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Greeg Tobey Answer

The document contains a general journal for a company with 6 entries dated January 31. The entries include debiting accounts receivable for $15,600 in service revenue, utilities expense for $8,000 in utilities payable, interest expense for $5,000 in interest payable, depreciation expense for $48,000 in accumulated depreciation, insurance expense for $20,000 in prepaid insurance, and supplies expense for $9,000 in supplies.

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63 views6 pages

Greeg Tobey Answer

The document contains a general journal for a company with 6 entries dated January 31. The entries include debiting accounts receivable for $15,600 in service revenue, utilities expense for $8,000 in utilities payable, interest expense for $5,000 in interest payable, depreciation expense for $48,000 in accumulated depreciation, insurance expense for $20,000 in prepaid insurance, and supplies expense for $9,000 in supplies.

Uploaded by

Hope Trinity Enriquez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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(GREG TOOBEY)

General Journal

Date Transaction Details


31

31

31

31

31

31
Transaction Details Debit
Accounts Receivable 15,600
Service Revenue

Utilities Expense 8,000


Utilities Payable

Interest Expense 5,000


Interest Payable

Depreciation Expense - Equipment 48,000


Accumulated Depreciation - Equipment

Insurance Expense 20,000


Prepaid Insurance

Supplies Expense 9,000


Supplies

PROBLEM 2
1.      The balance of supplies on January 1 was 1,150
Solution: (850-650) = 950 = 1150

2.      The total Insurance Premium was 4800


Solution: 400x12 = 4,800
It was purchased on August 1 on the previous year.
Solution: (4,800-2,400)/400 = 6 months (August 1 – January 31)

3. Dec 31 (previous year) Balance of accounts receivable was 2,000


Solution: (3,000-1,800) + 800 = 2,000

4.     Dec 31 (previous year) Balance of Unearned Service Revenue was 1,150
Solution: (2,000-1,600) + 750 = 1,150
Credit

15,600

8,000

5,000

48,000

20,000

9,000

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