Post Closing Trial Balance Closing Entries Financial Statements Adjusted Trial Balance Adjusting Entries Trial Balance General Ledger Journal Entries REQUIREMENT #1: completed the following transactions: July 1 Began business by making a deposit in a company bank account of $24,000, in exchange Paid the premium on a one-year insurance policy, $2,400. Paid the current month’s rent, $2,080. July 3 placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1. July 8 July 12 Paid utility bill for July, $308.
Post Closing Trial Balance Closing Entries Financial Statements Adjusted Trial Balance Adjusting Entries Trial Balance General Ledger Journal Entries REQUIREMENT #1: completed the following transactions: July 1 Began business by making a deposit in a company bank account of $24,000, in exchange Paid the premium on a one-year insurance policy, $2,400. Paid the current month’s rent, $2,080. July 3 placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1. July 8 July 12 Paid utility bill for July, $308. July 16 July 19 July 31 Declared and paid cash dividend of $1,600. Prepare journal entries to record the July transactions in the General Journal below. General Journal Date Description(Account Name) Debit Credit Cash Common Stock Prepaid Insurance Rent Expense Landscaping Equipment Accounts Payable Landscaping Supplies Utility Expense Landscaping Revenue for 4,800 shares of $5 par value common stock. Note: Use Accounts Payable for the Balance Due. Received cash for landscaping revenue for the first half of July, $2,724. Received cash for landscaping revenue for the last half of July, $2,620. Use the following account names for journal entries. Chart of Accounts: Account Title (Normal Balance) Assets Cash (Debit) Prepaid Insurance (Debit) Landscaping Supplies (Debit) Landscaping Equipment (Debit) Accum Depr -Equipment (Credit) Liabilities Accounts Payable (Credit) Income Tax Payable (Credit) Stockholders Equity Common Stock (Credit) Retained Earnings (Credit) Dividends (Debit) Revenue Landscaping Revenue (Credit) Expenses Rent Expense (Debit) Utility Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) Note: Remember that Debits must equal Credits – All of your Journal Entries should balance. During its first month of operation, the IDEAL Landscaping Corporation, which specializes in…
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project.xls