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    Journal Entries and Posting To T-Accounts

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    Mary
    Marie Collins invested $100,000 and opened a new pet shop called "Love thy Pet" on January 1, 2006. She paid $1,350 rent for the shop and borrowed $50,000 by signing a 4-month, 10% note payable. Marie purchased $7,500 of equipment in cash and hired two salespeople at $800 bi-weekly wages each. She received a $1,200 cash advance for a future dog sale and $5,500 cash from two bulldog sales.

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    Journal Entries and Posting To T-Accounts

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    Mary
    6K views15 pages
    Marie Collins invested $100,000 and opened a new pet shop called "Love thy Pet" on January 1, 2006. She paid $1,350 rent for the shop and borrowed $50,000 by signing a 4-month, 10% note payable. Marie purchased $7,500 of equipment in cash and hired two salespeople at $800 bi-weekly wages each. She received a $1,200 cash advance for a future dog sale and $5,500 cash from two bulldog sales.

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    Demstration of Journal Entries and Posting to T-Accounts.

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    Journal Entries and Posting to T-Accounts

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    Marie Collins invested $100,000 and opened a new pet shop called "Love thy Pet" on January 1, 2006. She paid $1,350 rent for the shop and borrowed $50,000 by signing a 4-month, 10% note payable. Marie purchased $7,500 of equipment in cash and hired two salespeople at $800 bi-weekly wages each. She received a $1,200 cash advance for a future dog sale and $5,500 cash from two bulldog sales.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    6K views15 pages

    Journal Entries and Posting To T-Accounts

    Uploaded by

    Mary
    Marie Collins invested $100,000 and opened a new pet shop called "Love thy Pet" on January 1, 2006. She paid $1,350 rent for the shop and borrowed $50,000 by signing a 4-month, 10% note payable. Marie purchased $7,500 of equipment in cash and hired two salespeople at $800 bi-weekly wages each. She received a $1,200 cash advance for a future dog sale and $5,500 cash from two bulldog sales.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 15

    Journal Entries

    Basics examples of how to do


    general journal entries
    List of Transactions for the month of January 2006
    • Marie Collins invested $100,000 of her own money into her new pet shop
    on January 1, 2006. The store will be named “Love thy Pet.”
    • For January 1, 2006, Marie paid $1,350 rent on the pet shop.
    • For January 2, 2006, Marie borrowed $50,000 by signing a 4-month, 10%
    note payable.
    • For January 5, 2006, Marie purchased pet store equipment for $7,500 in
    cash.
    • For January 6, 2006, Marie hired two salespeople to begin work on the 9th
    of January in the store for a bi-weekly wage of $800 each.
    • For January 8, 2006, Marie receives a cash advance of $1,200 from a
    customer for an Irish sheep dog that will not arrive from the breeder until
    March 7, 2006.
    • For January 10, 2006, Marie received $5,500 in cash for two bulldogs
    sold to a customer.
    • For January 14, 2006, Marie purchased 2-months of pet supplies on
    account at a cost of $500 from Morrison pet supply store.
    • For January 15, 2006, Marie declared and paid a dividend to stockholders
    of $400.
    • For January 31, 2006 Marie purchased a 2-year insurance policy costing
    $2,400 that will expire on January 31 of 2008.
    • For January 31, 2006, Marie paid the salespersons bi-weekly wages.
    Marie Collins invested $100,000 of her own money
    into her new pet shop on January 1, 2006. The
    store will be named “Love thy Pet.”
    For January 1, 2006, Marie paid $1,350 rent on the
    pet shop.
    For January 2, 2006, Marie borrowed $50,000 by
    signing a 4-month, 10% note payable.
    For January 5, 2006, Marie purchased pet store
    equipment for $7,500 in cash.
    For January 6, 2006, Marie hired two salespeople to begin
    work on the 9th of January in the shop for a bi-weekly wage
    of $800 each.

    This transaction requires no journal entries because


    assets were not exchanged at the time of this event.
    For January 8, 2006, Marie receives a cash advance of
    $1,200 from a customer for an Irish sheep dog that will not
    arrive from the breeder until March 7, 2006.
    For January 10, 2006, Marie received $5,500 in cash for
    two bulldogs sold to a customer.
    For January 14, 2006, Marie purchased 2-months of pet
    supplies on account for a cost of $500 from Morrison pet
    supply store.
    For January 15,2006, Marie declared and paid a
    dividend to stockholders of $400.
    For January 31, 2006 Marie purchased a 2-year insurance
    policy costing $2,400 that will expire on January 31 of
    2008.
    For January 31, 2006, Marie paid the salespeople
    their bi-weekly wages.

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