10/01 She opened a business checking account (bank) with a deposit of $25,000 from her personal account.
10/02 She purchased computer supplies for $1,500, paying for all of it by check from the business checking account.
10/03 She provided services to ABC Inc. and received payment of $795 for services rendered.
10/05 She paid rent for the company鈥檚 office space for the month ($900).
10/10 She paid office salaries ($2,100).
10/11 She billed customers for services provided on account ($17,000).
10/15 She purchased computer supplies for $3,000, paying $750 in cash and the rest on account.
10/16 She paid automobile expenses of $250 and miscellaneous expenses of $100.
10/20 She paid creditors on the account ($500).
10/25 She received a cash payment of $5,000 from customers previously billed (on account).
10/31 She determined that the cost of supplies available on hand at the end of the month is $2,500; therefore, the cost of supplies used was $2,000.
10/31 Mary Ann Powers withdrew cash for personal use ($1,000).
Using the type form: ( Place each under appropriate column )
Date Description Debit Credit|||I'll help you with the debits and credits. You'll need to add in the description
10/01 She opened a business checking account (bank) with a deposit of $25,000 from her personal account.
Debit Cash $25,000
Credit Owners Equity $25,000
10/02 She purchased computer supplies for $1,500, paying for all of it by check from the business checking account.
Debit Computer Supplies Inventory $1,500
Credit Cash $1,500
10/03 She provided services to ABC Inc. and received payment of $795 for services rendered.
Debit Cash $795
Credit Services Revenue $795
10/05 She paid rent for the company鈥檚 office space for the month ($900).
Debit Rent Expense $900
Credit Cash $900
10/10 She paid office salaries ($2,100).
Debit Salary Expense $2,100
Credit Cash $2,100
10/11 She billed customers for services provided on account ($17,000).
Debit Accounts Receivable $17,000
Credit Service Revenue $17,000
10/15 She purchased computer supplies for $3,000, paying $750 in cash and the rest on account.
Debit Computer Supplies Inventory $3,000
Credit Cash $750
Credit Accounts Payable $2,250
10/16 She paid automobile expenses of $250 and miscellaneous expenses of $100.
Debit Auto Expense $250
Debit Miscellaneous Expense $100
Credit Cash $350
10/20 She paid creditors on the account ($500).
Debit Accounts Payable $500
Credit Cash $500
10/25 She received a cash payment of $5,000 from customers previously billed (on account).
Debit Cash $5,000
Credit Accounts Receivable $5,000
10/31 She determined that the cost of supplies available on hand at the end of the month is $2,500; therefore, the cost of supplies used was $2,000.
Debit Computer Supplies Expense $2,000
Credit Computer Supplies Inventory $2,000
10/31 Mary Ann Powers withdrew cash for personal use ($1,000).
Debit Owners Equity $1,000
Credit Cash $1,000
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