Journal Entries

Satisfactory Essays
“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

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Journal Entry

    • 256 Words
    • 2 Pages

    I would not be able to complete my assignments on time. I begin my week with reading the assignments and answering the discussion forum questions. Next, I usually reply to other peoples posts throughout the week. I will start writing the journal entries and completing the assignments that are due for the week on Tuesdays and Wednesdays. Finally, I read my work over before I finally submit my assignments for the week. After a hard day of work I come home and complete my assignments first, and…

    • 256 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Journal Entry

    • 558 Words
    • 3 Pages

    Journal Entry Question #4: “Everyday Use” What is heritage? This is a question that begins to wander through one’s mind in Alice Walker’s Everyday Use. Although, it seems like a pretty generic answer, one sees that through this story that there are different meanings to people. Everyday Use is a story that follows a mom and her two daughters Maggie and Dee otherwise known as “Wangero.” It goes through these lives to share with the reader how people can completely abandon their past or ways of…

    • 558 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Journal Entry

    • 1311 Words
    • 6 Pages

    September 13, 2013 Journal Entry 1 1. In your journal, write the eight areas of the self-assessment and record your scores for each as follows: 60 1. Accepting personal responsibility 68 2. Discovering self-motivation 68 3. Mastering self-management 53 4. Employing interdependence 51 5. Gaining self-awareness 46 6. Adopting lifelong learning 50 7. Developing emotional intelligence 66 8. Believing in myself 2. Write about the areas on the self-assessment in which you had your highest scores…

    • 1311 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    Journal Entries

    • 314 Words
    • 2 Pages

    BANK RECONCILIATION Before entering your adjusting entries, complete the bank reconciliation form (page 16) for December 31, the statement date, and the last workday of the month. Enter the cash balance from the trial balance as the book balance and $49,559.93 as the bank statement balance. Additional information needed to complete the reconciliation is listed below: 1. A late deposit of $1,477.00 was not listed on the bank statement. 2. Checks 10064 and 10065 were not returned with the bank statement…

    • 314 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Journal Entry

    • 320 Words
    • 2 Pages

    Journal Entry No.2 This unit has been overstressing , too many projects assigned and it’s exam week. I feel burden , but I know I can do this , I’m a strong girl. This unit my performance is not really good, I don’t focus too well , maybe because of too much problems ,but thank God I have my friends who are there to help me . Trigonometry is not easy to be friend with , you have to keep knowing and updating it . For instance, Trigonometry helped me to be an independent person , to do my assignments…

    • 320 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Journal entries

    • 450 Words
    • 11 Pages

    Journal entries 1 February 2014 RM RM 1. Dr Ordinary Share Capital (1/4 x 120) 30,000 Cr Purchase of own shares 30,000 2. Dr Purchase of own shares 37,500 Cr Bank (30 x 1.25) 37,500 3. Dr Retained Earnings 30,000 Cr Capital Redemption Reserve 30,000 4. Dr Share Premium 7,500 Cr Purchase of own share 7,500 5. Dr Treasury shares (3/4 x 120 x 1.25) 112,500 Cr Bank 112,500 1 April 2014 6. Dr 8% Debentures…

    • 450 Words
    • 11 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Journal Entry

    • 458 Words
    • 2 Pages

    Journal Entry #3 The essay on His Race for Race was a very descriptive essay. The essay spoke on the color of Barack Obama which showed the racial barriers he went through today as our president. Obama is very good with speeches and debates he mastered that from his days on the Harvard Debate Team. One point in the 2008 presidential campaign a white lady showed a racial stereotype due to ignorance by saying “she isn’t voting for Obama because he was Arabian.” Obama comes from a very large diverse…

    • 458 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Journal Entry

    • 828 Words
    • 2 Pages

    Journal Entry #1 How you see yourself; how others see you If I had to describe myself, I would describe myself in 4 different ways listing my physical, intellectual, social and emotional characteristics. I would also list my strengths and weaknesses, my self-image and things I would like to be different about myself. Physically, I have brown eyes and golden blonde to brown hair. I do not have a fit build, nor am I skinny. I am a little over an average build but I would not describe…

    • 828 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Journal Entry

    • 289 Words
    • 2 Pages

    REFLECTION JOURNAL Name: steven hathcock Modules 1 & 2 Module 1: Driving is Your Responsibility: Please answer the following questions in complete sentences using proper spelling and grammar: Complete the K-W-L information below. K- What you Know List two things you know about driving. 1.Look and be aware of your surroundings. 2.Your parents are responsible for your financial actions if you are a minor. W—What you Want to know List two things you want to know about…

    • 289 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Journal Entry

    • 820 Words
    • 4 Pages

    Being that it's been a few weeks into this little roadmap journal, my brother and I relation has gotten a bit better but still not where I would like it to be. I am happy that we been getting together along lately though. In chapter 3 & 4 I've chosen responsiveness, artifacts, personal appearance, paralinguistic, and love because I believe these concepts would help us even more with our relationship. Responsiveness is displaying positive facial expression, posture, and gestures. Usually when my…

    • 820 Words
    • 4 Pages
    Good Essays