Demstration of Journal Entries and Posting to T-Accounts.
Journal Entries
Basics examples of how to do general journal entries
List of Transactions for the month of January 2006 Marie Collins
invested $100,000 of her own money into her new pet shop on January
1, 2006. The store will be named Love thy Pet. For January 1, 2006,
Marie paid $1,350 rent on the pet shop. For January 2, 2006, Marie
borrowed $50,000 by signing a 4-month, 10% note payable. For
January 5, 2006, Marie purchased pet store equipment for $7,500 in
cash. For January 6, 2006, Marie hired two salespeople to begin
work on the 9th of January in the store for a bi-weekly wage of
$800 each. For January 8, 2006, Marie receives a cash advance of
$1,200 from a customer for an Irish sheep dog that will not arrive
from the breeder until March 7, 2006. For January 10, 2006, Marie
received $5,500 in cash for two bulldogs sold to a customer. For
January 14, 2006, Marie purchased 2-months of pet supplies on
account at a cost of $500 from Morrison pet supply store. For
January 15, 2006, Marie declared and paid a dividend to
stockholders of $400. For January 31, 2006 Marie purchased a 2-year
insurance policy costing $2,400 that will expire on January 31 of
2008. For January 31, 2006, Marie paid the salespersons bi-weekly
wages.
Marie Collins invested $100,000 of her own money into her new
pet shop on January 1, 2006. The store will be named Love thy
Pet.
For January 1, 2006, Marie paid $1,350 rent on the pet shop.
For January 2, 2006, Marie borrowed $50,000 by signing a
4-month, 10% note payable.
For January 5, 2006, Marie purchased pet store equipment for
$7,500 in cash.
For January 6, 2006, Marie hired two salespeople to begin work
on the 9th of January in the shop for a bi-weekly wage of $800
each.
This transaction requires no journal entries because assets were
not exchanged at the time of this event.
For January 8, 2006, Marie receives a cash advance of $1,200
from a customer for an Irish sheep dog that will not arrive from
the breeder until March 7, 2006.
For January 10, 2006, Marie received $5,500 in cash for two
bulldogs sold to a customer.
For January 14, 2006, Marie purchased 2-months of pet supplies
on account for a cost of $500 from Morrison pet supply store.
For January 15,2006, Marie declared and paid a dividend to
stockholders of $400.
For January 31, 2006 Marie purchased a 2-year insurance policy
costing $2,400 that will expire on January 31 of 2008.
For January 31, 2006, Marie paid the salespeople their bi-weekly
wages.
