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DATE TRANSACTIONS January 2 Purchased supplies for $14,000; issued Check 1015. January 2 Purchased a one-year insurance policy for $16,800. January 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. January 12 Collected a total of $8,000 on account from credit customers during the first week of January. January 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. January 13 Collected a total of $9,000 on account from credit customers during the second week of January. January 14 Returned supplies that were damaged for a cash refund of $1,500. January 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. January 20 Purchased supplies for $10,000 from White’s, Incorporated; received Invoice 2384 payable in 30 days. January 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. January 20 Collected a total of $11,200 on account from credit customers during the third week of January. January 21 Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. January 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. January 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020. January 26 Collected a total of $3,200 on account from credit customers during the fourth week of January. January 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. January 28 Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. January 29 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January. January 31 Issued Checks 1023–1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. January 31 Issued Check 1028 for $24,000 for personal use. January 31 Issued Check 1029 for $8,300 to pay for maintenance services for the month. January 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. January 31 Sold services for $15,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS January 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand. January 31 Compute and record the adjustment for expired insurance for the month. January 31 Record the adjustment for one month of expired rent of $4,000. January 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February General Ledger tab: Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Figure 6.3. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal. General Ledger tab: Post the transactions to the general ledger accounts. Worksheet tab: Prepare the Trial Balance section of the worksheet. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. Worksheet tab: Complete the worksheet. Income Statement tab: Prepare an income statement for the month. Statement of Owner's Equity tab: Prepare a statement of owner’s equity. Balance Sheet tab: Prepare a balance sheet. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts. Post Closing tab: Prepare a postclosing trial balance.

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Answer to a math question DATE TRANSACTIONS January 2 Purchased supplies for $14,000; issued Check 1015. January 2 Purchased a one-year insurance policy for $16,800. January 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. January 12 Collected a total of $8,000 on account from credit customers during the first week of January. January 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. January 13 Collected a total of $9,000 on account from credit customers during the second week of January. January 14 Returned supplies that were damaged for a cash refund of $1,500. January 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. January 20 Purchased supplies for $10,000 from White’s, Incorporated; received Invoice 2384 payable in 30 days. January 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. January 20 Collected a total of $11,200 on account from credit customers during the third week of January. January 21 Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. January 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. January 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020. January 26 Collected a total of $3,200 on account from credit customers during the fourth week of January. January 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. January 28 Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. January 29 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January. January 31 Issued Checks 1023–1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. January 31 Issued Check 1028 for $24,000 for personal use. January 31 Issued Check 1029 for $8,300 to pay for maintenance services for the month. January 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. January 31 Sold services for $15,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS January 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand. January 31 Compute and record the adjustment for expired insurance for the month. January 31 Record the adjustment for one month of expired rent of $4,000. January 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February General Ledger tab: Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Figure 6.3. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal. General Ledger tab: Post the transactions to the general ledger accounts. Worksheet tab: Prepare the Trial Balance section of the worksheet. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. Worksheet tab: Complete the worksheet. Income Statement tab: Prepare an income statement for the month. Statement of Owner's Equity tab: Prepare a statement of owner’s equity. Balance Sheet tab: Prepare a balance sheet. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts. Post Closing tab: Prepare a postclosing trial balance.

Expert avatar
Jayne
4.4
105 Answers
**Step 1: General Journal Entries for January:**

1. Purchased supplies for $14,000; issued Check 1015:
\text{Debit Supplies} \quad \$14,000
\text{Credit Cash (Check 1015)} \quad \$14,000

2. Purchased a one-year insurance policy for $16,800:
\text{Debit Insurance Expense} \quad \$16,800
\text{Credit Accounts Payable} \quad \$16,800

3. Sold services for $30,000 in cash and $20,000 on credit:
\text{Debit Cash} \quad \$30,000
\text{Debit Accounts Receivable} \quad \$20,000
\text{Credit Service Revenue} \quad \$50,000

4. Collected $8,000 on account from credit customers:
\text{Debit Cash} \quad \$8,000
\text{Credit Accounts Receivable} \quad \$8,000

5. Issued Check 1017 for $7,200 for special promotional advertising:
\text{Debit Advertising Expense} \quad \$7,200
\text{Credit Cash (Check 1017)} \quad \$7,200

6. Collected $9,000 on account from credit customers:
\text{Debit Cash} \quad \$9,000
\text{Credit Accounts Receivable} \quad \$9,000

7. Returned damaged supplies for a cash refund of $1,500:
\text{Debit Cash} \quad \$1,500
\text{Credit Supplies} \quad \$1,500

8. Sold services for $41,400 in cash and $4,600 on credit:
\text{Debit Cash} \quad \$41,400
\text{Debit Accounts Receivable} \quad \$4,600
\text{Credit Service Revenue} \quad \$46,000

9. Purchased supplies for $10,000 from White’s, Incorporated:
\text{Debit Supplies} \quad \$10,000
\text{Credit Accounts Payable} \quad \$10,000

10. Sold services for $25,000 in cash and $7,000 on credit:
\text{Debit Cash} \quad \$25,000
\text{Debit Accounts Receivable} \quad \$7,000
\text{Credit Service Revenue} \quad \$32,000

11. Collected $11,200 on account from credit customers:
\text{Debit Cash} \quad \$11,200
\text{Credit Accounts Receivable} \quad \$11,200

12. Issued Check 1018 for $14,130 for maintenance work:
\text{Debit Maintenance Expense} \quad \$14,130
\text{Credit Cash (Check 1018)} \quad \$14,130

13. Issued Check 1019 for $7,200 for special advertising:
\text{Debit Advertising Expense} \quad \$7,200
\text{Credit Cash (Check 1019)} \quad \$7,200

14. Paid telephone bill of $2,050 with Check 1020:
\text{Debit Telephone Expense} \quad \$2,050
\text{Credit Cash (Check 1020)} \quad \$2,050

15. Collected $3,200 on account from credit customers:
\text{Debit Cash} \quad \$3,200
\text{Credit Accounts Receivable} \quad \$3,200

16. Paid $6,000 to Office Plus on account:
\text{Debit Accounts Payable} \quad \$6,000
\text{Credit Cash (Check 1021)} \quad \$6,000

17. Paid utilities bill of $5,350 with Check 1022:
\text{Debit Utilities Expense} \quad \$5,350
\text{Credit Cash (Check 1022)} \quad \$5,350

18. Paid salaries totaling $65,600 with Checks 1023-1027:
\text{Debit Salaries Expense} \quad \$65,600
\text{Credit Cash (Checks 1023-1027)} \quad \$65,600

19. Issued Check 1028 for $24,000 for personal use:
\text{Debit Owner's Withdrawals} \quad \$24,000
\text{Credit Cash (Check 1028)} \quad \$24,000

20. Paid $8,300 for maintenance services with Check 1029:
\text{Debit Maintenance Expense} \quad \$8,300
\text{Credit Cash (Check 1029)} \quad \$8,300

21. Purchased equipment for $30,000; paid $20,000 with Check 1030:
\text{Debit Equipment} \quad \$30,000
\text{Credit Cash (Check 1030)} \quad \$20,000
\text{Credit Accounts Payable} \quad \$10,000

22. Sold services for $15,200 in cash and $3,240 on credit:
\text{Debit Cash} \quad \$15,200
\text{Debit Accounts Receivable} \quad \$3,240
\text{Credit Service Revenue} \quad \$18,440

**Answer:** General Journal entries have been provided for each transaction in January.

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