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Date Transaction: The Following Table Shows The Journal Entries For The Above Events

The document lists transactions from January 1-31 including payments of rent, purchase of equipment, supplies and services. It also includes revenues received from customers, wages paid to employees, dividends paid, and utility bills received. The table shows the corresponding journal entries for each transaction over this period.

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nishanth_90
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46 views

Date Transaction: The Following Table Shows The Journal Entries For The Above Events

The document lists transactions from January 1-31 including payments of rent, purchase of equipment, supplies and services. It also includes revenues received from customers, wages paid to employees, dividends paid, and utility bills received. The table shows the corresponding journal entries for each transaction over this period.

Uploaded by

nishanth_90
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Date

Jan 2
Jan 3
Jan 4
Jan
13
Jan
13
Jan
14
Jan
18
Jan
23
Jan
25
Jan
26
Jan
28
Jan
31
Jan
31
Jan
31
Jan
31

Transaction
An amount of $36,000 was paid as advance rent for three months.
Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as a one
year note payable with interest rate of 9%.
Purchased office supplies costing $17,600 on account.
Provided services to its customers and received $28,500 in cash.
Paid the accounts payable on the office supplies purchased on January 4.
Paid wages to its employees for first two weeks of January, aggregating $19,100.
Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining
amount.
Received $15,300 from customers for the services provided on January 18.
Received $4,000 as an advance payment from customers.
Purchased office supplies costing $5,200 on account.
Paid wages to its employees for the third and fourth week of January: $19,100.
Paid $5,000 as dividends.
Received electricity bill of $2,470.
Received telephone bill of $1,494.
Miscellaneous expenses paid during the month totaled $3,470

The following table shows the journal entries for the above events.

Date
Jan 1
Jan 2
Jan 3
Jan 4
Jan 13
Jan 13
Jan 14
Jan 18
Jan 23
Jan 25
Jan 26
Jan 28
Jan 31
Jan 31
Jan 31
Jan 31

Account
Cash
Common Stock
Prepaid Rent
Cash
Equipment
Cash
Notes Payable
Office Supplies
Accounts Payable
Cash
Service Revenue
Accounts Payable
Cash
Wages Expense
Cash
Cash
Accounts Receivable
Service Revenue
Cash
Accounts Receivable
Cash
Unearned Revenue
Office Supplies
Accounts Payable
Wages Expense
Cash
Dividends
Cash
Electricity Expense
Utilities Payable
Telephone Expense
Utilities Payable
Miscellaneous Expense
Cash

Debit
100,000

Credit
100,000

36,000
36,000
80,000
60,000
20,000
17,600
17,600
28,500
28,500
17,600
17,600
19,100
19,100
32,900
21,200
54,100
15,300
15,300
4,000
4,000
5,200
5,200
19,100
19,100
5,000
5,000
2,470
2,470
1,494
1,494
3,470
3,470

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