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Marie Collins invested $100,000 of her own money and borrowed $50,000 to start her new pet shop called "Love thy Pet". Throughout January 2006, she paid rent, purchased equipment and supplies, hired employees, sold dogs, received customer payments, declared dividends, and purchased insurance. By the end of the month, Marie had completed various business transactions to get her new pet shop up and running.
Marie Collins invested $100,000 of her own money and borrowed $50,000 to start her new pet shop called "Love thy Pet". Throughout January 2006, she paid rent, purchased equipment and supplies, hired employees, sold dogs, received customer payments, declared dividends, and purchased insurance. By the end of the month, Marie had completed various business transactions to get her new pet shop up and running.
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Marie Collins invested $100,000 of her own money and borrowed $50,000 to start her new pet shop called "Love thy Pet". Throughout January 2006, she paid rent, purchased equipment and supplies, hired employees, sold dogs, received customer payments, declared dividends, and purchased insurance. By the end of the month, Marie had completed various business transactions to get her new pet shop up and running.
Droits d'auteur :
Attribution Non-Commercial (BY-NC)
Formats disponibles
Téléchargez comme PPT, PDF, TXT ou lisez en ligne sur Scribd
Posting to the General Ledger. List of Transactions for the month of January 2006 Marie Collins invested $100,000 of her own money into her new pet shop on January 1, 2006. The store will be named “Love thy Pet.” For January 1, 2006, Marie paid $1,350 rent on the pet shop. For January 2, 2006, Marie borrowed $50,000 by signing a 4-month, 10% note payable. For January 5, 2006, Marie purchased pet store equipment for $7,500 in cash. For January 6, 2006, Marie hired two salespeople to begin work on the 9th of January in the store for a bi-weekly wage of $800 each. For January 8, 2006, Marie receives a cash advance of $1,200 from a customer for an Irish sheep dog that will not arrive from the breeder until March 7, 2006. For January 10, 2006, Marie received $5,500 in cash for two bulldogs sold to a customer. For January 14, 2006, Marie purchased 2-months of pet supplies on account at a cost of $500 from Morrison pet supply store. For January 15, 2006, Marie declared and paid a dividend to stockholders of $400. For January 31, 2006 Marie purchased a 2-year insurance policy costing $2,400 that will expire on January 31 of 2008. For January 31, 2006, Marie paid the salespersons bi-weekly wages. Marie Collins invested $100,000 of her own money into her new pet shop on January 1, 2006. The store will be named “Love thy Pet.” For January 1, 2006, Marie paid $1,350 rent on the pet shop. For January 2, 2006, Marie borrowed $50,000 by signing a 4-month, 10% note payable. For January 5, 2006, Marie purchased pet store equipment for $7,500 in cash. For January 6, 2006, Marie hired two salespeople to begin work on the 9th of January in the shop for a bi-weekly wage of $800 each.
This transaction requires no journal entries because
assets were not exchanged at the time of this event. Because of no journal entry there is also no ledger entry. For January 8, 2006, Marie receives a cash advance of $1,200 from a customer for an Irish sheep dog that will not arrive from the breeder until March 7, 2006. For January 10, 2006, Marie received $5,500 in cash for two bulldogs sold to a customer. For January 14, 2006, Marie purchased 2-months of pet supplies on account at a cost of $500 from Morrison pet supply store. For January 15,2006, Marie declared and paid a dividend to stockholders of $400. For January 31, 2006 Marie purchased a 2-year insurance policy costing $2,400 that will expire on January 31 of 2008. For January 31, 2006, Marie paid the salespeople their bi-weekly wages.