ACCT 212-CourseProject 2

ACCT 212-CourseProject 2 March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's store rent expense, $1,900. March 3 Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Jackson Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash bicycle repair revenue for the first third of March, $1,650. March 18 Made payment to Jackson Company, $400. March 20 Cash bicycle repair revenue for the second third of March, $2,450. March 31 Cash bicycle repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 1-Mar 111 Cash 20,000 311 Common Stock 20,000 Issued common stock at par for cash 1-Mar 117 Prepaid Insurance 2,400 111 Cash 2,400 Paid one year insurance policy 1-Mar 511 Store Rent Expense 1,900 111 Cash 1,900 Paid one month store rent 3-Mar 144 Repair Equipment 5,800 212 Accounts Payable 4,800 111 Cash 1,000 Purchase equipment from Andrew Company 8-Mar 119 Repair Supplies 650 212 Accounts Payable 650 Bought repair supplies from Jackson Company 10-Mar 512 Telephone Expense 340 111 Cash 340 Paid one month telephone bill 11-Mar 111 Cash 1,650 411 Bicycle Repair Revenue 1,650 Revenue for the first third of March 18-Mar 212 Accounts Payable 400 111 Cash 400 Partial payment of account for Jackson Company 20-Mar 111 Cash 2,450 411 Bicycle Repair Revenue 2,450 Revenue for the second third of March 31-Mar 111 Cash 1,250 411 Bicycle Repair Revenue 1,250 Revenue for the last third of March 31-Mar 517 Electric Expense 250 111 Cash 250 Paid one month electric bill 31-Mar 313 Dividends 1,000 111 Cash 1,000 Paid dividends