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ACCT 220 WEEK 1 HOMEWORK

ACCT 220 WEEK 1 HOMEWORK

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Author: Joyce Buda
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Problem 1
 
 
 
 
 
Record the following journal entries below.  The first two are done for you as examples.
 
 
 
 
 
 
 
 
 
Date
Event
 
 
 
 
02.01.16
Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
 
 
04.01.16
Purchased equipment on account for $15,000.  Note that when you see on account it means the customer will pay later.
12.01.16
Received $30,000 from customers for services rendered.  This was not previously billed to customer.
 
15.01.16
Received a bill for construction supplies used in the amount of $4,000.
 
 
 
18.01.16
Provided $6,400 of services on account.
 
 
 
 
20.01.16
Paid employees $4,600 for wages earned.
 
 
 
 
22.01.16
Collected the amount due for work provided on January 18.
 
 
 
23.01.16
Paid the amount due on equipment purchased on January 4.
 
 
 
25.01.16
Purchased (and used immediately) construction supplies for cash in the amount of $1,200.
 
 
31.01.16
The company paid Amanda Smith a $3,000 dividend
 
 
 
 
 
 
 
 
 
 
PROBLEM 2
 
 
 
Record the following journal entries below.  Hint - some transactions do not require a journal entry
 
 
 
 
Date
Event
 
 
02.06.15
Jose Alverado invested $50,000 cash in the capital stock of a new corporation
03.06.15
Paid rent for June in amount of $2,000.
 
 
06.06.15
Hired an assitant to be paid $6,000 per month.
 
 
07.06.15
Signed contract with Alpha Company to provide services for $15,000.
 
08.06.15
Purchased on account and immediately used $1,500 of office supplies.
 
09.06.15
Received $5,000 from Alpha Company for services performed to date.
 
15.06.15
Paid $2,400 travel expense associated with consultation work.
 
16.06.15
Provided services on account to Bravo Company for $6,000.
 
17.06.15
Paid $3,000 salary to assistant.
 
 
23.06.15
Billed Charlie Company $8,000 for consulting work performed.
 
25.06.15
Reimbursed assistant $150 for travel expenses.
 
 
26.06.15
Collected the amount due from Charlie Company for June 23 work.
 
27.06.15
Purchased office furniture for $8,000, paying $2,000 cash with balance on account.
27.06.15
Paid $1500 on account for June 8 purchase.
 
 
28.06.15
Completed contracted work for Alpha Company and billed remaining $10,000 on account.
30.06.15
Paid assistant $3,000 salary
 
 


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