Question

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).

1. Paid $4,000 cash for a new printer.
2. Depreciation expense for the month is $8,000.
3. Sales for the month are $15,000, $1,000 in cash and the rest receivable.
4. Purchased supplies of $400 for the supplies inventory.
5. A month-end inventory of supplies shows $100 of the previous purchase left unused. Adjust the accounts!
6. Rent expense for the month totals $800, paid in cash.
7. Sole proprietorship received $10,000 cash from its owner, Ferd Berful.
8. Ferd withdrew $500 from his sole proprietorship for living expenses.
9. Received $500 cash as an advance payment for services to be provided in the future.
10. Employee wages total $5,000 for the month, $4,000 paid in cash and $1,000 to be paid early next month.
11. The unearned revenue account has a balance of $9,000—your month-end analysis shows that $5,000 of this amount has now been earned.
12. On the last day of the month, bought an insurance policy providing insurance protection for the next 6 months for $600 in cash.

Answer 1

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Credit Debit $ 4,000 Accounts a. Printer Cash (to record purchase of printer for cash) $ 4,000 $ 8,000 b. Depreciation Expense Accumulated Depreciation (to record depreciation for the month) $ 8,000 C. $ 1,000 $ 14,000 Cash Accounts Receivable Revenue (to record sales in cash and on account) $ 15,000 $ 400 d. Supplies Inventory Cash |(to record purchase of supplies) $ 400 $ - e. No entry No entry $ - 800 f. Rent Expense Cash (to record rent expenses) $ 800 g. $ 10,000 Cash Capital |(to record cash receipt from proprietor) $ 10,000

$ 500 h. Drawings Cash ( to record withdrawl for expenses) $ 500 $ 500 $ 500 Cash Unearned Revenue ( to record cash receipt for service not yet rendered) $ 5,000 j. Wages Cash Wages Payable (to record wages of employees) $ $ 4,000 1,000 $ 5,000 $ 5,000 k Unearned Revenue Revenue |(to record previous period unearned revenue now earned) $ 600 $ 600 Prepaid Insurance Cash (to record purchase of insurance protection)