Extra Credit

ExtraCredit

XYZCompany

GeneralJournal

Details

Debit

$

Credit $

1

Cash

30,000

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&nbsp

Common stock

&nbsp

30,000

&nbsp

(Cash received from sale of common stock)

&nbsp

&nbsp

2

Prepaid insurance

6,000

&nbsp

&nbsp

Cash

&nbsp

6,000

&nbsp

(Being payment of insurance in advance)

&nbsp

&nbsp

3

Supplies

900

&nbsp

&nbsp

Account payable

&nbsp

900

&nbsp

(Purchase of supplies on account)

&nbsp

&nbsp

4

Account payable- Seiler supply

750

&nbsp

&nbsp

Cash

&nbsp

750

&nbsp

(Payment made to Seiler Supply)

&nbsp

&nbsp

5

Rent expense

1,300

&nbsp

&nbsp

Cash

&nbsp

1,300

&nbsp

( Payment of monthly rent expense)

&nbsp

&nbsp

6

Cash

9,500

&nbsp

&nbsp

Stock/Inventory

&nbsp

9,500

&nbsp

(Cash received from sales made)

&nbsp

&nbsp

7

Maintenance expense

400

&nbsp

&nbsp

Cash

&nbsp

400

&nbsp

(Cash payment for repairs done)

&nbsp

&nbsp

8

Account receivables

4,000

&nbsp

&nbsp

Service expense

&nbsp

4,000

&nbsp

(Sale of services on account)

&nbsp

&nbsp

9

Cash

2,500

&nbsp

&nbsp

Account receivable

&nbsp

2,500

&nbsp

(Cash payment by debtors)

&nbsp

&nbsp

10

Advertisement expense

300

&nbsp

&nbsp

Cash

&nbsp

300

&nbsp

(Cash payment for advertisement services)

&nbsp

&nbsp

11

Bill expense- Electricity

250

&nbsp

&nbsp

Cash

&nbsp

250

&nbsp

(Cash paid to gather for electricity bill for the month)

&nbsp

&nbsp

12

Cash

500

&nbsp

&nbsp

Consultation services

&nbsp

500

&nbsp

(Advance payment to gather for next month`s consultation work)

&nbsp

&nbsp

13

Wages expense

1,000

&nbsp

&nbsp

Cash

&nbsp

1,000

&nbsp

(Cash paid for week employees` wages)

&nbsp

&nbsp

14

Utilities expense

300

&nbsp

&nbsp

Supplies

&nbsp

300

&nbsp

(Amount of supplies used in the month)

&nbsp

&nbsp

15

Dividend expense

800

&nbsp

&nbsp

Cash

&nbsp

800

&nbsp

(Cash paid for shareholders dividends)

&nbsp

&nbsp

16

Depreciation expense

200

&nbsp

&nbsp

Cash

&nbsp

200

&nbsp

(Depreciation expense for the month)

&nbsp

&nbsp

Closingentries

GeneralJournal

Details

Debit $

Credit $

1

Account receivables

7,800

&nbsp

&nbsp

Common stock

&nbsp

7,800

&nbsp

(The balance to be received on sale of common stock)

&nbsp

&nbsp

2

Rent expense

500

&nbsp

&nbsp

Insurance expense

700

&nbsp

&nbsp

Utilities expense

400

&nbsp

&nbsp

Account payable

&nbsp

1600

&nbsp

(Expenses payable on rent, insurance and utilities)

&nbsp

&nbsp

3

Loss

2,500

&nbsp

&nbsp

Cash

&nbsp

2,500

&nbsp

(Loss incurred in the period as indicated as credit balance)

&nbsp

&nbsp

4

Dividend payable

300

&nbsp

&nbsp

Account payable

&nbsp

300

&nbsp

( Dividend balance at the end of the period)

&nbsp

&nbsp