Accounting Prepare: Journal entries Get Money 1 Raise 200,000 from investors 2 Take out 30,000 from a Bank at 10% interest rate Spend Money 3 Hired an employee at $120,000/year salary 4 Bought Equipment $5000 5 Paid 1 month of rent for building for $1,600 cash 6 Paid $400 cash for advertising. 7 Received bill for equipment repair cost of $3,000 which is not paid yet 8 Purchased supplies for $320 cash, used $100 of supplies in January 9 Received and paid cash for utility bill for $115. 10 Paid $12,000 for insurance for all of 2022 Earn Money 11 Received $10,000 payment from customer for future services 12 Earned $100,000 of revenue, $10,000 was paid in cash the rest is owed to the company,1 year contract Adjusting JE's 13 Accrue Salaries Expense & Payable-you pay salaries every other Friday 14 Accrue Depreciation on Equipment (Straight line Dep 3 year life no salvage value) 15 Accrue Interest Expense and Interest Payable 16 Accrue insurance expense and Prepaid Insurance 17 Accrue revenue and Accounts Receivable 18 Expense Supplies and adjust Supplies balance

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Accounting

Prepare:

Journal entries

Get Money
1 Raise 200,000 from investors
2 Take out 30,000 from a Bank at 10% interest rate
Spend Money
3 Hired an employee at $120,000/year salary
4 Bought Equipment $5000
5 Paid 1 month of rent for building for $1,600 cash
6 Paid $400 cash for advertising.
7 Received bill for equipment repair cost of $3,000 which is not paid yet
8 Purchased supplies for $320 cash, used $100 of supplies in January
9 Received and paid cash for utility bill for $115.
10 Paid $12,000 for insurance for all of 2022
Earn Money
11 Received $10,000 payment from customer for future services
12 Earned $100,000 of revenue, $10,000 was paid in cash the rest is owed to the company,1 year contract
Adjusting JE's
13 Accrue Salaries Expense & Payable-you pay salaries every other Friday
14 Accrue Depreciation on Equipment (Straight line Dep 3 year life no salvage value)
15 Accrue Interest Expense and Interest Payable
16 Accrue insurance expense and Prepaid Insurance
17 Accrue revenue and Accounts Receivable
18 Expense Supplies and adjust Supplies balance 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education