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    Journal Entries and Trial Balance: Enter The Following Transactions On Page 2 of The Two-Column Journal

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    nabila safira
    Jay Pryor established an interior decorating business called Pioneer Designs. Throughout October, Jay had various business transactions including transferring cash, paying rent and insurance, purchasing equipment and supplies, completing jobs, receiving payments from customers, and paying expenses. The document provides a list of transactions for Jay to journalize in a two-column journal and post to a ledger to prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014.

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    Journal Entries and Trial Balance: Enter The Following Transactions On Page 2 of The Two-Column Journal

    Uploaded by

    nabila safira
    52 views1 page
    Jay Pryor established an interior decorating business called Pioneer Designs. Throughout October, Jay had various business transactions including transferring cash, paying rent and insurance, purchasing equipment and supplies, completing jobs, receiving payments from customers, and paying expenses. The document provides a list of transactions for Jay to journalize in a two-column journal and post to a ledger to prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014.

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    PR 2-3B

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    Jay Pryor established an interior decorating business called Pioneer Designs. Throughout October, Jay had various business transactions including transferring cash, paying rent and insurance, purchasing equipment and supplies, completing jobs, receiving payments from customers, and paying expenses. The document provides a list of transactions for Jay to journalize in a two-column journal and post to a ledger to prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    52 views1 page

    Journal Entries and Trial Balance: Enter The Following Transactions On Page 2 of The Two-Column Journal

    Uploaded by

    nabila safira
    Jay Pryor established an interior decorating business called Pioneer Designs. Throughout October, Jay had various business transactions including transferring cash, paying rent and insurance, purchasing equipment and supplies, completing jobs, receiving payments from customers, and paying expenses. The document provides a list of transactions for Jay to journalize in a two-column journal and post to a ledger to prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    PR 2-3B Journal entries and trial balance

    On October 1, 2014, Jay Pryor established an interior decorating business, Pioneer Designs.
    During the month, Jay completed the following transactions related to the business:
    Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the
    business, $18,000.
    4. Paid rent for period of October 4 to end of month, $3,000.
    10. Purchased a used truck for $23,750, paying $3,750 cash and giving a note payable
    for the remainder.
    13. Purchased equipment on account, $10,500.
    14. Purchased supplies for cash, $2,100.
    15. Paid annual premiums on property and casualty insurance, $3,600.
    15. Received cash for job completed, $8,950.
    Enter the following transactions on Page 2 of the two-column journal.
    21. Paid creditor a portion of the amount owed for equipment purchased on October 13,
    $2,000.
    24. Recorded jobs completed on account and sent invoices to customers, $14,150.
    26. Received an invoice for truck expenses, to be paid in November, $700.
    27. Paid utilities expense, $2,240.
    Oct. 27. Paid miscellaneous expenses, $1,100.
    29. Received cash from customers on account, $7,600.
    30. Paid wages of employees, $4,800.
    31. Withdrew cash for personal use, $3,500.
    Instructions
    1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the
    following chart of accounts in selecting the accounts to be debited and credited. (Do not
    insert the account numbers in the journal at this time.) Journal entry explanations may be
    omitted.
    11 Cash 31 Jay Pryor, Capital
    12 Accounts Receivable 32 Jay Pryor, Drawing
    13 Supplies 41 Fees Earned
    14 Prepaid Insurance 51 Wages Expense
    16 Equipment 53 Rent Expense
    18 Truck 54 Utilities Expense
    21 Notes Payable 55 Truck Expense
    22 Accounts Payable 59 Miscellaneous Expense
    2. Post the journal to a ledger of four-column accounts, inserting appropriate posting
    references as each item is posted. Extend the balances to the appropriate balance columns
    after each transaction is posted.
    3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014.
    4. Determine the excess of revenues over expenses for October.
    5. Can you think of any reason why the amount determined in (4) might not be the net income
    for October?

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