PLEASE SHOW YOUR WORK PLEASE And thank You Jenny Jackson Event Planning Co. had
ID: 2392862 • Letter: P
Question
PLEASE SHOW YOUR WORK PLEASE And thank You
Jenny Jackson Event Planning Co. had the following transactions relate to the month May business: May 1 To begin the business Jenny invested $20,000 cash and $5,000 of furniture. May 2 Jenny paid $4,000 rent for 6 month in advance. May 5 Purchased $2,000 furniture on account. May 6 Bought supplies of $150 paying cash May.9 Collected $3,000 for a wedding reception party May 12 Jenny paid his $100 home utility bill using a company cheque May 20 Billed John Smith $6,000 for office party event completed May 23 Received a bill for advertising in the local paper, $300. Will pay in June. May 26 Paid Salaries, $1,000 to employees May 30 Paid $1,000 of the amount owed for the furniture. May 31Paid telephone bill of company, $50.Explanation / Answer
Journal entries
Date (2011)
Account Title
Debit
Credit
1-May
Cash
$ 20,000.00
Furniture
$ 5,000.00
Jenny Jackson Capital Account
$ 25,000.00
(capital Invested)
2-May
Prepaid Rent
$ 4,000.00
cash
$ 4,000.00
(advance rent paid)
5-May
Furniture
$ 2,000.00
Accounts Payable
$ 2,000.00
(furniture Purchased)
6-May
Supplies
$ 150.00
cash
$ 150.00
(paid for Supplies)
9-May
Cash
$ 3,000.00
Fee Earned
$ 3,000.00
(fee earned 3000 Dollar)
12-May
Jenny Jackson Drawing
$ 100.00
cash
$ 100.00
(being Personal expense paid)
20-May
Accounts Receivables
$ 6,000.00
Fee Earned
$ 6,000.00
(being fee earned)
23-May
Advertisement Expenses
$ 300.00
Expenses payable
$ 300.00
(being expenses accrued not paid)
26-May
Salary
$ 1,000.00
cash
$ 1,000.00
(being salary paid)
30-May
Accounts Payable
$ 1,000.00
cash
$ 1,000.00
(Payment made against credit balance)
31-May
Telephone expenses
$ 50.00
cash
$ 50.00
(Telephone expenses paid)
$ 42,600.00
$ 42,600.00
Cash Account
1-May
Jenny Jackson Capital Account
$ 20,000.00
2-May
Advance Rent
$ 4,000.00
9-May
Fee Earned
$ 3,000.00
6-May
Supplies
$ 150.00
12-May
Jenny Jackson Drawing
$ 100.00
26-May
Salary
$ 1,000.00
30-May
Accounts Payable
$ 1,000.00
31-May
Telephone expenses
$ 50.00
31-May
balance C/d
$ 16,700.00
$ 23,000.00
$ 23,000.00
Accounts Receibables
20-May
Fee Earned
$ 6,000.00
31-May
balance C/d
$ 6,000.00
$ 6,000.00
$ 6,000.00
Supplies
6-May
Cash
$ 150.00
31-May
balance C/d
$ 150.00
$ 150.00
$ 150.00
Prepaid Rent
2-May
Cash
$ 4,000.00
31-May
balance C/d
$ 4,000.00
$ 4,000.00
$ 4,000.00
Furniture
1-May
Jenny Jackson Capital Account
$ 5,000.00
31-May
balance C/d
$ 7,000.00
5-May
Accounts Payable
$ 2,000.00
$ 7,000.00
$ 7,000.00
Accounts Payable
30-May
cash
$ 1,000.00
5-May
Furniture
$ 2,000.00
31-May
balance C/d
$ 1,000.00
$ 2,000.00
$ 2,000.00
Jenny Jackson Drawing
12-May
cash
$ 100.00
31-May
balance C/d
$ 100.00
$ 100.00
$ 100.00
Jenny Jackson Capital Account
31-May
balance C/d
$ 25,000.00
1-May
Cash
$ 20,000.00
1-May
Furniture
$ 5,000.00
$ 25,000.00
$ 25,000.00
Fee Earned
31-May
balance C/d
$ 9,000.00
9-May
cash
$ 3,000.00
20-May
Accounts Receibables
$ 6,000.00
$ 9,000.00
$ 9,000.00
Salary
26-May
cash
$ 1,000.00
31-May
balance C/d
$ 1,000.00
$ 1,000.00
$ 1,000.00
Telephone
31-May
cash
$ 50.00
31-May
balance C/d
$ 50.00
$ 50.00
$ 50.00
Trial Balance
Jenny Jackson Event Planning Co
may 31 2011
Account title
Debit
Credit
Cash
$ 16,700.00
Accounts Recivables
$ 6,000.00
Prepaid Rent
$ 4,000.00
Supplies
$ 150.00
Furniture
$ 7,000.00
Accounts Payable
$ 1,000.00
Jenny Jackson Capital Account
$ 25,000.00
Jenny Jackson Drawing
$ 100.00
Salary
$ 1,000.00
Fee Earned
$ 9,000.00
Expenses Payable
$ 300.00
Advertisement Expenses
$ 300.00
Telephone expenses
$ 50.00
Total
$ 35,300.00
$ 35,300.00
Journal entries
Date (2011)
Account Title
Debit
Credit
1-May
Cash
$ 20,000.00
Furniture
$ 5,000.00
Jenny Jackson Capital Account
$ 25,000.00
(capital Invested)
2-May
Prepaid Rent
$ 4,000.00
cash
$ 4,000.00
(advance rent paid)
5-May
Furniture
$ 2,000.00
Accounts Payable
$ 2,000.00
(furniture Purchased)
6-May
Supplies
$ 150.00
cash
$ 150.00
(paid for Supplies)
9-May
Cash
$ 3,000.00
Fee Earned
$ 3,000.00
(fee earned 3000 Dollar)
12-May
Jenny Jackson Drawing
$ 100.00
cash
$ 100.00
(being Personal expense paid)
20-May
Accounts Receivables
$ 6,000.00
Fee Earned
$ 6,000.00
(being fee earned)
23-May
Advertisement Expenses
$ 300.00
Expenses payable
$ 300.00
(being expenses accrued not paid)
26-May
Salary
$ 1,000.00
cash
$ 1,000.00
(being salary paid)
30-May
Accounts Payable
$ 1,000.00
cash
$ 1,000.00
(Payment made against credit balance)
31-May
Telephone expenses
$ 50.00
cash
$ 50.00
(Telephone expenses paid)
$ 42,600.00
$ 42,600.00
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