General Journal (daily transactions) Date Account and Explanation DR CR dec 1 Land $ 30000,00 Building $
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| General Journal (daily transactions) | |||
| Date | Account and Explanation | DR | CR |
| dec 1 | Land | $ 30000,00 | |
| Building | $ 70000,00 | ||
| Common Stock | $ 100000,00 | ||
| Contributed land and building for common stock. | |||
| dec 1 | Cash | $ 25000,00 | |
| Notes Payable | $ 25000,00 | ||
| Received cash through a bank note. | |||
| dec 2 | Canoes | $ 7200,00 | |
| Cash | $ 7200,00 | ||
| Purchased canoes for cash. | |||
| dec 3 | Prepaid Insurance | $ 600,00 | |
| Cash | $ 600,00 | ||
| Paid 12-month insurance in cash. | |||
| dec 4 | Prepaid Rent | $ 2100,00 | |
| Cash | $ 2100,00 | ||
| Prepaid rent for warehouse. | |||
| dec 7 | Office Supplies | $ 700,00 | |
| Account Payable | $ 700,00 | ||
| Purchased supplies on account. | |||
| dec 9 | Cash | $ 1900,00 | |
| Uneaned Revenue | $ 1900,00 | ||
| Received cash for canoe rentals | |||
| dec 15 | Accounts Receivable | $ 1500,00 | |
| Rental Revenue | $ 1500,00 | ||
| Rented canoes; cash next month. | |||
| dec 16 | Cash | $ 750,00 | |
| Unearned Revenue | $ 750,00 | ||
| Received deposit for future rentals. | |||
| dec 19 | Account Payble | $ 500,00 | |
| Cash | $ 500,00 | ||
| Paid various accounts payable | |||
| dec 20 | Telephone Expenses | $ 325,00 | |
| Utilities Expense | $ 295,00 | ||
| Account Payable | $ 620,00 | ||
| Received bills for future payment. | |||
| dec 25 | Wages Expense | $ 1800,00 | |
| Cash | $ 1800,00 | ||
| Paid wages in cash | |||
| dec 31 | Dividends | $ 300,00 | |
| Cash | $ 300,00 | ||
| Distributed cash dividends. |
| General Journal (adjusting entries) | |||
| Date | Account and Explanation | DR | CR |
| dec 31 | Insurance Expence | $ 50,00 | |
| Prepaid Insurance | $ 50,00 | ||
| ([$600 / 12] * 1 month used) | |||
| dec 31 | Rent Expense | $ 700,00 | |
| Prepaid Rent | $ 700,00 | ||
| ([$2,100 / 3] * 1 month used) | |||
| dec 31 | Depreciation Expense | $ 250,00 | |
| Accumulated Depreciation | $ 250,00 | ||
| Depreciation per year = (Cost - Residual Value) / Useful Life Depreciation per year = ($70,000 - $10,000) / 20 = $3,000 Depreciation for one month = $3,000 / 12 = $250 | |||
| dec 31 | Unearned Revenue | $ 400,00 | |
| Rental Revenue | $ 400,00 | ||
| Recognizing earned revenue | |||
| dec 31 | Office Supplies Expense | $ 535,00 | |
| Office Supplies | $ 535,00 | ||
| $700 - $165, adjusting for supplies on hand | |||
| dec 31 | Wages Expense | $ 350,00 | |
| Wages Paybes | $ 350,00 | ||
| Accrued wages for employee | |||
| dec 31 | Account Receivable | $ 1850,00 | |
| Rental Revenue | $ 1850,00 | ||
| Recognizing unrecorded rental revenue | |||
| dec 31 | Interest Expense | $ 50,00 | |
| Interest Payable | $ 50,00 | ||
| Accrued interest | |||
| dec 31 | Depreciation Expense | $ 150,00 | |
| Accumulated Depreciation | $ 150,00 | ||
| depreciated assets |
Do the ledger accounts and follow this format :
| Account Name: | ||||
| Date | Debit | Credit | Balance | |
| Debit | Credit | |||
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