ACC 205 Week 1 Exercise 7 Basic journal entries

ACC 205 Week 1 Exercise 7 Basic journal entries

Basic journal entries

The following transactions pertain to the Jennifer Royall Company:

Apr. 1   Jenni­fer Royall invested cash of $15,000 and land valued at $10,000 from into the business.

5          Provided $1,200 of services to Jason Ratchford, a client, on account.

9          Paid $250 of salaries to an employee.

14         Acquired a new computer for $3,200, on account.

20         Collected $800 from Jason Ratchford for services provided on April 5.

24         Borrowed $7,500 from BestBanc by securing a six-month loan.

 

Prepare journal entries (and explanations) to record the preceding transactions and events.

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ACC 205 Week 1 Exercise 8 Trial balance preparation

Trial balance preparation. Brighton, a sole proprietorship began operation on March 1 of the current year. The following account balances were extracted from the general led­ger on March 31; all accounts have normal balances.

Accounts Payable	$ 12,000	Interest Expense	$ 300
Accounts Receivable	8,800	Land	?
Advertising Expense	5,700	Loan Payable	26,000
Bob Brighton, Owners Equity	30,000	Salaries Expense	11,100
Cash	22,500	Utilities Expense	700
Fees Earned 18,900

2. Determine the cost of the company’s land by preparing a trial balance. (Remember, the trial balance debits must equal the credits, see Exhibit 2.9)
3. Determine the firm’s net income for the period ending March 31.

 

 

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