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Accounting Journal Entry....little help...?

I am pretty sure i know what i am doing. I just have a couple questions.


on a few journal entries.

12/3 Paid Cash for a computer $3,000. Computer is expected to remain in service for 5 years.

do i just credit cash for 3000 and debt equipment for 3000?
do i need to do a journal entry for depreciation and all of that?
or do i just wait until the endof the year and do an adjusting entry?

would this be the same thing...

12/4 purchased office furniture on account 3600. furniture should last 5 years.

I also have a list of adjusting entrys that need to be done. not to sure how to do them

1. Accured service revenue 400(earned but payment would be received until next period

2. supplies still on hand at the end of the month $100

3. Depreciation expene- equipment $50 and furniture $60

4. Accured 1/3 of secretarys monthly salary(earned but not paid until next period.(JE info is Hired
secretary to be paid 1500 on the 20th day of each month...it happened on 12/21)

• 2 years ago
Additional Details
12/2—Received $7,000 cash from Schulz. Issued common stock to her.

12/2—Paid monthly office rent, $500

12/3—Paid cash for a Dell computer, $3,000. The computer is expected to remain in service for
five years.

12/4—Purchased office furniture on account, $3,600. The furniture should last for five years.

12/5—Purchased supplies on account, $300.

12/9—Performed tax service for a client and received cash for the full amount of $800.

12/12—Paid utility expenses, $200.

12/18—Performed consulting service for a client on account, $1,700.

12/21—Received $900 in advance for tax work to be performed evenly over the next 30 days.

12/21—Hired a secretary to be paid $1,500 on the 20th day of each month. (Note: this is not a
transaction to journalize at this point. The information will be used to accrue salary on 12/31.

12/26—Paid for the supplies purchased on December 5.

12/28—Collected $600 from the consulting client on December 18.


2 years ago
above and below is actual assignment

any help is appreciated

12/30—Declared and paid dividends of $1,600.

Here are the Adjustments to be journalized and posted on 12/31:

A. Accrued service revenue, $400. (Earned, but payment won't be received until next period)
B. 1/3 of the service revenue collected in advance on December 21 has now been earned.
C. Supplies still on hand at the end of month, $100.
D. Depreciation expense—equipment, $50; furniture, $60.
E. Accrued 1/3 of the secretary’s monthly salary. (Earned, but won't be paid until next period)
2 years ago

Best Answer - Chosen by Asker


12/3 Paid Cash for a computer $3,000. Computer is expected to remain in service for 5 years.
The question doesn't mention depreciation, so ignore it for now.
Dr Equipment $3,000
Cr Cash $3,000

12/4 purchased office furniture on account 3600. furniture should last 5 years
Dr Office Furn. $3,600
Cr AP $3,600

1. Accured service revenue 400 (earned but payment would be received until next period
Dr AR $400
Cr Service revenue $400

2. supplies still on hand at the end of the month $100


Dr Supplies expense $200
Cr Supplies $200

3. Depreciation expense- equipment $50 and furniture $60


Dr Depreciation expense- equipment $50
Dr Depreciation expense- furniture $60
Cr Accumulated depn - equipment $50
Cr Accumulated depn - furniture $60

4. Accured 1/3 of secretarys monthly salary(earned but not paid until next period.(JE info is Hired
secretary to be paid 1500 on the 20th day of each month...it happened on 12/21)
Dr Salaries expense $500
Cr Salaries payable $500

12/2—Received $7,000 cash from Schulz. Issued common stock to her


Dr Cash $7,000
Cr Common stock $7,000

12/2—Paid monthly office rent, $500


Dr Rent expenses $500
Cr CAsh $500

12/5—Purchased supplies on account, $300


Dr Supplies $300
Cr AP $300

12/9—Performed tax service for a client and received cash for the full amount of $800
Dr Cash $800
Cr Service revenue $800

12/12—Paid utility expenses, $200


Dr Utility expense $200
Cr Cash $200

12/18—Performed consulting service for a client on account, $1,700


Dr AR $1,700
Cr Service revenue $1,700

12/21—Received $900 in advance for tax work to be performed evenly over the next 30 days
Dr Cash $900
Cr Unearned revenue $900

12/26—Paid for the supplies purchased on December 5


Dr AP $300
Cr Cash $300

12/28—Collected $600 from the consulting client on December 18


Dr Cash $600
Cr AR $600

12/30—Declared and paid dividends of $1,600


Dr Dividends $1,600
Cr Cash $1,600
• 2 years ago