Journal Entries Trial balance Jack Smith's Computer Services
Not what you're looking for?
Using Microsoft Excel complete the following:
A. Prepare general journal entries for each of the following transations.
B. Post the journal entries from A. to the ledger accounts.
C. Prepare a Trial Balance
Hints: Only enter infromation in the cells with grey backgrounds. In the general ledger and trail balance you will need to leave some grey cells blank.
Jack Smith opened a new business on July 1. The name of the company is Computer Services.
On July 1, Jack Smith deposited $3,000 into his business account as his initial investment.
On July 2, he purchased office furniture for $900 cash for his new office.
On July 3, he paid $600 rent for his store.
On July 6, he paid $350 for advertising expense.
On July 7, he purchased a laptop for $999 on credit by signing a note.
On July 9, he received $700 for services provided to a client.
On July 18, he paid his assistant $275.
On July 22, he provided $650 of services on account and issued the client a bill.
On July 26, he paid a $333 installment towards the principle on the note entered into on July 7.
On July 28, he received $175 of the amount billed on July 22.
On July 30, Jack withdrew $500 for personal use.
Purchase this Solution
Solution Summary
Your tutorial is in excel, attached. Click in cells to see computations.
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Introduction to Finance
This quiz test introductory finance topics.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Operations Management
This quiz tests a student's knowledge about Operations Management
Basics of corporate finance
These questions will test you on your knowledge of finance.