Need help with some Jurnal entries for the month of march?
Mar 1Joan also invests her used vehicle into the business. She estimates that its fair value is ,000. Joan estimates that the vehicle will be useful to the business for four years, at which time its residual value will be ,000. It will only be used for business purposes.
Mar 1Joan signs a two year lease with Dungaree Property Management for the use of a space for her show room and warehouse storage. The show room represents half the leased area. The lease is effective March 1, 2009. Occupancy will begin immediately, and the amount paid for the lease is ,000.
Mar 1Joan needs to acquire general liability insurance and protect her inventory. She purchases an insurance policy for the business from RPC Insurance Brokers for ,000. The term of coverage is March 1, 2009 to February 28, 2010. She hires a security company to monitor the premises after-hours. They will invoice quarterly.
Mar 2Joan purchases a computer system and software for her business. The system costs ,000, which Joan financed with a two year note payable. Interest on the note will be paid every three months at an annualized interest rate of 9%. Joan estimates that the computer equipment will be useful to the business for five years, at which time its residual value will be {content}.
Mar 2Joan purchases used shelving and racks costing ,000 from BGH Library Services. BGH offers credit terms of 1/15, net 30. Joan estimates this store equipment will be useful to the business for four years, at which time its residual value will be 00.
Mar 2Joan purchases on account from Grand & Toy 0 of office supplies.
Mar 3Joan purchases on account from a manufacturer 20 desks with hutch bookcases at a cost of 00 each, 20 oak credenzas at a cost of 0 each, and 40 art prints at 0 each. The manufacturer offers credit terms of 2/10, net 30 to its customers. Joan picks up the inventory from their warehouse in north east Calgary, and transports it to her show
room.
Mar 5Joan purchases on account from another wholesaler 100 sets of the latest anti-glare monitor covers and document stands. These items of inventory had a total cost of ,000. The wholesaler offers credit terms of 3/5, net 30 to its customers. Joan picks up the inventory from the wholesaler’s warehouse in south east Calgary, and transports it to her show room.
Mar 10Joan records one journal entry for the sales from the first week of business. All of the sales were cash sales, except for a large sale on Mar 9 to Spaces Direct Co. on credit. Cash sales totalled ,000. The list price of the sale to Spaces Direct Co. is ,800, but they are given a 10% trade discount. The cost of the inventory sold was ,000.
Mar 12Joan interviews and hires a salesperson, Cheech Marin, to provide in-store sales. Tim will begin working on Thursday Mar 12, and will work three days a week (Thursday through Saturday) at a salary of 0/day (assume no source deductions). Pay day will be every second Saturday beginning Saturday Mar 21, and will include all days worked up to and including the day of pay.
Mar 14Spaces Direct Co. returns some pieces from the purchase on Mar 9 (wrong colour). Joan issues a credit memo to them for the ,400 price of the furniture (original cost of 0). They are then placed back on display for resale.
Mar 17Joan records one journal entry for the sales from the second week of business. All of the ,000 sales were for cash. The cost of the inventory sold was ,000.
Mar 19Payment is received from Spaces Direct Co. for the final amount owing for the Mar 9 credit sale.
Mar 22Payments are made to Grand & Toy and BGH for the Mar 2 purchases.
Mar 24Joan records one journal entry for the sales from the third week of business. All of the ,200 sales were for cash. The cost of the inventory sold was ,400.
Mar 21Cheech is paid his wages for his first two weeks of employment.
Mar 28Joan receives a payment of ,000 from a local medical centre for wall hangings to be supplied in early May.
Mar 31Joan records one journal entry for the sales from the fourth week of business. All of the sales were cash sales, except for a large sale on Mar 29 to Spaces Direct Co. on credit. Cash sales totalled ,600. The list price of the sale to Spaces Direct Co. is ,800, but they are given a 10% trade discount. The cost of the inventory sold was ,800.
Mar 31Joan withdraws ,000 cash for her personal use
Additional March 31 adjusting entry information
1.A count of office supplies reveals that 0 of supplies remain in stock.
2.Joan estimates that the security service bill for March will be approximately 0.
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Need Help about Quickbooks (you can send the answer to zola_papou@yahoo.com?
i have homework about Quickbooks sofware and i dont’n know how to make these entries, can anyone help? the following are entries
January 2 The owner, Haneen Mousa, invested ,000 cash by depositing it in the business account at QNB. In return, she received 1,000 shares of par value common stock.
January 2 Paid Fatma Mohammed, an attorney, 5 for her services to help organize the corporation.
January 2 Paid the Qatar Corporation Commission a total of for charter and filing fees.
January 2 The owner signed a contract to lease a small shop at a monthly rent of 0. You paid ,500 for a three month period to Qatar Rent-It Company.
January 3 Paid 0 to the Gulf Insurance Company for one-year insurance policy.
January 3 Purchased equipment from Qatar Equipment Corporation for ,000 paying a down payment of ,200 and agreeing to pay the balance within 30 days.
January 4 Purchased on account office supplies costing 0 from Supplies Inc.
January 5 Purchased repair supplies for 0 from Hamad Electronic Supply Company. You paid for you in cash.
January 9 Paid to the local newspaper for advertising the opening of the new business.
January 12 You repaired a chair for Ahmed Suleiman. The total bill was . When he picked up his chair, he paid you and agreed to pay the balance within 30 days.
January 29 Received a check from Ahmed Suleiman for the mount due on his account.
January 30 Received the January telephone bill for from Q-Tel and decided to pay it in February.
January 30 Received the January utility bill for 0 from Kharama and paid it.
January 31 Mohsen Ibrahim chair had been repaired for a total of on account.
January 31 Your first month cash repair revenue totaled ,030.
January 31 Paid Qatar Equipment Corporation the balance due on account.
Adjusting entries for January:
1.Office supplies with a cost of 5 are on hand at the end of the month.
2.Repair supplies with a cost of 0 are on hand at the end of the month.
3.The estimated useful life of the equipment is 5 years with no salvage value. Use straight line depreciation method.
4.You decided to amortize the organization costs over a period of five years.
5.Examine the prepaid rent account for possible adjustments.
6.Examine the prepaid insurance account for possible adjustment.
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