Do you know how to write debit and credit on a general journal?
Question by Random Lurker: Do you know how to write debit and credit on a general journal?
If yes, can you please help me answer these?? Please?
If you will answer the question, can you state the particulars too?
[[iknowitisbadthati’maskingthishere..!!but I really need the help!!]
I’ve already answered #1, #2 and #7. but feel free to answer them too. lol. I’m still answering the other questions. You can just pick one or two questions that you would like to answer. :]!!
This would be like confirming if my asnwers were right..for example in #1, my answer is dr. 18,000 cr. 18,000- ((18,000/36)(6))= 15,000?
is my answer right?
1. On 1 January 2007, Blair&Co. pays $ 18000 to Hebei Insurance Co. for a 3-year insurance contract. Both entries have financial years ending on 30 June. For Blair&Co., record the journal entry on January 1 and the adjusting entry on june 30.
2. Using the data in #1 record the entry on january 1 and the adjusting entry on june 30 for hebei insurance co. Hebei Insurance uses the accounts Unearned Insurance Revenue and Insurance Revenue.
3.On February 1, Guangxi Ltd. paid $ 8400 in advance for 2 years insurance coverage. Prepare Guangxi’s february 1 journal entry and the annual adjusting entry on june 30.
4, Mongolia Ltd. owns a warehouse. on May 1, the company rented storage space to a leasee(tenant) for 3 months for a total cash payment of $ 2700 recieved in advance. Prepare Mongolia’s May 1 journal entry and the June 30 annual adjusting entry.
5. Jiangsu Ltd’s week payroll, paid on fridays, totals $ 6000. Employees work a 5-day week. Prepare Jiangsu’s adjusting entry on Wednesday June 30, and the journal entry to record the $ 6000 cash paymet on friday July 2.
6. Included in Nigxia’s ltd’s June 30 trial balance is a note recievable for $ 10,000. The note is a 4-month, 12% note dated April 1. Prepare Ningxia’s June 30 adjusting enty to record $ 300 of accrued interest, and the August 1 journal entr to record reciept of $ 10, 400 from the borrower.
7. Prepare the following adusting entries at june 30 for Jilin& Co.
a. Interest on notes payable of $ 400 is accrued
b. Fees earned but not invoiced total $ 1400
c. Salaries earned by employees of $ 700 have not been recorded
d. Bad debt expense for the year is $ 900
Use the following account titles: Service Revenue, Accounts Recievable, Interest Expense, Interest Payable, Salaries Expense, Salaries Payable, Allowance for Doubtful Debts, and Bad Debt Expense.
8. (Transaction Analysis-service company) Bev Crusher is a CPA. During the firsth month of operations of her business (a sole proprietorship), the following eventsand transactions occurred.
April 2: Invested $ 32000 cash and equipment valued at $ 14000 in the business.
April 2: Hired a secretary receptionist at a salary of $ 290 per week payable monthly
April 3: Purchased supplies on account $ 700 (debit and asset account).
April 7: Paid office rent of $ 600 for a month
April 11: Completed a tax assignment and invoiced client $ 1100 for services rendered. (use service revenue account)
April 12: Recieved $ 3200 advnce on a management consulting engagement.
April 17: Recieved cash of $ 2300 for services completed for Ferengi Ltd.
April 21: Paid insurance expense $ 110.
April 30: Paid secretary-receptionist $ 1160 for the month
April 30: A count of supplies indicated that $ 120 of supplies had been used
April 30: Purchased a new computer for $ 6100 with personal funds. (The computer will be used exclusively for business purposes.)
Best answer:
Answer by tudorjason
This question would probably be better in the Education and Reference section.
Good luck.
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