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Assignment#2

The document contains journal entries recording various transactions including: 1) Payment of salaries and accrued salaries, payment of consulting fees and accrued consulting fees. 2) Adjusting entries for prepaid insurance, depreciation, unearned rent, and accrued property taxes. 3) Additional adjusting entries for depreciation, insurance, interest, rent, wages, and unearned revenue.

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57 views7 pages

Assignment#2

The document contains journal entries recording various transactions including: 1) Payment of salaries and accrued salaries, payment of consulting fees and accrued consulting fees. 2) Adjusting entries for prepaid insurance, depreciation, unearned rent, and accrued property taxes. 3) Additional adjusting entries for depreciation, insurance, interest, rent, wages, and unearned revenue.

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Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ASSIGNMENT #2

GENERAL JOURNAL PAGE GJ8


Date Account/Explanation F Debit Credit
31 May Salary Expense 37800
Salaries Payable 37800

9 June Accrued Salary 37800


Salary Expense 37800
Cash 75600
GENERAL JOURNAL PAGE GJ8
Date Account/Explanation F Debit Credit
31 May Consulting Expense 5995
Accrued Expense 5995

19 June Consulting Expense 10355


Accrued Expense 5995
Cash 16350
GENERAL JOURNAL PAGE GJ8
Date Account/Explanation F Debit Credit
31 July Prepaid Insurance A 4400
Cash A 4400

Depreciation Expense B 300


Equipment B 300

Unearned Rent C 250


Rent Expense C 250

Accrued Property Tax D 4100


Property Tax D 4100

Depreciation Expense E 500


Building E 500
GENERAL JOURNAL PAGE GJ8
Date Account/Explanation F Debit Credit
31 March Depreciation Expense A 900
Building A 900

Depreciation Expense B 750


Furniture B 750
Advertising Expense C 2650
Prepaid Expense C 2650

Insurance D 1600
Prepaid Insurance D 1600

Interest Expense E 810


Accrued Interest Payable E 810

Advertising Expense F 6500


Cash F 6500

Rent Expense G 6250


Prepaid Rent G 6250

Accrued Wages H 23500


Wages Expense H 23500

Depreciation I 7375
Equipment I 7375

Cash J 8200
Unearned Revenue J 6300
Consulting Fees J 1900
GENERAL JOURNAL PAGE GJ8 Effect on
Balance Sheet
Date Account/Explanation F Debit Credit
30 June Depreciation 420 - Asset
Building 420

Insurance 1400 - Asset


Prepaid Insurance 1400

Accrued Property Tax 300 - Liability


Tax Expense 300

Unearned Rent 750 + Liability


Rent Expense 750

Furniture 10500 No impact


Cash 10500
Depreciation 1800 - Asset
Furniture 1800

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