Financial Accounting
Complete the following problems on an excel spreadsheet. Number your entries based on the letter. Be sure to use the appropriate account name for each
transaction.
Each transaction should have two accounts (debit and credit)
PA12.) Sewn for You had the following transactions in its first week of business.
Prepare the necessary journal entries to record these transactions.
A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange.
B. Paid $2,250 to cover the first three months’ rent.
C. Purchased $500 of sewing supplies. She paid cash for the purchase.
D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance.(compound entry)
E. Finished a job for a customer earning $180. The customer paid cash.
F. Received a $500 down payment to make a wedding dress.
G. Received an electric bill for $125 which is due to be paid in three weeks.
H. Completed an altering job for $45. The customer asked to be billed.
PA16.) Prepare journal entries to record the following transactions for the month of July:
Use the appropriate date.
A. on first day of the month, paid rent for current month, $2,000
B. on tenth day of month, paid prior month balance due on accounts, $3,100
C. on twelfth day of month, collected cash for services provided, $5,500
D. on twenty-first day of month, paid salaries to employees, $3,600
E. on thirty-first day of month, paid for dividends to shareholders, $800
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