Journal Entries Using T Accounts - Exercise

School: Toronto Metropolitan University - Course: BUISSNESS BBI2O - Subject: Accounting

Journal Entries - Exercise Sehar is a fitness trainer and has her own business called Sehar's Fitness Club. Use the T accounts template to Instructions: A. Use the following accounts: cash, A/R - J Parker, Supplies, Equipment, A/P - JJ Company, Owner's Drawings, A/P - ICC, Sehar Capital B. Journalize the following transactions using the journal paper C. Transfer the transactions to the T accounts 1.The business receives $300 cash from Julia Parker, one of the accounts receivable 2.The business purchases $200 worth of supplies for cash 3.JJ Company, one of the accounts payable, is paid $300 4.Sehar withdraws $100 for her personal use 5.A new piece of fitness equipment is purchased from ICC for $500 cash 6.Another piece of fitness equipment is purchased from ICC for $700. This time the business will pay them 7.A third piece of equipment is purchased from ICC for $900. The business pays ICC $300 right away complete the following transactions for the month of January. l m later. he remaining balance will be paid in 30 days.

GENERAL JOURNAL DATE PARTICULARSPRDEBIT YEAR 1 2018 2Jan1 Cash300 3 A/R - Julia Parker 4Customer paid amount owing. 5 6Jan 2 Supplies 200 7Cash 8Purchased $200 worth of supplies 9 10Jan 3A/P - JJ Company 300 11Cash 12Paid money owed to JJ company 13 14Jan4 Sehar Drawings 100 15Cash 16Sehar withdraws $100 for her personal use 17 18Jan5Equipment 500 19Cash 20Equipment bought from ICC 21 22Jan 6 Equipment 700 23ICC A/P 24equipment bought on credit 25 26Jan7 equipment 900 27cash 28ICC A/P 29bought equipment put paid a bit upfront and credited rest 30 31 32 33 34 35 36 37 38 39 40 41 42 43