ACC 205 Week 1 Exercise 7 Basic journal entries
Basic journal entries
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Get Help Now!The following transactions pertain to the Jennifer Royall Company:
Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000 from into the business.
5 Provided $1,200 of services to Jason Ratchford, a client, on account.
9 Paid $250 of salaries to an employee.
14 Acquired a new computer for $3,200, on account.
20 Collected $800 from Jason Ratchford for services provided on April 5.
24 Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
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ACC 205 Week 1 Exercise 8 Trial balance preparation
Trial balance preparation. Brighton, a sole proprietorship began operation on March 1 of the current year. The following account balances were extracted from the general ledger on March 31; all accounts have normal balances.
| Accounts Payable | $ 12,000 | Interest Expense | $ 300 |
| Accounts Receivable | 8,800 | Land | ? |
| Advertising Expense | 5,700 | Loan Payable | 26,000 |
| Bob Brighton, Owners Equity | 30,000 | Salaries Expense | 11,100 |
| Cash | 22,500 | Utilities Expense | 700 |
| Fees Earned 18,900 |
- Determine the cost of the company’s land by preparing a trial balance. (Remember, the trial balance debits must equal the credits, see Exhibit 2.9)
- Determine the firm’s net income for the period ending March 31.
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