Tuesday, November 10, 2015

Journal Entries – Exercises

Rabbit Miniature Golf Inc was opened on February 1 by Michael Rabbit. The following selected events and transaction occurred during February.
Feb.     1          Invested $60,000 cash in the business in exchange for ordinary shares.
2          Purchased Nadine Karo land for $40,000. The price consists of land $15,000; building $20,000 and Equipment $5,000. (Make one compound entry).

4          Paying advertising expenses of $10,000.
7          Paid Cash $1,500 for a one year insurance police.
10        Purchased Golf equipment for $3,000 from Ketut Sport, Payable in 30 days.
18        received golf fees of $2,800 in cash.
23        Declared and paid a $1,000 cash dividend.
25        paid wages of $700
28        Paid Ketut Sport in full.
28        Received $1,000 of fees in cash.

Intructions
Journalize the February Transactions. (Provide explanations for the journal entries)

Answer :

Date
Description
Debet
Credit
Feb       1
Cash
$60,000


     Share Capital - Ordinary

60,000




2
Land
15,000


Building
20,000


Equipment
5,000


     Cash

40,000




4
Advertising Expense
10,000


     Cash

10,000




7
Prepaid Insurance
1,500


     Cash

1,5000




10
Equipment
3,000


     Account Payable

3,000




18
Cash
2,800


     Service Revenue

2,800



                            
23
Dividends
1,000


     Cash

1,000




25
Wages Expanse
700


     Cash

700




28
Account payable
3,000


     Cash

3,000




28
Cash
1,000


     Service Revenue

1,000

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3 comments:

  1. yang tanggal 28. Paid Ketut Sport in full.
    apa gak kebalik jurnalnya ?

    ReplyDelete
    Replies
    1. @kalong : gk itu sdh pas krna pda tnggal 10 ketut berhutang dan di tanggal 28 dibayar.

      Delete
    2. kebalik gan itu, ntar di akhir utangnya jd 6000 dong malah

      Delete

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