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Need a general journal made with the following transactions
February
1 I invest
Need a general journal made with the following transactions
February
1 I invested $2,500 cash and $1,580 of supplies into the business. I also opened a bank account in the business’s name.
1 Purchased a 12-month business insurance policy for $1,200.
1 Took out a small business loan of $5,000 from My Local Bank. The first payment will not be due until the end of March.
1 Purchased repair equipment for $2,100 cash. This equipment should last for about five years.
3 Paid landlord $875 for January rent on my repair shop.
4 Customer John Stewart brought in a device for repair. It took me two weeks to complete the repair. I gave John an invoice for $10,900 on February 18th when he picked up his device.
5 Paid my roommate $375 for my half of the rent on my apartment where I live.
6 Purchased $380 of supplies with cash from Circuit City.
14 Customer Sarah Church dropped of a device for repair and a cash prepayment of $50.
15 Paid assistant’s salary of $1,200. I have one worker who I pay every two weeks on Friday.
16 Purchased $440 of supplies on account from Technology Warehouse.
18 Completed Sarah Church’s repair. Total repair charge was $75. Sarah paid the remaining balance when she picked up her device on February 18th.
21 Customer Dr. Embert prepaid $4,000 for a device he plans to deliver to me on March 3rd for repair.
22 Discussed potential contract with local computing firm. Will likely be worth $45,000 of work. They will let me know in the next couple of months if they want to move forward.
23 Received $1,000 from John Stewart as payment on the work billed on February 18th.
27 I took $5,000 out of the business bank for myself.
28 Received the February utility bill. It is for $95. I will pay it next month because it is not due until March 10th.
a. One month of the business insurance coverage has expired.
b. At the end of February, $880 of the supplies have been used.
c. Assistant is paid every two weeks on Friday. Since February 28th fell on a Thursday, the majority of her biweekly pay ($1,080) is unrecorded at February 28th.
d. The equipment is expected to last 5 years and is expected to have no residual value. Depreciation should be recorded at the end of every month.
e. Cinder had completed a repair job worth $3,000 at the end of February but hadn’t had a chance to bill customer Adam Hamm for it yet.
1. Journalize the closing entries at February 28, 2022.
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