Question

In: Accounting

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
Next > < Previous

Related Solutions

1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable...
1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct.   15      Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.           25      Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Instructions Journalize the transactions. 2) Indicate whether each of the following expenditures should be classified as land (L), land improvements (LI),...
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 76,000 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 7,000 Inventory 36,000 Building 76,000 Accumulated Depreciation 16,000 Land 206,000 Accounts Payable 26,000 Notes Payable (7%, due in 3 years) 42,000 Common Stock 106,000 Retained Earnings 244,000 Totals $ 441,000 $ 441,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
The accounts used by Crystal Clear Cleaning are provided in the Chart of Accounts (click on “Chart of Accounts” to view). The accounts have already been opened in the General Ledger (click on “General Ledger” to view).
12/02/2017 Purchased 475 units of inventory for $2,850 on account from Sparkle, Co. on terms, 3/10, n/20. 12/05/2017 Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice was for $4,500, which included a $150 freight charge. 12/07/2017 Returned 75 units of inventory to Sparkle from the December 2 purchase. 12/09/2017 Paid Borax. 12/11/2017 Sold 285 units of goods to Happy Maids for $3,990 on account with terms 3/10, n/30. 12/12/2017 Paid Sparkle. 12/15/2017...
INSTRUCTIONS Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the...
INSTRUCTIONS Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the postclosing trial balance prepared on September 30, 2019, which is shown below. (If you are using the Study Guide & Working Papers, you will find that the general ledger accounts are already open.) Open the subsidiary ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the schedule of accounts payable and schedule of accounts...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 61,400 Accounts Receivable 20,900 Supplies 7,400 Prepaid Insurance 6,600 Equipment 89,900 Accum. Depr.—Equip. 0 Accounts Payable 15,100 Sadie Palmer, Capital 80,350 Fees Income 109,000 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 9,000 Salaries Expense 9,250 Supplies Expense 0 Additional information: Supplies used during January totaled $4,900. Expired insurance totaled $1,650. Depreciation expense for the month was $1,425. Complete the worksheet through the...
The accounts in the ledger of Atlantic Furniture Company as of July 2018, are listed in...
The accounts in the ledger of Atlantic Furniture Company as of July 2018, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $ 92,400 Notes Payable $ 25,000 Accounts Receivable 483,600 Prepaid Insurance 21,600 Cash ? Rent Expense 140,000 Common Stock 75,000 Retained Earnings 311,600 Dividends 24,000 Supplies 3,975 Fees Earned 2,750,000 Supplies Expense 11,200 Insurance Expense 9,000 Unearned Rent 6,000 Land 50,000 Utilities Expense...
The general ledger of Jay Consulting shows the following balances at July 31 Cash $4,440 Accounts...
The general ledger of Jay Consulting shows the following balances at July 31 Cash $4,440 Accounts Receivable 5,780 Prepaid Rent 1,200 Accounts Payable 2,850 Salaries Payable 475 Jay Blue, Capital 7,486 Jay Blue, Drawing 2,000 Consulting Fees 6,920 Rent Expense 600 Salary Expense 2,600 Supplies Expense 755 Utilities Expense 196 Miscellaneous Expense 160 The general ledger of Jay Consulting shows the following balances at August 31 Cash $7,527 Accounts Receivable 4,287 Prepaid Rent 600 Accounts Payable 1,495 Salaries Payable 400...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts Debit Credit Cash $ 84,000 Accounts Receivable 53,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 44,000 Building 84,000 Accumulated Depreciation 24,000 Land 214,000 Accounts Payable 34,000 Notes Payable (8%, due in 3 years) 48,000 Common Stock 114,000 Retained Earnings 254,000 Totals $ 479,000 $ 479,000 The $44,000 beginning balance of inventory consists of 400 units, each costing $110. During January 2020, the following transactions...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 71,000 Accounts Receivable 41,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 31,000 Building 71,000 Accumulated Depreciation 11,000 Land 201,000 Accounts Payable 21,000 Notes Payable (9%, due in 3 years) 34,000 Common Stock 101,000 Retained Earnings 243,000 Totals $ 415,000 $ 415,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 90,000 Accounts Receivable 60,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 50,000 Building 90,000 Accumulated Depreciation 30,000 Land 220,000 Accounts Payable 40,000 Notes Payable (8%, due in 3 years) 57,000 Common Stock 120,000 Retained Earnings 258,000 Totals $ 510,000 $ 510,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT