Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


Accounting Entries for April?

All discussions relating to Business Insurance and Business Finance

Accounting Entries for April?

Postby wainwright » Fri Apr 01, 2011 7:53 am

Would be very happy if someone could show me how to get started on the first part of the month accounting transactions. Thank you thank you!

I finally finished my first demonstration problem, but Im having trouble doing this entire months transactions with debits and credits. I would be very grateful if someone could guide me through this. Thank you! I did some of the only ones I knew : /

April 1
Began Abbey Bookkeeping Service, Inc., by selling 10,000 shares of common stock at a price of $4.00 per share. Dr Cash 40000 Cr Common Stocks 400000

April 1
Issued a check for $900 to Jacobson Property Management as payment for the April rent of the business office. Dr Rent Expense 900 Cr Cash 900

April 1
Purchased business insurance coverage for the month of April for $250 cash.

April 3
Issued a check for $130 and purchased a business license.

April 3
Purchased office equipment for $3,250 cash. Dr Office Equipment 3250 Cr Cash 3250 i think?

April 3
Purchased office equipment costing $2,150.00 and office supplies listed at $180.50 on account (20-day credit) from Roper Office Equipment and Supply. (It says this one has 2 debits and only 1 credit)

April 5
Received a check for $1,975 for bookkeeping services completed for a client.

April 7
Issued a $460 check for April advertising.

April 8
Performed additional bookkeeping services and billed the client for $775. The client is extended 15-day credit terms.

April 10
Purchased for $7,700 cash, a used car to be used for business operations.

April 12
Purchased a new computer costing $3,200 on credit from Computer Express of Granite Bay.

April 13
Purchased office supplies for $99.90 on account from Zikmeister Office Supply. The company offers 10-day credit terms.

“CHECK IT OUT”

101 Cash $29,285.00
105 Accounts Receivable 775.00
127 Office Supplies 280.40
131 Office Equipment 8,600.00
139 Automobile 7,700.00
201 Accounts Payable 5,630.40
401 Bookkeeping Fees Earned 2,750.00
605 Advertising Expense 460.00
621 Rent Expense 900.00
622 Insurance Expense 250.00
628 License Expense 130.00
TRIAL BALANCE TOTAL $48,380.40

This is how it should appear. Thank you so much for helping me through these first set of transactions. Really appreciated
wainwright
 
Posts: 497
Joined: Thu Mar 31, 2011 5:10 pm

Accounting Entries for April?

Postby tassa » Fri Apr 01, 2011 7:54 am

I can't figure out why you can do a few of them but not the rest. They're very simple, and the accounts are already listed for you. Just remember, when an asset is received it is a debit, when it is given up, it is a credit. Anything that is purchased by you on credit is an account payable, which is credited. Anything that is sold by you on credit is an account receivable which is debited. Feel free to email your answers to me, I'd be glad to check them over.
tassa
 
Posts: 494
Joined: Fri Apr 01, 2011 1:21 am


Return to Business Insurance

 


  • Related topics
    Replies
    Views
    Last post