General Journal
GENERAL JOURNAL Page 1 DATE 20*7 July DESCRIPTION OF ENTRY 1 Cash Craig Miller, Capital Owner invested in business 1 Prepaid Rent Cash Paid 6-month rent in advance 1 Equipment Cash Bought equipment 1 Prepaid Advertising Cash Paid one year advertising in advance 4 Supplies Cash Purhased supplies 6 Equipment Accounts Payable Purchased equipment on credit 15 Salaries Expense Cash Paid semi-month salaries 22 Telephone Expense Cash Paid telephone bill 31 Cash Accounts Receivable Fees Performed services 31 Utilities Expense Cash Paid utilities bill POST REF. √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 160 160 2,400 3,855 6,255 75 75 1,200 1,200 4,100 4,100 1,450 1,450 1,920 1,920 3,500 3,500 4,800 4,800 DEBIT CREDIT 27,000 27,000 GENERAL JOURNAL Page 2 DATE DESCRIPTION OF ENTRY POST REF. DEBIT CREDIT 20*7 √ July 31 Salaries Expense 1,200 √ Cash 1,200 Paid semi-month salaries ADJUSTING ENTRIES √ 31 Supplies Expense 750 √ Supplies 750 Record supplied consumed √ 31 Rent Expense 800 √ Prepaid Rent 800 Adjust for expired rent √ 31 Advertising Expense 160 √ Prepaid Advertising 160 Adjust for expired advertisement 31 Depreciation Expense-Equipment √ 110 √ Accum. Depr.-Equipment 110 Adjust for depreciation CLOSING ENTRIES √ 31 Fees 6,255 √ Income Summary 6,255 To close revenue account √ 31 Income Summary 4,455 √ Salaries Expense 2,400 √ Telephone Expense 75 √ Utilities Expense 160 √ Supplies Expense 750 √ Rent Expense 800 √ Advertising Expense 160 √ Depr. Expense-Equipment 110 To close expenses accounts √ 31 Income Summary 1,800 √ Craig Miller, Capital 1,800 To close Income Summary account
General Ledger
Account Name: CASH No.101 Page: 1
POST REF. 20*7 July 1 Owner investment J1 1 Paid rent in advance J1 1 Bought equipment J1 1 Paid ad. in advance J1 4 Purshased supplies J1 15 Paid semi-month salaries J1 22 Paid telephone bill J1 31 Performed services J1 31 Paid utilities bill J1 15 Paid semi-month salaries J2 DATE EXPLANATION
DEBIT CREDIT BALANCE 27,000 2,400 4,800 3,500 1,920 1,450 1,200 75 160 1,200 27,000 22,200 18,700 16,780 15,330 14,330 14,055 16,455 16,295 15,095
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