Need help with journalizing accounting entries ASAP, PLEASE help me!?

June 1: Lauryn made an investment in Johnson Inc by purchasing 4,250 shares of its common stock for $157,250 cash. Par value of the common stock was $27 per share.

June 1: David Jacobs made an investment in Johnson Inc. by purchasing 2580 shares of its common stock, paying 39,960 in cash and by contributing computer equipment with a fair market value of $55,000 Par value of common stock was $27 per share.

June 1: Courtney made an investment in Johnson Inc. by purchasing 564 shares of its common stock by contributing computer equipment with a fair market value of $19,240 and office equipment with a fair value of $1,628. The par value of the stock was $27 per share.

June 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $145,000.00 A 5 year note was executed by Johnson for the balance

June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.

June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Johnson

June 8: Purchased office supplies for $1,650.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $25.00 each.

June 10: Check # 5003 was used to make a $22,250.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers

June 14: Check # 5004 was used to purchase a one year insurance policy covering computer equipment for $5,808.00 From Seth's Insurance. The effective date of policy was June 16 and the invoice number was 2387.

June 16: Checks in the amount of $6,250 were received for services performed for cash customers.

June 16: Johnson purchased a building and the land it is on for $101,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000.00 The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,100.00. A 30 year mortgage with an initial payment due on August 1, was established for the balance.

June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July, and August

June 17: Received invoice number 26354 in the amount of $475.00 from the local newspaper for advertising

June 21: Accounts payable in the amount of $560.00 were paid with Check # 5007

June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $800.00 the invoice number was 975-328

Thank you VERY MUCH!!!!!!!

4 Answers

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  • Sandy
    Lv 7
    10 years ago
    Best Answer

    June 1: Lauryn made an investment in Johnson Inc by purchasing 4,250 shares of its common stock for $157,250 cash. Par value of the common stock was $27 per share

    Dr Cash $157,250

    Cr Common stock $114,750

    Cr Additional paid-in capital in excess of par $42,500

    June 1: David Jacobs made an investment in Johnson Inc. by purchasing 2580 shares of its common stock, paying 39,960 in cash and by contributing computer equipment with a fair market value of $55,000 Par value of common stock was $27 per share

    Dr Cash 39,960

    Dr Computer equipment 55,000

    Cr Common stock $69,660

    Cr Additional paid-in capital in excess of par $25,300

    June 1: Courtney made an investment in Johnson Inc. by purchasing 564 shares of its common stock by contributing computer equipment with a fair market value of $19,240 and office equipment with a fair value of $1,628. The par value of the stock was $27 per share

    Dr Computer equipment $19,240

    Dr Office equipment $1,628.

    Cr Common stock $15,228

    Cr Additional paid-in capital in excess of par $5,640

    June 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $145,000.00 A 5 year note was executed by Johnson for the balance

    Dr Computer equipment $145,000.00

    Cr Cash $29,000.00

    Cr Notes payable $116,000

    June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432

    Dr Office equipment $700.00

    Cr Accounts payable $700.00

    June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Johnson

    Dr AP $140.00

    Cr Office equipment $140.00

    June 8: Purchased office supplies for $1,650.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $25.00 each

    Dr Office supplies $1,650.00

    Cr AP $1,650.00

    June 10: Check # 5003 was used to make a $22,250.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers

    Dr Notes payable $22,250.00

    Cr Cash $22,250.00

    June 14: Check # 5004 was used to purchase a one year insurance policy covering computer equipment for $5,808.00 From Seth's Insurance. The effective date of policy was June 16 and the invoice number was 2387

    Dr Prepaid insurance $5,808.00

    Cr Cash $5,808.00

    June 16: Checks in the amount of $6,250 were received for services performed for cash customers

    Dr Cash $6,250

    Cr Services revenue $6,250

    June 16: Johnson purchased a building and the land it is on for $101,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000.00 The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,100.00. A 30 year mortgage with an initial payment due on August 1, was established for the balance

    Dr Land $16,000.00

    Dr Building 85,000

    Cr Cash $10,100.00

    Cr Mortgage payable 90,900

    June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July, and August

    Dr Prepaid rent $7,500.00

    Cr Cash $7,500.00

    June 17: Received invoice number 26354 in the amount of $475.00 from the local newspaper for advertising

    Dr Advertising expense $475.00

    Cr AP $475.00

    June 21: Accounts payable in the amount of $560.00 were paid with Check # 5007

    Dr AP $560.00

    Cr Cash $560.00

    June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $800.00 the invoice number was 975-328

    Dr Office equipment $800.00

    Cr Cash $800.00

  • 4 years ago

    You need to tell us what accounts you are doing.is it in the cashbook ledger or journal.?

  • Anonymous
    10 years ago

    LOL that looks very much like an accounting test or homework sheet... :P.

  • 10 years ago

    Are you with UOP?

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