A. Mane

[logistic_guy]

Selected transactions for \(\displaystyle \text{A. Mane}\), an interior decorator, in her first month of business, are as follows.

Jan.
\(\displaystyle \bold{2}\) Invested \(\displaystyle \$ 10,000\) cash in business.
\(\displaystyle \bold{3}\) Purchased used car for \(\displaystyle \$ 3,000\) cash for use in business.
\(\displaystyle \bold{9}\) Purchased supplies on account for \(\displaystyle \$ 500\).
\(\displaystyle \bold{11}\) Billed customers \(\displaystyle \$ 2,400\) for services performed.
\(\displaystyle \bold{16}\) Paid \(\displaystyle \$ 350\) cash for advertising.
\(\displaystyle \bold{20}\) Received \(\displaystyle \$ 700\) cash fro-m customers billed on January \(\displaystyle 11\).
\(\displaystyle \bold{23} \) Paid creditor \(\displaystyle \$ 300\) cash on balance owed.
\(\displaystyle \bold{28} \) Withdrew \(\displaystyle \$ 1,000\) cash for personal use by owner.

Instructions

Journalize the transactions using journal page \(\displaystyle \text{J1}\). (You may omit explanations.)

 

[logistic_guy]

\(\displaystyle \bold{2}\) Invested \(\displaystyle \$ 10,000\) cash in business.

Date​	Account​	Debit​	Credit​
2​	Cash​	10,000​	​
​	Owner's Capital​	​	10,000​

 

[logistic_guy]

\(\displaystyle \bold{3}\) Purchased used car for \(\displaystyle \$ 3,000\) cash for use in business.

Date​	Account​	Debit​	Credit​
3​	Automobile​	3,000​	​
​	Cash​	​	3,000​

 

[logistic_guy]

@The Highlander



No Comment!

 

[logistic_guy]

\(\displaystyle \bold{9}\) Purchased supplies on account for \(\displaystyle \$ 500\).

Date​	Account​	Debit​	Credit​
9​	Supplies​	500​	​
​	Accounts Payable​	​	500​

 

[The Highlander]

No Comment!

Yes, I failed to notice that you had included two accounts on each entry, my bad.

However, I did delete the post as soon as I realized the mistake, but I see you went to the bother of grabbing a picture of the post (doubtless from an email you received?) to come back and crow over it!

Nevertheless, your answer for item 3 is still wrong! You have the Debit & Credit entries the wrong way round.

You should also be using "Bank" rather than "Cash" as "Cash" would more likely be taken to be a petty cash account and Fixed Assets (or just Assets) would be a better name for the account that should be credited with the purchase of the car.

The account naming, is perhaps, just a minor issue but putting the sums in the wrong columns utterly fails the exercise.

You have also made the same mistake in your latest attempt...

\(\displaystyle \bold{9}\) Purchased supplies on account for \(\displaystyle \$ 500\).

Date​	Account​	Debit​	Credit​
9​	Supplies​	500​	​
​	Accounts Payable​	​	500​

Again, your entries are the wrong way round!
(And Goods Inward would be a better name than "Supplies".)

So, perhaps your emojis aren't quite as justified as you thought.

(Maybe stick to Calculus?)

 

[logistic_guy]

You have also made the same mistake in your latest attempt...

Again, your entries are the wrong way round!

Thanks a lot professor for the pass by. I will study your comment and your suggestion will be taken seriously.

 

[logistic_guy]

\(\displaystyle \bold{11}\) Billed customers \(\displaystyle \$ 2,400\) for services performed.

Date​	Account​	Debit​	Credit​
11​	Accounts Receivable​	2,400​	​
​	Service Revenue​	​	2,400​

 

[logistic_guy]

\(\displaystyle \bold{16}\) Paid \(\displaystyle \$ 350\) cash for advertising.

Date​	Account​	Debit​	Credit​
16​	Advertising Expense​	350​	​
​	Cash​	​	350​

 

[logistic_guy]

\(\displaystyle \bold{20}\) Received \(\displaystyle \$ 700\) cash fro-m customers billed on January \(\displaystyle 11\).

Date​	Account​	Debit​	Credit​
20​	Cash​	700​	​
​	Accounts Receivable​	​	700​

 

[logistic_guy]

\(\displaystyle \bold{23} \) Paid creditor \(\displaystyle \$ 300\) cash on balance owed.

Date​	Account​	Debit​	Credit​
23​	Accounts Payable​	300​	​
​	Cash​	​	300​

 

[jonah2.0]

Beer drenched ramblings follow.

Selected transactions for \(\displaystyle \text{A. Mane}\), an interior decorator, in her first month of business, are as follows.

Jan.
\(\displaystyle \bold{2}\) Invested \(\displaystyle \$ 10,000\) cash in business.
\(\displaystyle \bold{3}\) Purchased used car for \(\displaystyle \$ 3,000\) cash for use in business.
\(\displaystyle \bold{9}\) Purchased supplies on account for \(\displaystyle \$ 500\).
\(\displaystyle \bold{11}\) Billed customers \(\displaystyle \$ 2,400\) for services performed.
\(\displaystyle \bold{16}\) Paid \(\displaystyle \$ 350\) cash for advertising.
\(\displaystyle \bold{20}\) Received \(\displaystyle \$ 700\) cash fro-m customers billed on January \(\displaystyle 11\).
\(\displaystyle \bold{23} \) Paid creditor \(\displaystyle \$ 300\) cash on balance owed.
\(\displaystyle \bold{28} \) Withdrew \(\displaystyle \$ 1,000\) cash for personal use by owner.

Instructions

Journalize the transactions using journal page \(\displaystyle \text{J1}\). (You may omit explanations.)

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