ACCT 2000 Chapter : Chapter 3 General Journal
Get access
Related Documents
Related Questions
PLEASE ANSWER ALL OF THESE QUESTIONS↓
Assignment: Adjustments and the Ten-Column Worksheet
Part 1
The inventory account of Olympic Sports Wear is as follows.
1. Merchandise inventory account balance $75,000
2. Physical inventory $71,500
Instruction:
Prepare the adjustment journal entry.
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
Part 2 (6 points)
The information relating to the inventory of Olympic Sports Wear is as follows:
1. Merchandise inventory accounts balance $75,000
2. Physical inventory $98,200
Instruction:
Prepare the adjustment journal entry.
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
Part 3 (6 points)
Olympic Sports Wear furnishes the following information:
1. On January 1, 2005, the supplies account has $7,200 balance
2. During the year, supplies are purchased for $5,000
3. On December 31, 2005, the supplies account has a closing balance of $2,200.
Instruction:
Prepare the adjusting journal entry.
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
Part 4 (6 points)
Olympic Sports Wear furnishes the following information:
1. An insurance policy is purchased on December 1, 2005 for three months (December through February). The premium amount for the quarterly period is $1,500.
2. The clerk debited the Prepaid Insurance account for $1500.
3. At the end of the account year (on March 31, 2006), only one month cost $500 has expired. The value of the unexpired insurance is $1,000.
Instruction:
Prepare the adjusting journal entries for the Prepaid Insurance Account.
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
Part 5 (6 points)
Olympic Sports Wear estimates its Annual Federal Income tax as $10,000. It has paid the tax in four installments of $2,500 each. However, at the end of the year, the actual tax amount is $11,200.
Therefore, the company needs to pay $1,200 to the government.
Instruction:
Prepare the adjusting journal entry.
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
PLEASE ANSWER ALL OF THESE QUESTIONS↓
Posting Journal Entries to General Ledger Accounts
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
Jan 1 | Rex invested $5,000 in the business, Memorandum 10. |
Jan 3 | Rex transferred furniture valued at $2,000 to the business, Memorandum 11. |
Jan 10 | Issued check No. 501 for $400 for grooming supplies. |
Jan 15 | Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201. |
Jan 17 | Paid Pets, Inc. $500; check No. 105. |
Jan 20 | Rex withdrew $1,000 cash from business; check No. 59. |
Jan 29 | Salary paid to employee: $300 via check No. 60. |
Jan 30 | Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130 |
Guidelines:
In your working paper, open an account in the general ledger for each of these accounts.
Record the January transactions on page 1 of the general journal.
Post each journal entry to the appropriate account.
Prove the ledger account by preparing a trial balance.
Cash in Bank | |
Debit | Credit |
$5,000.00 | |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Rex’s Capital | |
Debit | Credit |
$5, 000.00 | |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
20- Jan. 1 | Cash | 101 | $5,000.00 | |
Rex’s Capital | 301 | $5,000.00 | ||
General Ledger
Account Name: Cash Account No.101
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
20- Jan. 1 | J1 | $5,000.00 | $5,000.00 | |||
Account Name: Account No.102
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.120
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.130
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.140
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.205
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Rex’s Capital Account No.301
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
20-- | J1 | 5000 | 5000 | |||
Account Name: Account No.305
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.402
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.410
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.505
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Trial Balance
Account Number | Account Name | Trial Balance | |
Debit | Credit | ||
PLEASE FOLLOW THE GUIDELINES↓
Posting Journal Entries to General Ledger Accounts
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
Jan 1 | Rex invested $5,000 in the business, Memorandum 10. |
Jan 3 | Rex transferred furniture valued at $2,000 to the business, Memorandum 11. |
Jan 10 | Issued check No. 501 for $400 for grooming supplies. |
Jan 15 | Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201. |
Jan 17 | Paid Pets, Inc. $500; check No. 105. |
Jan 20 | Rex withdrew $1,000 cash from business; check No. 59. |
Jan 29 | Salary paid to employee: $300 via check No. 60. |
Jan 30 | Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130 |
Guidelines:
In your working paper, open an account in the general ledger for each of these accounts.
Record the January transactions on page 1 of the general journal.
Post each journal entry to the appropriate account.
Prove the ledger account by preparing a trial balance.
Cash in Bank | |
Debit | Credit |
$5,000.00 | |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Rex’s Capital | |
Debit | Credit |
$5, 000.00 | |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
Debit | Credit |
General Journal | ||||
Date | Description | Post. Ref. | Debit | Credit |
20- Jan. 1 | Cash | 101 | $5,000.00 | |
Rex’s Capital | 301 | $5,000.00 | ||
General Ledger
Account Name: Cash Account No.101
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
20- Jan. 1 | J1 | $5,000.00 | $5,000.00 | |||
Account Name: Account No.102
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.120
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.130
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.140
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.205
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Rex’s Capital Account No.301
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
20-- | J1 | 5000 | 5000 | |||
Account Name: Account No.305
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.402
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.410
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Account Name: Account No.505
Date | Particulars | Post ref. | Debit | Credit | Balance | |
Debit | Credit | |||||
Trial Balance
Account Number | Account Name | Trial Balance | |
Debit | Credit | ||