S)
=E29
=F29
Balance (S)
Explanation
Date
12
Cash
Balance (ending)
300
29 2/10
(S)
200
(S)
Ref.
Cash
Balance (ending)
30
13 2/02
=D13
31
-F13
14
Elena's capital
32
15
Journal Debit
Credit
Supplies
Journal Debit
Balance (S)
16
Date
Explanation
Ref.
(S)
(S)
=E34
F34
33
Credit
Cash
Balance (ending)
5000
Balance (S)
Date
17
Explanation
34 2/01
Ref.
(S)
300
(S)
-D18
=F18+ D19 - E19
35
Cash
Cash
Balance (ending)
18 2/05
19 2/11
50
=F19
20
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Image Transcriptionclose

A В C E F Cash 1 Journal Debit Credit Balance (S) Date 2 Explanation (S) 5000 Ref. (S) -D3 -F3+D4-E4 F4+D5- E5 -F5+D6 - E6 =F6+D7-E7 -F7+D8 -E8 -F8 Elena's capital Rent expense 3 2/01 A с Equipment Journal Debit D E 200 300 400 4 2/02 22 Supplies Equipment Service revenue Supplies Balance (ending) 5 2/05 Credit Balance (S) Date 23 Explanation 6 2/07 (S) 400 (S) =D24 F24 Ref. 300 7 2/10 Cash Balance (ending) 24 2/07 50 8 2/11 25 9 26 10 Service revenue 27 Journal Debit (S) Rent expense Journal Debit Credit 11 Date 28 Explanation Balance (S) Credit Ref. (S) =E29 =F29 Balance (S) Explanation Date 12 Cash Balance (ending) 300 29 2/10 (S) 200 (S) Ref. Cash Balance (ending) 30 13 2/02 =D13 31 -F13 14 Elena's capital 32 15 Journal Debit Credit Supplies Journal Debit Balance (S) 16 Date Explanation Ref. (S) (S) =E34 F34 33 Credit Cash Balance (ending) 5000 Balance (S) Date 17 Explanation 34 2/01 Ref. (S) 300 (S) -D18 =F18+ D19 - E19 35 Cash Cash Balance (ending) 18 2/05 19 2/11 50 =F19 20

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