Question

In: Accounting

1. Provide general journal entries for each of these transactions in the space following the problem....

1. Provide general journal entries for each of these transactions in the space following the problem. Use typical general journal format—debits first, appended to the left margin, credits indented (both accounts and amounts).

a. Depreciation expense for the month is $8,000.

b. Sales for the month, all collected in cash, are $15,000.

c. Purchased supplies of $400 for the supplies inventory, paid cash

d. A month-end inventory of supplies shows $60 of the previous purchase left unused.

e. Sole proprietorship received $10,000 cash from its owner, Ferd Berful.

f. Ferd withdrew $500 from his sole proprietorship for living expenses.

g. Received $500 cash as an advance payment for services to be provided in the future.

h. The unearned revenue account has a balance of $9,000—your month-end analysis shows that all of this amount has now been earned.

Solutions

Expert Solution

General journal

Transaction

General Journal

Debit

Credit

a

Depreciation expense

$    8,000.00

Accumulated depreciation

$     8,000.00

(To record depreciation for the month)

b

Cash

$ 15,000.00

Sales revenue

$   15,000.00

(To record sales for the month)

c

Supplies

$       400.00

Cash

$         400.00

(Tp record purchase of supplies)

d

Supplies expense

$       340.00

Supplies

$         340.00

(To record supplies expense)

e

Cash

$ 10,000.00

Fred Berful- Capital

$   10,000.00

(To record capital)

f

Fred Berful - withdrawals

$       500.00

Cash

$         500.00

(To record withdrawals by proprietor)

g

Cash

$       500.00

Unearned service revenue

$         500.00

(To record collection of advances from customer)

h

Unearned service revenue

$    9,000.00

Service revenue

$     9,000.00

(To record service revenue)


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