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Global Delivery opened for business on July 1, 2019. The company uses the general ledger accounts...

Global Delivery opened for business on July 1, 2019. The company uses the general ledger accounts listed below. During the first month of business, the firm had the transactions listed below.

101 Cash 301 Colleen Miriam, Capital
103 Accounts Receivable 305 Colleen Miriam, Drawing
105 Supplies 401 Delivery Fee Income
107 Delivery Equipment 501 Advertising Expense
201 Accounts Payable 505 Rent Expense
510 Utilities Expense
July 1 Colleen Miriam, the owner, invested $59,000 cash in the business.
1 Issued Check 101 for $1,900 to pay the rent for July.
5 Bought delivery equipment for $13,050. Issued Check 102 for $7,700; balance is due in 60 days.
9 Purchased supplies for $430 cash,Check 103.
11 Returned damaged supplies and received a cash refund of $95.
12 Performed delivery services for $1,490 on credit.
15 Purchased supplies for $230 cash, Check 104.
15 Issued Check 105 for $280 for a newspaper advertisement.
22 Issued Check 106 for $360 to pay creditors for supplies.
26 Issued Check 107 for $1,850 to Colleen Miriam for personal expenses.
27 Performed delivery services for $3,650 cash.
31 Issued Check 108 for $420 for utilities.


Prepare journal entries to record the above transactions. Post the transactions into the appropriate Cash general ledger account.

general journal transaction list

  • 1

    Colleen Miriam, the owner, invested $59,000 cash in the business.

  • 2

    Issued Check 101 for $1,900 to pay the rent for July.

  • 3

    Bought delivery equipment for $13,050. Issued Check 102 for $7,700; balance is due in 60 days.

  • 4

    Purchased supplies for $430 cash, Check 103.

  • 5

    Returned damaged supplies and received a cash refund of $95.

  • 6

    Performed delivery services for $1,490 on credit.

  • 7

    Purchased supplies for $230 cash, Check 104.

  • 8

    Issued Check 105 for $280 for a newspaper advertisement.

  • 9

    Issued Check 106 for $360 to pay creditors for supplies.

  • 10

    Issued Check 107 for $1,850 to Colleen Miriam for personal expenses.

  • 11

    Performed delivery services for $3,650 cash.

  • 12

    Issued Check 108 for $420 for utilities

Post the transactions into the appropriate Cash general ledger account.

Solutions

Expert Solution

Date Account Debit credit
01-Jul Cash   $                59,000.00
Colleen Miriam , Capital A/c $    59,000.00
(Being Capital bought in Cash)
01-Jul Rent Expense $                  1,900.00
Cash   $      1,900.00
( Being Check 101 issued for Rent for the month of july 2019)
05-Jul Delivery Equipment   $                13,050.00
Accounts Payable   $      5,350.00
Cash $      7,700.00
( Being Delivery Equipment purchased)
09-Jul Supplies $                     430.00
Cash   $         430.00
( Being Supplies purchased in cash)
11-Jul Cash $                       95.00
Supplies   $           95.00
( Being damaged supplies returned and cash received)
12-Jul Account Receivable    $                  1,490.00
Delivery Fee Income   $      1,490.00
( Being Delivery services performed)
15-Jul Supplies    $                     230.00
Cash    $         230.00
( Being Supplies purchased in cash)
15-Jul Advertisment Expenses    $                     280.00
Cash   $         280.00
( Being Ads Expenses paid by issuing check No. 105)
22-Jul Accounts Payable    $                     360.00
Cash    $         360.00
( Being Credirs for supplies paid off vide check no. 106)
26-Jul Colleen Miriam , Drawing    $                  1,850.00
Cash   $      1,850.00
( Being Personal expenses of colleen vide check no. 107)
27-Jul Cash    $                  3,650.00
Delivery Fee Income   $      3,650.00
( Being Delivery services performed in Cash)
31-Jul Utilities Expenses    $                     420.00
Cash   $         420.00
( Being Utility expenses paid bide check no. 108)

ekkarill92 answered 1 year ago
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