Journal entries

BBA BBA-BI Financial Accounting Financial Accounting I FIRST SEMESTER Second Semester

Questions: Make Journal entries,trial balence ,Accounting equation  

        Expert Counselling Service Incorporation    
        Accounting Equation for the month of march    
                     
Assets = Liabilities and Owners Equity
Date Cash A/R Supplies Equipment     A/P N/P Capital Stock R/E
2-Mar 40000               40000  
7-Mar 15000             15000    
bal 55000             15000 40000  
12-Mar     700       700      
bal 55000   700       700 15000 40000  
19-Mar   4000               4000
bal 55000 4000 700       700 15000 40000 4000
20-Mar (1,300)                 (1300)
bal 53,700 4000 700       700 15000 40000 2700
22-Mar 1000 (1000)                
bal 54,700 3000 700       700 15000 40000 2700
26-Mar 2800                 2800
bal 57,500 3000 700       700 15000 40000 5500
29-Mar (8000)     8000            
bal 49,500 3000 700 8000     700 15000 40000 5500
30-Mar (3300)                 (3300)
bal 46,200 3000 700 8000     700 15000 40000 2200
31-Mar (1400)                 (1400)
  44,800 3000 700 8000     700 15000 40000  
Total Assets=56500     Total liabilities +O/E=565000

  Experts Counseling Services Incorporation                                                               Journal Entries

Date Particulars Debit Credit
       
March 2 Cash Capital stock (To record issuance of capital stock exchange for cash) 40000   40000
March 7 Cash Notes payable (To record loan taken from bank) 15000   15000
March 12 Miscellaneous Supplies Accounts payable (To record purchase of miscellaneous supplies on credit) 700   700
March 19 Accounts Receivable Service Revenue (To record service provided on credit) 4000   4000
March 20 Advertisement expenses Cash (To record cash paid for advertisement ) 1300   1300
March 22 Cash Accounts Receivable (To record collection of cash from receivable) 1000   1000
March 26 Cash Service Revenue (To record cash collection for providing service) 2800   2800
March 29 Computer System Cash (To record purchase of computer system on cash) 8000   8000
March 30 Salary and wages Cash (To record payment of salary and wages on cash) 3300   3300
March 31 Utility expenses Cash (To record payment of utilities expenses on cash) 1400   1400
March 31 Cash Utilities expenses 1400   1400
  Total 78900 78900

      Expert Counseling Service Incorporation                                            Trial Balence

S.no. Particulars Debit Credit
       
1 Cash 46200  
2 Capital Stock   40000
3 Notes Payable   15000
4 Miscellaneous supplies 700  
5 Accounts Payable   700
6 Accounts Receivable 3000  
7 Computer system 8000  
8 Salary and wages 3300  
9 Service revenue   6800
10 Advertisement expense 1300  
  Total 62500 62500

 

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