Question

Issued Check No. 868 for $8,200 to pay Blue Blazer Realty for two month's worth of rent in advance.
1	Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on June 1, 2023.
2	Paid the full amount owing to Addax Sports, Check No. 869.
2	Issued Check No. 870 to Office Supplies Warehouse for the purchase of $580 worth of office supplies.
4	Made payment of $840 to State Power for 3 months of electricity up to and including May 31, Check No. 871.
4	Paid sales staff wages of $1,879 for the week up to and including yesterday, Check No. 872. Note that $1,135 of this payment relates to the wages expense incurred during the last week of May.
5	Jump Around paid the full amount owing on their account.

(Q=310-110-5.AcctsRec5_week1)

(Q=320-100.Cash_week1)

GENERAL LEDGER

Account: Cash
Account No. 100

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				74,032 DR
Jun
Jun
Jun

(Q=320-110.AcctsRecControl_week1)

Account: ARC - Accounts Receivable Control
Account No. 110

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				33,880 DR
Jun
Jun
Jun

(Q=320-130.StoreSupplies_week1)

Account: Office Supplies
Account No. 130

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				2,389 DR
Jun
Jun
Jun

(Q=320-140.PrepaidRent_week1)

Account: Prepaid Rent
Account No. 140

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-210.AcctsPayControl_week1)

Account: APC - Accounts Payable Control
Account No. 210

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				44,436 CR
Jun
Jun
Jun

(Q=320-220.WagesPayable_week1)

Account: Wages Payable
Account No. 220

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				1,135 CR
Jun
Jun
Jun

(Q=320-221.ElectricityPayable_week1)

Account: Electricity Payable
Account No. 221

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				915 CR
Jun
Jun
Jun

(Q=320-250.LoanPayable_week1)

Account: Bank Loan Payable
Account No. 250

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-400.SalesRevenue_week1)

Account: Sales Revenue
Account No. 400

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-402.SalesDisc_week1)

Account: Sales Discounts
Account No. 402

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-500.CostOfSales_week1)

Account: Cost of Goods Sold
Account No. 500

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-516.WagesExpense_week1)

Account: Wages Expense
Account No. 516

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-541.ElectricityExpense_week1)

Account: Electricity Expense
Account No. 541

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-544.SuppliesExpense_week1)

Account: Office Supplies Expense
Account No. 544

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
	Issued Check No. 868 for $8,200 to pay Blue Blazer Realty for two month's worth of rent in advance.
	Advance Rent	$                     8,200
	To Cash		$                       8,200
	(To Record the payment of advance rent)
1	Cash	$                  48,000
	To Loan from MRMC Bank		$                     48,000
	(To Record the reciept of the loan)
	Addax Sports	XXX
2	To Cash		XXX
	Office Supplies	$                        580
2	To Cash		$                           580
	(To Record the office supplies)
	Electricity Expenses	$                        840
4	To Cash		$                           840
	(To Record the Electricity Expenses)
4	wages	$                     1,879
	Oustanding wages	$                     1,135
	To Cash		$                       3,014
	(To Record the payment of wages)
5
	"No Journal entry"