Title: Are entries correct Post by: Smile@ on Feb 12, 2024 DATE ACCOUNT NAME ACCT. CODE DEBIT CREDIT
01-Feb-23 Office Supplies Expense 5700 $52.50 Regal Bank 1060 $52.50 Purchase of Office Supplies 03-Feb Mowing Revenue 4020 $1,260.00 Regal Bank 1200 $1,260.00 04-Feb-23 Equipment Rental Revenue 4050 $367.50 Regal Bank 1060 $367.50 Provided Equipment Rental to GoodPar 06-Feb-23 Accounts Payable 2100 $200.00 Regal Bank 1060 $200.00 FINE LINE Bill Payment 07-Feb-23 Accounts Receivable 1200 $675.00 Regal Bank 1060 $675.00 Customer Payment for Service 10-Feb-23 Bank Loan 2620 $25,000.00 Regal Bank 1060 $25,000.00 Receiving Bank Loan 11-Feb-23 Bank Loan 2620 $417.11 Interest & Bank Charges 5690 $32.89 Regal Bank 1060 $450.00 Payment towards Bank Loan 12-Feb-23 Owner's Withdrawl 3015 $225.00 Regal Bank 1060 $225.00 Cash is Withdrawn from Company Account 15-Feb-23 Owner's Contribution 3010 $1,500.00 Regal Bank 1060 $1,500.00 Owner's Contribution to Company 16-Feb-23 Advertising & Promotions 5615 \ $62.50 Regal Bank 1060 $62.50 Green Lawn takes out an Advertisement Local Paper 20-Feb-23 Accounts Receivable 4030 $13,256.00 Hardscaping Revenue 1200 $13,256.00 Green Lawn Provided Hardscaping Service for Customer 21-Feb-23 Regal Bank 4040 $1,263.72 Accounts Receivable 1200 $1,263.72 Green Lawn Provided Lot Grading Service tfor Customer 24-Feb-23 VISA Card Payable 2140 $17.50 Business License 5625 $17.50 Annual City of Edmonton Business License 27-Feb-23 Telephone 5780 $104.39 Utilities 5790 $160.20 Regal Bank 1060 $264.59 Green Lawn Makes Payment for Telephone Service 28-Feb-23 Accounting & Legal 5610 $262.50 Regal Bank 1060 $262.50 Green Lawn Pays their Accountant for Bookkeeping Service 28-Feb-23 Accounts Receivable 1200 $450.00 Regal Ban 1060 $450.00 Customer Purchases a Gift Card 28-Feb-23 Equipment & Rental Revenue 4050 $367.50 Accounts Payable 1200 $367.50 Good Par Payment for Feb 4 Service 28-Feb-23 Motor Vehicle Expense 5730 $689.43 Accounts Payable 2100 $689.43 Green Lawn Conducted Engine Repair Serviced 28-Feb-23 Computer Software 1910 $329.65 VISA Card Payable 2140 $329.65 Green Lawn Purchased New Computer Software 28-Feb-23 Insurance 5685 $523.78 Regal Bank 1060 $523.78 Title: Re: Are entries correct Post by: bio_man on Feb 13, 2024 In reference to what?
Title: Re: Are entries correct Post by: Smile@ on Feb 14, 2024 1. Feb. 01 $52.50 worth of office supplies were purchased from Clips Office Supplies with Cheque #210
2. Feb 03 $1260.00 worth of Mowing Services is provided to Kooky Anderson (A customer) and Green Lawn is paid with Cheque #TD051 3. Feb 04 Green Lawn provides Equipment Rental to GoodPar for $367.50. GoodPar has asked that it be placed on their account and they will pay in 30 days. 4. Feb 06 Green Lawn pays $200.00 towards a bill they received from FINE LINE (a supplier) on cheque #211. The bill was received 20 days ago. 5. Feb 07 Green Lawn receives a $675.00 payment from a client (Rocks R Us) whom they billed for landscaping services that was conducted 30 days ago. 6. Feb 10 Green Lawn receives a $25,000.00 loan from the bank. At this time they are not purchasing anything. They just borrowed the money to have some extra in the bank account. 7. Feb 11 Green Lawn makes a $450.00 payment toward their loan to the bank (of which $32.89 are interest charges) – with cheque #212. 8. Feb 12 The owner of Green Lawn is written a cheque for $225.00 (#213) from company money. 9. Feb 15 The owner of Green Lawn contributes the amount of $1,500.00 into the company. 10. Feb 16 Green Lawn takes an advertisement out in the local paper (The Times) and placed it on their account and they have 30 days to pay. The total amount they will have to pay in 30 days is $62.50. 11. Feb 20 Cash Cats (a customer) hires Green Lawn to install a retaining wall in their parking lot. The total Green Lawn charged for the retaining wall was $13,256.00. Cash Cats will pay their account in 30 days. 12. Feb 21 Green Lawn conducts lot grading for a company in Spruce Grove. They received payment (by way of cheque) on the same day in the amount of $1,263.72. 13. Feb 24 Green Lawn places $17.50 on its Visa Card for its annual City of Edmonton business licence. 14. Feb 27 Green Lawn pays $264.59 to T-Company, the provider of their landline telephone and utilities (internet) with Cheque #216. The telephone landline portion of the total was $104.39. 15. Feb 28 Green Lawn pays $262.50 to their accountant for bookkeeping services. 16. Feb 28 Green Lawn receives a payment of $450.00 from a customer for the purchase of a gift card 17. Feb 28 Green Lawn receives payment of $367.50 from Good Par for the equipment rental of February 4. 18. Feb 28 Green Lawn has maintenance conducted by a small engine repair shop on all of their snow blowers and places the total on account in the amount of $689.43 which they will pay for next month when they receive the invoice from the small engine shop. 19. Feb 28 Green Lawn receives notification that $329.65 was placed on the company’s Visa card for the purchase and license of a new computer software that they will use for billing their clients. 20. Feb 28 Intact Insurance took an automatic withdrawal from Green Lawn’s chequing account in the amount of $523.78 for insurance. Assets 1050 Petty Cash 1060 Regal Bank – Chequing Account 1200 Accounts Receivable 1300 Prepaid Expenses and Deposits 1820 Office Furniture & Equipment 1840 Vehicle 1910 Computer Software Liabilities 2100 Accounts Payable 2140 VISA Card Payable 2170 Vacation Payable 2180 EI Payable 2185 CPP Payable 2190 Payroll Income Tax Payable 2230 WCB Payable 2460 Unearned Revenue (Prepaid Sales and Deposits) 2620 Bank Loan Equity 3010 Owner’s Contribution 3015 Owner’s Withdrawal 3560 Retained Earnings – Previous Year 3600 Current Period Earnings Revenue 4010 Landscape Design Revenue 4020 Mowing Revenue 4030 Hardscaping Revenue 4040 Lot Grading Revenue 4050 Equipment Rental Revenue Expenses 5300 Freight Expense 5410 Wages & Salaries 5420 EI Expenses 5430 CPP Expenses 5440 WCB Expenses 5610 Accounting & Legal 5615 Advertising & Promotions 5625 Business License 5685 Insurance 5690 Interest & Bank Charges 5700 Office Supplies Expense 5730 Motor Vehicle Expens1200 5760 Rent 5765 Repair & Maintenance 5770 Travel 5780 Telephone 5785 Entertainment 5788 Meals (50%) 5790 Utilities Title: Re: Are entries correct Post by: bio_man on Feb 14, 2024 Can you provide instructions as to what is expected?
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