general journal to general ledger:1Nov 20xx InvestmentA/C Dr 100,000 Common Stoc

Question

general journal to general ledger:1Nov 20xx InvestmentA/C Dr 100,000 Common Stock Cr 100,000 (Issued 10,000 shares of $10 par value common stock in exchange for an initial investment of $100,000 by the firm's owners) 1 Nov 20xx PrePaid Insurance A/C Dr 1800 Cash Cr 1800 (Prepaid $1,800 for a one-year insurace policy) 3 Nov 20xx Office Eqpt A/C Dr 15000 Common Stock A/C Cr 15000 (Issued 1,500 shares of $10 par value common stock for office equipment with a fair market value of $15,000). 4 Nov 20xx Cash Dr 20,000 Note Payable Cr 20,000 (Borrowed 20,000 by issuing a four-year 6% notes payable) 5 Nov20xx Land A/C Dr 10,000 Building A/C Dr 90,000 Cash Cr 90,000 (Purchased Land 10000 and a Building 80000 for $90,000 cash) 6 Nov 20xx Office Supplies A/C Dr 10000 Acct Payable Cr 10,000 (Purchased $10,000 worth of Office Supplies on account from Kilcoyne Office Supply) 7 Nov20xx Petty Fund A/c Dr 400 Cash Cr 400 (Established a petty cash fund of $400) 8 Nov20xx Advt A/C Dr 2400 Cash Cr 2400 (Paid $2,400 cash for an order with a local newspaper for advertising) 11Nov20xx Cash Cr 10,000 Services Revenue A/C Cr 10,000 (Completed services for several clients and received $10,000) 12 Nov 20xx Acct Rxable Dr 12000 Services Rev A/C Cr 12,000 (Completed services for customers and billed them for $12,000) 15 Nov 20xx Payroll A/C Dr 8000 Cash Cr 8000 (Paid the semi-montly payroll of $8,000 to the firm's part time consultants, all of which are classified as independent contractors.) 16 Nov20xx Cash Dr 9000 Adv for Services A/C Cr 9000 (Received $9,000 in advance for services to be provided from November 16 through February 15) 16 Nov20xx Note Rxable A/C Dr 2000 Sevices Rev A/C Cr 2000 (A client billed on November 12 indicated that a $2,000 receivable due Bayou Computer Services Enterprises would not be paid for 90 days. Bayou Computer Services accepted a 12% 90 Day notes receivable on this date.) 17 Nov20xx Cash Dividend Dr $5,750 DIvidend Payable Cr $5,750 (Declared a cash divident of %.50 per share ie $10*115000*0.5% = $5,750) 18 Nov20xx Acct Payable Dr 2500 Cash Cr 2500 (Paid cash to Kilcoyne Office Supply $2,500) 29 Nov20xx Tel Exp Dr 500 Cash Cr 500 (Received and paid the November telephone bill of $500) 30 Nov 20xx Cash Dr 3000 Acct Rxable Cr 3000 (Collected $3,000 of the receivable recorded on November 14) 30 Nov20xx Utility exp Dr 1500 Cash Cr 1500 (Paid cash, $1,500, for various utility bills received for November) 30 Nov20xx Cash Dr 15000 Acct Rxable Dr 5000 Services Rev A/C Cr 20000 (Recorded services rendered to clients totaled $20,000. The firm collected $15,000 in cash with the balance due in 30 days.) 30 Nov 20xx Postage Dr $50 Freight-Out Dr $150 Repair Expense Dr $60 Miscellaneous Expense Dr $85 Cash Short Dr 15 Cash Cr 360 (Record the entry to replenish the petty cash fund)

Explanation / Answer

Investment Ac Particular Amt Particular Amt common stock 100000 Bal c /d 100000 Total 100000 Total 100000 common stock investment 100000 common stock 15000 bal c/d 115000 Total 115000 Total 115000 Prepaid insurance cash 1800 bal c/d 1800 Total 1800 Total 1800 cash note payble 20000 prepaid ins 1800 adv for service 9000 land 10000 ac rec 3000 building 90000 service rev 15000 petty fund 400 advertising 2400 service revenue 10000 salary 8000 account payable 2500 telephone 500 utilty exp 1500 postage 50 freight 150 repair 60 misc 85 cash short 15 bal c/d 80460 Total 127460 Total 127460 Office equipment common stock 15000 bal c/d 15000 Total 15000 Total 15000 Note payable cash 20000 bal c/d 20000 Total 20000 Total 20000 land cash 10000 bal c/d 10000 Total 10000 Total 10000 building cash 90000 bal c/d 90000 Total 90000 Total 90000 office supply account payable 10000 bal c/d 10000 Total 10000 Total 10000 account payable cash 2500 office supply 10000 bal c/d 7500 Total 10000 Total 10000 petty fund cash 400 bal c/d 400 Total 400 Total 400 advertising cash 2400 Bal c/d 2400 Total 2400 Total 2400 service revenue cash 10000 account receiveble 12000 note receivalble 2000 cash 15000 acc receivable 5000 Bal c/d 24000 Total 34000 Total 34000 account receiveble service revenue 12000 cash 3000 service revenue 5000 Bal c/d 14000 Total 17000 Total 17000 salary cash 8000 Bal c/d 8000 Total 8000 Total 8000 adv for service cash 9000 bal c/d 9000 Total 9000 Total 9000 note receivalble service rev 2000 Bal c/d 2000 Total 2000 Total 2000 cash divident divident payable 5750 Bal c/d 5750 Total 5750 Total 5750 divident payable cash divident 5750 bal c/d 5750 Total 5750 Total 5750 telephone exp cash 500 bal c/d 500 Total 500 Total 500 utility exp cash 1500 bal c/d 1500 Total 1500 Total 1500 potsage cash 50 bal c/d 50 Total 50 Total 50 freight cash 150 bal c/d 150 Total 150 Total 150 repair cash 60 bal c/d 60 Total 60 Total 60 Misc cash 85 bal c/d 85 Total 85 Total 85 cash short cash 15 bal c/d 15 Total 15 Total 15

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