Homework SourseJill Wahpoosywan invested 85000 in cash and office equipment
Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair value of $58,000 in the business.
Prepare General Journal entries to record the transactions. (If no entry is required for a transaction/event, select \"No journal entry required\" in the first account field).
| May | 1 | Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair value of $58,000 in the business. |
| 1 | Prepaid $17,400 cash for three months’ rent for an office. | |
| 2 | Made credit purchases of office equipment for $29,000 and office supplies for $5,800. | |
| 6 | Completed services for a client and immediately received $9,000 cash. | |
| 9 | Completed a $17,000 project for the Chicago Blackhawks who will pay within 30 days. | |
| 10 | Paid half of the account payable created on May 2. | |
| 19 | Paid $8,500 cash for the annual premium on an insurance policy. | |
| 22 | Received $13,800 as partial payment for the work completed on May 9. | |
| 25 | Completed work for the Washington Redskins for $6,280 on credit. | |
| 25 | Paid wages for May totalling $39,000. | |
| 31 | Wahpoosywan withdrew $6,000 cash from the business for personal use. | |
| 31 | Purchased $2,100 of additional office supplies on credit. | |
| 31 | Paid $1,500 for the month’s utility bill. |
Solution
as per policy first question will be answered completely
journal entries
| date | account titles | debit | credit | |||||
| May-01 | cash | 85000 | ||||||
| office equipment | 58000 | |||||||
| Wahpoosywan,capital | 143000 | |||||||
| May-01 | rent | 5800 | (17400*1/3) | |||||
| prepaid rent | 11600 | (17400*2/3) | ||||||
| cash | 17400 | |||||||
| May-02 | office equipment | 29000 | ||||||
| office supplies | 5800 | |||||||
| accounts payable | 34800 | |||||||
| May-06 | cash | 9000 | ||||||
| service revenue | 9000 | |||||||
| May-09 | accounts receviable | 17000 | ||||||
| service revenue | 17000 | |||||||
| May-10 | accounts payabel | 17400 | (34800/2) | |||||
| cash | 17400 | |||||||
| May-19 | insurance premium | 8500 | ||||||
| cash | 8500 | |||||||
| May-22 | cash | 13800 | ||||||
| accouts receivable | 13800 | |||||||
| May-25 | accounts receivable | 6280 | ||||||
| service revenue | 6280 | |||||||
| May-25 | wages expense | 39000 | ||||||
| cash | 39000 | |||||||
| May-31 | wahpoosywan, withrawls | 6000 | ||||||
| cash | 6000 | |||||||
| May-31 | office supplies | 2100 | ||||||
| accounts payable | 2100 | |||||||
| May-31 | utility expense | 1500 | ||||||
| cash | 1500 |
