Journal Entries
“JOURNAL ENTRIES” a. JIL made initial cash investment.
Cash XXX JIL, Capital XXX b. JIL made an additional investment, Equipment.
Equipment XXX JIL, Capital XXX c. Purchased equipment on account.
Equipment XXX Accounts Payable XXX d. Purchased equipment for cash.
Equipment XXX Cash XXX e. Purchased supplies on account.
Supplies XXX Accounts Payable XXX f. Purchased supplies for cash.
Supplies XXX Cash XXX g. Rendered services on account.
Accounts receivable XXX Service Income XXX h. Rendered services for cash.
Cash XXX Service Income XXX i. Billed the Customer for service rendered.
Accounts receivable XXX Service Income XXX j. Collected the account from a customer.
Cash XXX Accounts Receivable XXX k. Received a note from a customer after service rendered.
Note Receivable XXX Service Income XXX l. Collected cash from a customer and returned the note.
Cash XXX Note Receivable XXX m. Received cash from a cash customer after service.
Cash XXX Service Income XXX n. Borrowed money, and issued a note.
Cash XXX Notes Payable XXX o. Paid the borrowed money, and returned the note.
Notes Payable XXX Cash XXX p. JIL withdrew cash for personal use.
JIL, Withdrawal XXX Cash XXX q. Paid taxes and licenses.
Taxes and Licenses Expense XXX Cash XXX r. Paid salaries.
Salaries Expense XXX Cash XXX s. Paid rent.
Rent Expense XXX Cash XXX t. Paid utilities.
Utilities Expense XXX Cash XXX
Problem 2
On March 1, 2011, Jil M. Paginag, CPA, established the JIL Accounting Firm. Transactions completed during the month of March are as follows:
March 1 JIL deposited 250,000 in a bank account in the name of the business. 2 Paid rent for the month, 11,000. 3 Rendered service to KC company on
Account, 10,000. 4 Received Payment form KC company,
10,000.
5 Bought supplies on account from John company, 11,700. 7 Bought professional equipment on account from Amor company, 58,000. 10 Bought office
Cash XXX JIL, Capital XXX b. JIL made an additional investment, Equipment.
Equipment XXX JIL, Capital XXX c. Purchased equipment on account.
Equipment XXX Accounts Payable XXX d. Purchased equipment for cash.
Equipment XXX Cash XXX e. Purchased supplies on account.
Supplies XXX Accounts Payable XXX f. Purchased supplies for cash.
Supplies XXX Cash XXX g. Rendered services on account.
Accounts receivable XXX Service Income XXX h. Rendered services for cash.
Cash XXX Service Income XXX i. Billed the Customer for service rendered.
Accounts receivable XXX Service Income XXX j. Collected the account from a customer.
Cash XXX Accounts Receivable XXX k. Received a note from a customer after service rendered.
Note Receivable XXX Service Income XXX l. Collected cash from a customer and returned the note.
Cash XXX Note Receivable XXX m. Received cash from a cash customer after service.
Cash XXX Service Income XXX n. Borrowed money, and issued a note.
Cash XXX Notes Payable XXX o. Paid the borrowed money, and returned the note.
Notes Payable XXX Cash XXX p. JIL withdrew cash for personal use.
JIL, Withdrawal XXX Cash XXX q. Paid taxes and licenses.
Taxes and Licenses Expense XXX Cash XXX r. Paid salaries.
Salaries Expense XXX Cash XXX s. Paid rent.
Rent Expense XXX Cash XXX t. Paid utilities.
Utilities Expense XXX Cash XXX
Problem 2
On March 1, 2011, Jil M. Paginag, CPA, established the JIL Accounting Firm. Transactions completed during the month of March are as follows:
March 1 JIL deposited 250,000 in a bank account in the name of the business. 2 Paid rent for the month, 11,000. 3 Rendered service to KC company on
Account, 10,000. 4 Received Payment form KC company,
10,000.
5 Bought supplies on account from John company, 11,700. 7 Bought professional equipment on account from Amor company, 58,000. 10 Bought office