Question

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General Ledger provided and then prepare an Unadjusted Trial Balance. March 1​Dunlop invested $30,000 cash and buildings worth $150,000 in the company March 2​The company rented equipment by paying $2,000 cash for the first month’s (March) rent. March 5​The company purchased $2,400 of office supplies for cash. March 10​The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on March 11. March 14 ​The company paid an employee $1,000 cash for two weeks’ salary earned. March 24​The company collected $9,800 cash for storage fees from customers. March 28​The company paid $1,000 cash for two weeks’ salary earned by an employee. March 29​The company paid $950 cash for minor repairs to a leaking roof. March 30​The company paid $400 cash for this month’s telephone bill. March 31​Dunlop withdrew $2,000 cash from the company for personal use.

Answer 1

Date	Particulars	Debit $	Credit $
Mar-01	Cash	30,000
	Building	150,000
	D's capital		180,000
	[D introduced cash and building]
Mar-02	Rent for equipment	2,000.00
	Cash		2,000.00
	[Rent paid for equipment]
Mar-05	Office supplies	2,400.00
	Cash		2,400.00
	[Purchased office supplies]
Mar-10	Insurance expense	5,700.00
	Prepaid insurance	1,500.00
	Cash		7,200.00
	[Insurance premium paid for 12 months]
Mar-14	Salary expense	1,000.00
	Cash		1,000.00
	[Salary to employee paid]
Mar-24	Cash	9,800.00
	Storage fees		9,800.00
	[storage fees collected]
Mar-28	Salary expense	1,000.00
	Cash		1,000.00
	[Salary to employee paid]
Mar-29	Repair expenses	950.00
	Cash		950.00
	[Repair of leaking roof incurred]
Mar-30	Telephone expense	400.00
	Cash		400.00
	[Telephone bill paid]
Mar-31	D's capital	2,000.00
	Cash		2,000.00

Unadjusted trial balance
For the month ended March
Particulrs	Debit $	Credit $
Building	150,000.00
D's capital		178,000.00
Cash	22,850.00
Prepaid insurance	1,500.00
Office supplies	2,400.00
Rent for equipment	2,000.00
Insurance expense	5,700.00
Salary expense	2,000.00
Storage fees		9,800.00
Repair expenses	950.00
Telephone expense	400.00
Total	187,800.00	187,800.00

For any clarification, please comment.