Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair v

Question

Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair value of $58,000 in the business.

  

Prepare General Journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field).

  

May 1

Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair value of $58,000 in the business.

1 Prepaid $17,400 cash for three months’ rent for an office. 2 Made credit purchases of office equipment for $29,000 and office supplies for $5,800. 6 Completed services for a client and immediately received $9,000 cash. 9 Completed a $17,000 project for the Chicago Blackhawks who will pay within 30 days. 10 Paid half of the account payable created on May 2. 19 Paid $8,500 cash for the annual premium on an insurance policy. 22 Received $13,800 as partial payment for the work completed on May 9. 25 Completed work for the Washington Redskins for $6,280 on credit. 25 Paid wages for May totalling $39,000. 31 Wahpoosywan withdrew $6,000 cash from the business for personal use. 31 Purchased $2,100 of additional office supplies on credit. 31 Paid $1,500 for the month’s utility bill.

Explanation / Answer

as per policy first question will be answered completely

journal entries

date account titles debit credit May-01 cash 85000 office equipment 58000 Wahpoosywan,capital 143000 May-01 rent 5800 (17400*1/3) prepaid rent 11600 (17400*2/3) cash 17400 May-02 office equipment 29000 office supplies 5800 accounts payable 34800 May-06 cash 9000 service revenue 9000 May-09 accounts receviable 17000 service revenue 17000 May-10 accounts payabel 17400 (34800/2) cash 17400 May-19 insurance premium 8500 cash 8500 May-22 cash 13800 accouts receivable 13800 May-25 accounts receivable 6280 service revenue 6280 May-25 wages expense 39000 cash 39000 May-31 wahpoosywan, withrawls 6000 cash 6000 May-31 office supplies 2100 accounts payable 2100 May-31 utility expense 1500 cash 1500

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