1. A jorurnal including journal entries for the first two months of operations.

Question

1. A jorurnal including journal entries for the first two months of operations. At least 40 is required.

2. General ledger. Include any necessary subsidiary leger for jobs, customers and suppliers

Hi, so this is my part for a group project. Im stuck on the journal entries,were doing a notebook company

so far i have the basic journal enries like rent expense ink and paper inventory. Thanks

if anybody can just give me a some examples of transaction entries or journal entries in general that would be great.

Explanation / Answer

I am answering first question as per rule.

Note: As per requirements I am giving examples of some transactions that can be recorded in general journal;

S. No.

Accounts titles & Expanation

Debit

Credit

1.

For sale revenue;

Cash

     Sales revenues

2.

For interest revenue;

Cash

     Interest revenue

3.

For Rent expense;

Rent expense

     Cash

4.

For salary expense;

Salary expense

     Cash

5.

For depreciation expense;

Depreciation expense

     Accumulated depreciation

6.

For prepaid expense;

Prepaid expense

     Cash

7.

For expired prepaid expense;

Expenses

     Prepaid expense

8.

For consumption of supplies;

Supplies expenses

     Supplies

9.

For purchase of equipment;

Equipment

     Cash

10.

For sale of Equipment;

Cash

     Equipment

11.

For recording issue of common stock;

Cash

     Common stock

12.

For recording issue of bond;

Cash

     Bond payable

13.

For discharging bond liabilities;

Bond payable

     Cash

14.

For administrative expenses;

Administrative expenses

     Cash

15.

For recording unearned revenues;

Unearned revenues

    Service revenues

16.

For account sales;

Accounts receivables

     Sales revenues

17.

For collection from accounts receivables;

Cash

      Accounts receivables

18.

For allowance for doubtful accounts;

Allowance for doubtful accounts

      Accounts receivables

19.

For bad debt expense;

Bad debt expesne

     Allowance for doubtful accounts

20.

For account purchase;

Purchases

     Accounts payables

21.

For payment of accounts payable;

Accounts payable

     Cash

22.

For accrued interest;

Interest expense

     Accrued interest

23.

Payment of accrued interest;

Accrued interest

     Cash

24.

For raising short-term loan;

Cash

     Bank loan

25.

Repayment of loan;

Bank loan

     Cash

26.

Dividend declaration;

Retained earnings

     Dividend payable

27.

Payment of dividend;

Dividend payable

     Cash

28.

For stock repurchase;

Treasury stock

     Cash

29.

For taxes expenses;

Tax expenses

     Taxes payable

30.

For payment of taxes;

Taxes payable

     Cash

S. No.

Accounts titles & Expanation

Debit

Credit

1.

For sale revenue;

Cash

     Sales revenues

2.

For interest revenue;

Cash

     Interest revenue

3.

For Rent expense;

Rent expense

     Cash

4.

For salary expense;

Salary expense

     Cash

5.

For depreciation expense;

Depreciation expense

     Accumulated depreciation

6.

For prepaid expense;

Prepaid expense

     Cash

7.

For expired prepaid expense;

Expenses

     Prepaid expense

8.

For consumption of supplies;

Supplies expenses

     Supplies

9.

For purchase of equipment;

Equipment

     Cash

10.

For sale of Equipment;

Cash

     Equipment

11.

For recording issue of common stock;

Cash

     Common stock

12.

For recording issue of bond;

Cash

     Bond payable

13.

For discharging bond liabilities;

Bond payable

     Cash

14.

For administrative expenses;

Administrative expenses

     Cash

15.

For recording unearned revenues;

Unearned revenues

    Service revenues

16.

For account sales;

Accounts receivables

     Sales revenues

17.

For collection from accounts receivables;

Cash

      Accounts receivables

18.

For allowance for doubtful accounts;

Allowance for doubtful accounts

      Accounts receivables

19.

For bad debt expense;

Bad debt expesne

     Allowance for doubtful accounts

20.

For account purchase;

Purchases

     Accounts payables

21.

For payment of accounts payable;

Accounts payable

     Cash

22.

For accrued interest;

Interest expense

     Accrued interest

23.

Payment of accrued interest;

Accrued interest

     Cash

24.

For raising short-term loan;

Cash

     Bank loan

25.

Repayment of loan;

Bank loan

     Cash

26.

Dividend declaration;

Retained earnings

     Dividend payable

27.

Payment of dividend;

Dividend payable

     Cash

28.

For stock repurchase;

Treasury stock

     Cash

29.

For taxes expenses;

Tax expenses

     Taxes payable

30.

For payment of taxes;

Taxes payable

     Cash

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