Question

Below are individual unrelated transactions from various companies. Record each transaction in the General Journal directly below it. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). a) March 30: Frank Levens (a shareholder), received share capital in Antique Accents, after investing $35,000 cash and $10,000 worth of supplies in Antique Accents General Journal Page GJ5 Effect On Date Account/Explanation F Debit Credit Balance Sheet + -1 b) April 11: $1,500 of commissions were earned and collected today by JenCo. General Journal Page GJ5 Effect On Date Account/Explanation F Debit Credit Balance Sheet + - 1 c) June 5: Southwest Consulting purchased $100 of supplies on credit. General Journal Page GJ5 Effect On Date Account/Explanation F Debit Credit Balance Sheet d) June 12: Raintree performed consulting services for a customer and received $300. General Journal Page GJ5 Effect On Date Account/Explanation F Debit Credit Balance Sheet e) June 13. Text Tech used credit to purchase $4,250 of equipment. General Journal Effect On Date Account/Explanation F Debit Credit Balance Sheet Page GJ5

Answer 1

No.	Date	Particulars			Debit	Credit	Effect
a)	30/Mar'	Cash			$ 35,000.00		Asset increase
		Supplies			$ 10,000.00		Asset increase
		To Share Capital				$ 45,000.00	Equity increase
b)	11/Apr'	Cash			$   1,500.00		Asset increase
		To Commission Earned				$   1,500.00	Equity increase
c)	5/June'	Supplies			$      100.00		Asset increase
		To Accounts Payable				$      100.00	Liability increase
d)	12/June'	Cash			$      300.00		Asset increase
		To Service Revenue				$      300.00	Equity increase
e)	13/June'	Equipment			$   4,250.00		Asset increase
		To Accounts Payable				$   4,250.00	Liability increase
f)	22/June'	Equipment			$   4,000.00		Asset increase
		To Cash				$   4,000.00	Asset decrease
g)	15/Aug'	Accounts Payable			$   1,500.00		Liabilities decrease
		To Equipment				$   1,500.00	Asset decrease
h)	30/Aug'	Advertising Expense			$   1,000.00		Equity decrease
		To Accounts Payable				$   1,000.00	Liability increase
i)	1/Sep'	Equipment			$   4,500.00		Asset increase
		To Cash				$   1,000.00	Asset decrease
		To Accounts Payable				$   3,500.00	Liability increase
j)	15/Sep'	Accounts Payable			$      500.00		Liabilities decrease
		To Cash				$      500.00	Asset decrease
k)	1/Oct'	Cash			$      800.00		Asset increase
		To Commission Earned				$      800.00	Equity increase
l)	27/Oct'	Dividends			$   3,500.00		Equity decrease
		To Cash				$   3,500.00	Asset decrease
m)	5/Dec'	Salaries Expense			$   5,750.00		Equity decrease
		To Cash				$   5,750.00	Asset decrease
n)	8/Dec'	Accounts Receivable			$   1,100.00		Asset increase
		Rent Revenue				$   1,100.00	Equity increase
o)	30/Dec'	Salaries Expense			$ 22,000.00		Equity decrease
		To Cash				$ 22,000.00	Asset decrease

Please let me know if you find anything incorrect. Thank you