FINANCIAL ACCOUNTING
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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure
incurred the following transactions during July 2020, its first month of operations:
July 1 The owncr, Hanny Gill, invested $4,900 cash.
10 Purchased $2,400 worth of security equipment on credit.
12 Performed security services for a sold-out concert and received $12,000 cash from the
client.
14 Paid for expenses; $3,400.
15 Completed security services fora graduation event and sent the client a bill for
$1,150.
31 The owncer withdrew $240 Cash for personal use.
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Required:
2 Record the journal entries for the month of July
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Journal entry worksheet
3
4.
6
Record the investment by owner
Note: Enter debits before credits.
Date
General Jourmal
Debit
Credit
July 01. 2020
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Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources
Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following
transactions during May 2020:
May 1 Invested $77,0ee in cash and office equipment that had a fair value of $50,000 in the
business.
1 Prepaid $15,000 cash for three months' rent for an office.
2 Made credit purchases of office equipment for $25,000 and office supplies for $5,000.
6 Completed a report on hiring solutions for a client and collected $8, 200 cash.
9 Completed a $16,200 project implementing a training program for a client, who will pay
within 30 days.
10 Paid half of the account payable created on May 2.
19 Paid $7,700 cash for the annual premium on an insurance policy.
22 Received $13,000 as partial payment for the work completed on May 9.
25 Developed a performance review process for another client for $5,480 on credit.
25 Paid wages for May totalling $35,000.
31 withdrew $5,200 cash from the business to take a trip to Paris in June.
31 Purchased $1,700 of additional1 office supplies on credit.
31 Paid $1,420 for the
40
polnts
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utility bill.
Required:
1. Prepare journal entries to record the transactions.
View transaction list
Journal entry worksheet
13
<>
6 7
8 .....
3
4 5
1
Record the investment of $77,000 in cash and office equipment that had a fair
value of $50,000 in the business.
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- 3arrow_forwardRequirements Sheet in Workbook Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries Requirement 2—Post Journal Entries to the General Ledger General Ledger Requirement 3—Prepare a Trial Balance Trial Balance Requirement 4—Prepare the Adjusting Entries Adjusting Entries Requirement 5—Post Adjusting Entries to the General Ledger General Ledger Requirement 6—Prepare an Adjusted Trial Balance Adjusted Trial Balance Requirement 7—Prepare the Financial Statements Financial Statements Requirement 8—Prepare the Closing Entries Closing Entries Requirement 9—Post Closing Entries to the General Ledger General Ledger Requirement 10—Prepare the Post Closing Trial Balance Post-Closing Trial Balance During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company…arrow_forwardImgesarrow_forward
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