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Journal entry activity 3 17

K
kennethcrisostomo

The document records transactions in the general journal of an air conditioning repair business. It shows transactions for initial investment and purchase of equipment and supplies. It also records revenues from services provided and payments made to suppliers and for expenses like rent, insurance, salaries and supplies.

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Debit Credit 2013 MAY 1 Cash 350,000 Shop Equipment 45,000 F. Dee, Capital 395,000 Owner's initial investment 2 Prepaid Rent 60,000 Cash 60,000 Paid rent for 6 months 3 Shop Supplies 10,000 Accounts Payable 10,000 Purchased shop supplies 4 Accounts Payable 1,200 Shop Supplies 1,200 Returned shop supplies due to wrong specification 5 Transportation Equipment 550,000 Cash 165,000 Accounts payable 385,000 Purchased service van 6 Prepaid Insurance 12,250 Cash 12,250 Paid one year insurance for the service van 7 Shop Equipment 75,500 Cash 15,100 Accounts Payable 60,400 Bought shop equipment 8 Cash 35,750 Service Income 35,750 Rendered aircon repair services 9 Office Supplies 5,120 Cash 5,120 Purchased office supplies 10 Accounts Receivable 20,000 Service Income 20,000 Billed clients for aircon cleaning and repair services GENERAL JOURNAL Date Account Description
11 Accounts Payable 60,400 Cash 60,400 Settled account with Kenneth Hardware in full 12 Cash 5,000 Accounts Receivable 7,500 Service Income 12,500 Rendered aircon repair service 13 Accounts Payable 38,500 Cash 38,500 Paid monthly installment 14 Accounts Payable 10,000 Cash 10,000 Settled account with Avenson in full 15 Salaries Expense 8,250 Cash 8,250 Paid wages of workers

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Journal entry activity 3 17

  • 1. Debit Credit 2013 MAY 1 Cash 350,000 Shop Equipment 45,000 F. Dee, Capital 395,000 Owner's initial investment 2 Prepaid Rent 60,000 Cash 60,000 Paid rent for 6 months 3 Shop Supplies 10,000 Accounts Payable 10,000 Purchased shop supplies 4 Accounts Payable 1,200 Shop Supplies 1,200 Returned shop supplies due to wrong specification 5 Transportation Equipment 550,000 Cash 165,000 Accounts payable 385,000 Purchased service van 6 Prepaid Insurance 12,250 Cash 12,250 Paid one year insurance for the service van 7 Shop Equipment 75,500 Cash 15,100 Accounts Payable 60,400 Bought shop equipment 8 Cash 35,750 Service Income 35,750 Rendered aircon repair services 9 Office Supplies 5,120 Cash 5,120 Purchased office supplies 10 Accounts Receivable 20,000 Service Income 20,000 Billed clients for aircon cleaning and repair services GENERAL JOURNAL Date Account Description
  • 2. 11 Accounts Payable 60,400 Cash 60,400 Settled account with Kenneth Hardware in full 12 Cash 5,000 Accounts Receivable 7,500 Service Income 12,500 Rendered aircon repair service 13 Accounts Payable 38,500 Cash 38,500 Paid monthly installment 14 Accounts Payable 10,000 Cash 10,000 Settled account with Avenson in full 15 Salaries Expense 8,250 Cash 8,250 Paid wages of workers