Explore BrainMass
Share

Explore BrainMass

    Journal Entries Trial balance Jack Smith's Computer Services

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com October 10, 2019, 6:23 am ad1c9bdddf
    https://brainmass.com/business/trial-balance/journal-entries-trial-balance-jack-smith-computer-services-542251

    Attachments

    Solution Summary

    Your tutorial is in excel, attached. Click in cells to see computations.

    $2.19