On January 2, the sole shareholder of [YOUR NAME] Computer Service, Inc., Franci

Question

On January 2, the sole shareholder of [YOUR NAME] Computer Service, Inc., Francis Terrier, invested $20,000 cash into the business in exchange for 100 shares of Common Stock, No Par Value. The entry to record this transaction should be Dr. Cash $20,000: Cr. Common Stock, No Par Value $20,000. From the "General Joumal Entry" box, select the appropriate date. Then enter the following transaction das GL Account 1001; Description-Initial investment-Francis Temer: Dehi. ,000. So losecond line and enter the following transaction data: GL Account 3001Description Initial Investment- Francis Terrier, Credit = 20,000. Click "Save- c topor. when you have completed your journal entry. You have now recorded Francis Terrier's initial investment into the company a. To ensure that you have properly completed the bookkeeping, you can use a trial balance. A trial balance is a listing of all of the company's accounts, along with their debit or credit balances B.) Record the additional general joumal entries (record each general jounal entry separately I journal entries (record each general journal and, once again, pay attention to the dates of each transaction below): i. Jan. 3- Purchased $1,000 of supplies from Office Maximus for cash. i. Jan. 15-[YOUR NAMEJ Computer Service, Inc. loaned money to its sole shareholder, Francis Terrier, for $5,000. The loan is repayable in 2 years ii Jan. 15-prepaid an insurance policy that will provide coverage for 1 year for $3,000. Page 7 of 11 Messages Notifications Todo

Explanation / Answer

Journal entries

Date Description Debit Credit B Supplies $1,000 To cash $1,000 ii Owner's capital $5,000 To Cash $5,000 iii Prepaid insurance $3,000 To Cash $3,000 Sales entries Cjan 8 A/c recievable - Carmines restaurant $7,500 To Repair revenue $4,000 To Consulting revenue $3,500 Jan 10 A/c recievable - Geoffrey $5,000 To Consulting services $5,000 Jan 14 A/c recievable - Lombardo's wholesaler $3,000 To Repair revenue $3,000 Jan24 A/c recievable - Was Gorument $9,800 To consulting services $9,800 Purchase entries Jan 11 Purchase a/c $950 to A/c payable - Nature Oil & Gas $950 Van rental $350 Equipment rental $200 To A/c payable $550 Adjsuting entries jan 31 Supplies expense $500 to Supplies $500 Insurance expense $132 Tp Prepaid insuracne (3000*16/365) $132

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.