Question

Financial Accounting Journal Entry Cumulative Study Guide  

Find out all the journal entries for the transactions listed below.

1.The company issued shares of common stock in exchange for cash

2. Purchased office supplies on credit.

3. Purchased office equipment paying part in cash and signed a 30-day, note payable for the remiander.

4. Performed services and received cash from customer.

5 Paid cash in cash for the current month's rent.

6 Paid cash on account for office supplies purchased prior.

7 Received a bill for advertising for the current month. Payment will be made next month.

8 Hired a new employee who will begin working next month at a salary paid per month.

9 Billed customer for services performed.

10 Received cash in advance for work to be done next month.

11 Paid cash for a one-year insurance policy

12 Received cash from customer in partial payment for billing on account in transaction 9.

13 Performed but not billed customers for services performed

14 Purchase of a three-month insurance policy for cash.

15 Accrued interest on a long-term Note Payable. Monthly interest is accrued at an annual rate of 6%.

16 The company purchased a new copier at the beginning of the month for cash. The copier will depreciate per year. Depreciation Adjusting Entry is:

17 The company accepted a deposit of cash for work to be done over a six-month period.

18 The Supplies account has a balance of $1,005 An inventory of supplies at the end of March shows supplies with a cost of $275 on hand.

19 Salaries owed to employees at the end of the March total $3,400. The salaries will be paid on April 3.

20 Closing Entry for Year End

21 Purchased desks on account, terms 1/10, n/30.

22 Purchased desks for cash

23 Received credit for the return of 2 desks purchased that were defective.

24 Sold 12 desks on account terms 2/10, n/30.

25 Sold 12 Desks for cash

26 Paid cash for freight purchsed in 21 Stockholders’ Equity Retained Earnings

27 Paid cash for frieght sold in 25

28 Issued a credit to School for the return of 1 desk which is in usable condition and will be returned to stock.

29 Made Payment in full for purchased desks without discount

30 Made Payment in full for purchased desks with discount

31 Received payment in full for desks sold without discount

32 Received payment in full for desks sold with discount

33 Recording estimated uncollectibles;

34 Write-off of an uncollectible account:

35 Collection of an account after write-off:

Answer 1

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1. The company issued shares of common stock in exchange for cash
Account	Debit	Credit
Cash Account Debit
To Common Stock
2. Purchased office supplies on credit.
Office Supplies Debit
To Accounts Payable
3. Purchased office equipment paying part in cash and signed a 30-day, note payable for the remiander.
Equipment Debit
To Cash
To Note Payable
4. Performed services and received cash from customer.
Cash Debit
To Service Revenue
5. Paid cash in cash for the current month's rent.
Cash Debit
To Rent Expense
6. Paid cash on account for office supplies purchased prior.
Cash Debit
To Accounts Payable
7. Received a bill for advertising for the current month. Payment will be made next month
Advertising Expense Debit
To Accounts Payable
8. Hired a new employee who will begin working next month at a salary paid per month.
No Entry since work will start netx month
9. Billed customer for services performed
Accounts Receivable Debit
To Service Revenue
10. Received cash in advance for work to be done next month.
Cash Debit
To Unearned Revenue
11. Paid cash for a one-year insurance policy
Prepaid Insurance Debit
To Cash
12. Received cash from customer in partial payment for billing on account in transaction 9.
Cash Debit
To Accounts Receivable
13. Performed but not billed customers for services performed
Accrued Revenue Debit
To Service Revenue
14. Purchase of a three-month insurance policy for cash
Prepaid Insurance Debit
To Cash
15. Accrued interest on a long-term Note Payable. Monthly interest is accrued at an annual rate of 6%.
Accrued Interest Revenue Debit
To Interest Revenue
16. The company purchased a new copier at the beginning of the month for cash. The copier will depreciate per year. Depreciation Adjusting Entry is:
Depreciation Expense Debit
To Accumulated Depreciation