using the template provided. 1. record the business transactions in the general
ID: 2584089 • Letter: U
Question
using the template provided.
1. record the business transactions in the general journal.
2. post journal entries into the T-accounts.
3. prepare the unadjusted general ledger trial balance.
Business Transactions-Word References Mailings Review View Help Tell me what you want to do Business Transactions November 1, 2015 business venture by depositing money into Deposit Ticket 1 an interest bearing business checking account Nick borrowed from the local bank. It is a November 1, 2015 Deposit Ticket l 5-year note,10% interes $15,000.00 November 2, Check Number Nick paid cash for a trailer listed on Craig's $6,000.00 list to haul his lawn equipment. Nick signed a contract with a cellular company and purchased a smart phone on account to track appointments and make business phone calls (anything less than $300 is considered an expense 2015 100 November 2, 2015 $250.00 Nick purchased a lawn tractor at Sears on November 3 2015 $4,000.00 account Nick paid cash for a hand lawn mower at Menards (anything tangible over $300 is 600.00 capitalized as a fixed asset) Nick paid for a one-year insurance policy that is effective November 1 Nick signed a contract with a local graphic center to detail the name of the business on $700.00 his truck for advertising Nick paid cash for supplies (gas cans, rakes, November 3, 2015 Check Number Check Number November 4, 2015 $1,200.00 November 5, 2015 November 5, & garbage cans) which he will be using in Check Number 103 November for the business. (hint he is 590.00 using them right away so they are an expense) Nick filled all of the gas cans and purchased oil for the lawn equipment. (Gas & Oil are recorded as an asset and adjusted at the end·- of the month for usage). Nick advertised his business in the local newspaper. The newspaper invoices their S100.00 customers monthly Nick performed lawn service for The Local November 8, 2015 Check Number 104 $225.00 November 9 2015 November 10, Invoice 001 Communitv College camnus and i S1400.00 ! F4 F5 F6 F8 F9 F11Explanation / Answer
Nov-15 1 Checking acount dr 5,000 To Nick Roberts, Capital 5,000 (To record capital invested by Nick Roberts) 1 Checking acount dr 15,000 To Note Payable 15,000 (To record a 5 year loan procured for interest @10% p.a) 2 vehicles a/c Dr 6,000 To Checking account 6,000 (To record check #100 issued to buy a trailer) 2 Telephone expense Dr 250 To Accounts Payable 250 (To record smart phone purchased on account) 3 Equipment a/c Dr 4,000 To Accounts Payable 4,000 (To record lawn tractor purchased on account) 3 Equipment a/c Dr 600 To Checking account 600 (To record check #101 issued to buy a hand law mower) 4 Prepaid Insurance 1,200 To Checking account 1,200 (To record check #102 issued to buy a annual insurance policy, with effect from Nov1) 5 No Entry (To record contract signed for advertising) 5 General supplies dr 90 To checking account 90 (To record check #103 issued to buy general supplies) 8 Equipment supplies 225 To checking account 225 (To record check #104 issued to buy gas and oil for lawn equipment) 9 No Entry 10 Accounts receivable Dr 1,400 To Lawn service revenue 1,400 (To record Invoide #001 income earned from lasw service provided to The local community collge campus) 11 Checking account Dr 200 To Lawn service revenue 200 (To record revenue from lawn mowing service provided to CPA firm) 14 Checking account Dr 600 To Unearned revenue 600 (To record amount received from Insurance company in advance ) 15 Checking account Dr 300 To Accounts receivable 300 (To record partial receipt in Invoice 001) 17 Accounts receivable Dr 400 To Lawn service revenue 400 (To record Invoide #002 income earned from lasw service provided to MNO) 19 Equipment supplies 230 To checking account 230 (To record check #105 issued to buy gas and oil for lawn equipment) 19 Advertising 700 To checking account 700 (To record check #106 issued to graphic designer for logo on vehicle) 22 Checking account Dr 400 To Accounts receivable 400 (To record payment receipt on Invoice 002) 24 Accounts receivable Dr 950 To Lawn service revenue 950 (To record Invoide #003 income earned from lawn service provided to The local community collge campus) 28 Equipment supplies 375 To checking account 375 (To record check #107 issued to buy gas and oil for lawn equipment) 28 Mileage expense dr 185 To Checking account 185 (To record check #108 issued towards mileage incurred on his personal truck) 29 Accounts receivable Dr 800 To Lawn service revenue 800 (To record Invoide #004 income earned from lawn service provided to FSC) 29 Telephone expenses 180 To checking account 180 (To record check #109 issued towards telephone expense for the month) 30 Nick Roberts, Drawings 1,500 To checking account 1,500 (To record check #110 issued towards drawings) Checking account Date Particulars Amount Date Particulars Amount 1-Nov-15 To Nick Roberts, Capital 5000 2-Nov-15 By Vehicles 6000 1-Nov-15 To Note Payable 15000 3-Nov-15 By Equipment 600 11-Nov-15 To Lawn service revenue 200 4-Nov-15 By Prepaid Insurance account 1200 14-Nov-15 To Unearned revenue 600 5-Nov-15 By General supplies 90 15-Nov-15 To Accounts receivable 300 8-Nov-15 By Equipment supplies 225 22-Nov-15 tTo Accounts receivable 400 17-Nov-15 By Equipment supplies 230 19-Nov-15 By Advertising 700 28-Nov-15 By Equipment supplies 375 28-Nov-15 By Mileage expense 185 29-Nov-15 By Telephone expense 180 30-Nov-15 By Nick roberts, Drawings 1500 30-Nov-15 By Balance c/f 10215 21500 21500 Nick Roberts, Capital Date Particulars Amount Date Particulars Amount 30-Nov-15 To balance c/f 5000 1-Nov-15 By Checking account 5000 5000 5000 Note payable Date Particulars Amount Date Particulars Amount 30-Nov-15 To balance c/f 15000 1-Nov-15 By Checking account 15000 15000 15000 Vehicles Date Particulars Amount Date Particulars Amount 2-Nov-15 To Checking account 6000 30-Nov-15 By balance c/f 6000 6000 6000 Telephone expense Date Particulars Amount Date Particulars Amount 2-Nov-15 To Accounts Payable 250 30-Nov-15 By balance c/f 430 29-Nov-15 To chceking 180 430 430 Accounts Payable Date Particulars Amount Date Particulars Amount 30-Nov-15 To balance c.f 4250 2-Nov-15 By Telephone expense 250 3-Nov-15 By Equipment 4000 4250 4250 Unearned revenue Date Particulars Amount Date Particulars Amount 30-Nov-15 To balance b.f 600 14-Nov-15 By Checking 600 600 600 Equipment Date Particulars Amount Date Particulars Amount 2-Nov-15 To Accounts Payable 4000 30-Nov-15 By balance c/f 4600 3-Nov-15 To Checking account 600 4600 4600 Prepaid Insurance Date Particulars Amount Date Particulars Amount 4-Nov-15 To Checking account 1200 30-Nov-15 By balance c/f 1200 1200 1200 General supplies Date Particulars Amount Date Particulars Amount 5-Nov-15 To Checking account 90 30-Nov-15 By balance c/f 90 90 90 Equipment supplies Date Particulars Amount Date Particulars Amount 8-Nov-15 To Checking account 225 30-Nov-15 By balance c/f 830 19-Nov-15 To Checking account 230 28-Nov-15 To Checking account 375 830 830 Accounts Receivable Date Particulars Amount Date Particulars Amount 10-Nov-15 To Lawn service revenue 1200 15-Nov-15 By Checking 300 17-Nov-15 To Lawn service revenue 400 22-Nov-15 By Checking 400 24-Nov-15 To Lawn service revenue 950 30-Nov-15 By Balance c/f 2650 29-Nov-15 To Lawn service revenue 800 3350 3350 Lawn service revenue Date Particulars Amount Date Particulars Amount 30-Nov-15 To balance c/f 3550 10-Nov-15 By Accounts Receivable 1200 11-Nov-15 BY Checking 200 17-Nov-15 By Accounts Receivable 400 24-Nov-15 By Accounts Receivable 950 29-Nov-15 By Accounts Receivable 800 3550 3550 Advertising Date Particulars Amount Date Particulars Amount 19-Nov-15 To Checking account 700 30-Nov-15 By balance c/f 700 700 700 Mileage Date Particulars Amount Date Particulars Amount 28-Nov-15 To Checking account 185 30-Nov-15 By balance c/f 185 185 185 Nick Roberts, Drawings Date Particulars Amount Date Particulars Amount 30-Nov-15 To Checking account 1500 30-Nov-15 By balance c/f 1500 1500 1500 Trial balance for the period ended Nov 30, 2015 Particulars Debit Credit Checking account 10,215.00 Nick Roberts, Capital 5,000.00 Note payable 15,000.00 Vehicles 6,000.00 Telephone expense 430.00 Accounts Payable 4,250.00 Unearned revenue 600.00 Equipment 4,600.00 Prepaid Insurance 1,200.00 General supplies 90.00 Equipment supplies 830.00 Accounts Receivable 2,650.00 Lawn service revenue 3,550.00 Advertising 700.00 Mileage 185.00 Nick Roberts, Drawings 1,500.00 28,400.00 28,400.00
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