Question

Prepare the general ledger, t account for

1. Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock.
2. Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.
3. Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.
4. Jan-4 JW Corp purchased an Office Building for $420,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.
5. Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.
6. Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month.
7. Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $138,000 and Collected $58,000 Cash and Billed them the remainder on Account.
8. Jan-15 JW-Corp received This Month’s Utility Bill from PGE for $2,000 to be paid Later.
9. Jan-16 JW-Corp received This Month’s Telephone Bill from Skype for $800 to be paid Later.
10. Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.
11. Jan-20 JW-Corp received a BILL for $12,000 for Legal Fees used this month to be Paid Later.
12. Jan-23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses.
13. Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.
14. Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later.
15. Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.
16. Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.
17. Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.
18. Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.
19. Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.
20. Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.
21. Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method.Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 40% of Net Income

Answer 1

General Ledger:
Date	Accounts					Debit	Credit
Jan 1.	Cash					120000
	Common stock						120000
	(Common stock issued)
Jan 2.	Cash					150000
	Notes payable						150000
	(Borrowed cash from bank)
Jan 3.	Office equipment					120000
	Cash						40000
	Accounts payable						80000
	(Purchased Office Equipment)
Jan 4.	Office Building					420000
	Cash						60000
	Notes payable						360000
	(Purchased Office Equipment)
Jan 5.	Prepaid rent					15000
	Cash						15000
	(Rent paid for 3 months in advance)
Jan 10.	Insurance expense					4000
	Cash						4000
	(Insurance paid)
Jan 11.	Cash					58000
	Accounts receivable					80000
	Fees earned						138000
	(CPA services provided)
Jan 15.	Utilties expense					2000
	Accounts payable						2000
	(Utilities bill received)
Jan 16.	Telephone expense					800
	Accounts payable						800
	(Telephone bill received)
Jan 17.	Cash					10000
	Accounts receivable						10000
	(Received from customers)
Jan 20.	Legal expense					12000
	Accounts payable						12000
	(Legal fees not paid)
Jan 23.	Salaries expense					11000
	Cash						11000
	(Salaries paid)
Jan 24.	Cash					13000
	Accounts receivable						13000
	(Received fron customers)
Jan 25.	Cash					27000
	Unearned fees						27000
	(Received for services to be provided later)
Jan 26.	Accounts payable					33000
	Cash						33000
	(Paid towards equipment purchase)
Jan 27.	Accounts payable					800
	Cash						800
	(Paid towards telephone bill)