JOURNAL ENTRIES Date Account Name 01-Jan-15 Prepaid Rent (Amount in S) Debit Cre

Question

JOURNAL ENTRIES Date Account Name 01-Jan-15 Prepaid Rent (Amount in S) Debit Credit 12000 -Cash 12000 Being prepaid rent for whole year b) 04-Jan-15 Cash 1900 Accounting Services(Income) 1900 Being amount received in Cash for Accounting services providing 09-Jan-15 Advertisement Expenses 850 -Cash 850 Being Advertisement expenses paid in Cash d) 10-Jan-15 Office supplies 75 - Cash 75 Being Office Suplies purchased in Cash 14-Jan-15 Cash 2725 - Accounting Services(Income) 2725 Being amount received in Cash for Accounting services providing 20-Jan-15 telephone Bill 660 - Cash Being Telephone Bill paid in Cash g) 20-Jan-15 Utilities Bill 2925 - Utilities Bill Payable 2925 Being Utilities bill received, bill due date is 15-Feb-2015 h) 27-Jan-15 Accounts receivable 3750 - Accounting Services(Income) Being Accounting services provided On account 3750 i) 28-Jan-15 Advertisement Expenses 1500 - Cash 1500 Being Advertisement expenses paid in Cash

Explanation / Answer

Solution:

Balance Sheet Liabilities Amount Assets Amount Current Liabilities: Current Assets: Cash (Bank Overdraft) (-$12,000 + $1,900 - $850 - $75 + $2,725 - $660 - $1,500) $10,460.00 Prepaid Rent $12,000.00 Utilities Bills payable $2,925.00 Office Supplies $75.00 Accounts receivables $3,750.00 Stockholder's Equity: Retained Earnings ($1,900 - $850 + $2,725 - $660 - $2,925 + $3,750 - $1,500) $2,440.00 Total Liabilities and stockholder's Equity $15,825.00 Total Assets $15,825.00

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