General Ledger Accounting Software

Posts Tagged ‘Help’

I need to post entries into the general ledger for a company and I am having troubles with the figures. PLEASE HELP!!!
Please email me at 4meme@myway.com would really appreciate any help and would buy a gift for the person who can help. Thanks

Let’s say I have a small business and I ordered $15000 from a Vendor. I don’t have the cash to pay the vendor, so I charge it on a Business Credit Card. Now the $15000 in products will be used as inventory- My question is, How will I record that in my general ledger? And if I pay off the credit card, how will that be shown in my general ledger? Please help…

-Clueless

For example, if the company receives its electric bill on Feb 2 but doesn’t pay it till Feb 28, do you need to enter anything in the general ledger/journal on Feb 2?
It’s accrual basis, and I did it originally the way you all have said. Thanks.

I have the transaction, “Prepared receipt 103, $2,500, received on account, Sunshine Products.” What two accounts are affected? Which one is debited, and which is credited? thank you

Im filling out a general ledger in college accounting & have to do a trial balance also. if anyone knows how to do this please help me. my account on the general ledger is cash, i have 90,000 under debit & the rest of them are all under credit, 9,000, 40,000, 10,000, 10,000, 150, 10,000, 10,000, 32,700, 20,000, 1,200, 6,000.. how do you figure these up to post them in the trial balance?

Can you help me out for this question please?

Record the following transactions:

Jan1: Started business with 10 500 cash
Jan2 Put 9000 of the cash into bank account
Jan3 Bought goods for cash 550
Jan4 Bought goods on credit from: Tdry 500; FHood 930; MSmith 160; GLow 510
Jan5 Bought stationery on crediit from Buttons ltd 89
Jan6 Sold goods on credit to: Tong 170, Lfish 240, Msingh 326; Atom 204
Jan8 Paid rent by cheque 220
Jan10 Bought fixtures on credit from Chiefs Ltd 610
Jan 11 Paid salaries in cash 790
Jan 14 Returned goods to: Fhood 30; MSmith 42
Jan15 Bought van by cheque 6500
Jan 16 Received loan from B Barclay by cheque 2000
Jan 18 Goods returned to us by: Tong 5; MSingh 20
Jan 21 Cash sales 145
Jan 24 Sold goods on credit to: LFish 130; Atom 410; RPLeat 158
Jan 26 We paid the following by cheque: FHood 900; MSmith 118
Jan 29 Received cheques from : RPleat 158; LFish 370
Jan 30 Received a further loan from Barclay by cash 500
Jan 30 Received 614 cash from ATom

Like Open Cash a|c Dr Capital; Open capital a|c Cr Cash or in whichever format you like, only I should know what to put in each a|c.

I know I am that bad, just started accounting, never done that in my life:)

Thank you so much!!
@Zirc…Can you do that really? That would be great! Thanks a lot! (^_^)

Feb 2. paid this month’s rent, $270
3. Received fees for this month’s services, $650
4. Purchased supplies on account, $85
5. Reimbursed the bus driver for gas expenses, $40
6. Ordered playground equipment, $1000
8. Made a payment on account, $170
9. Received cash from customers on account, $1200
10.Billed customers who had not yet paid for this month’s services, $700
11. Paid for the supplies purchased on February 4.
13. Received and purchased playground equipment ordered on February 6 for cash, $1000
17. Purchased equipment on account, $290
19. Paid this month’s utility bill, $145
22. Received cash for one month’s services from customers previously billed, $500
26. Paid part-time assistants for services, $460
27. Purchased gas and oil for the bus on account, $325
28. Made a cash withdrawal of $110

On July 1 Mr. John organized a company by opening a bank account in company’s name with deposit of US$ 80,000

On July 11 he purchased a building for office purpose for total price US$ 128,000 a cash down payment of 30,000 was made and a note payable was issued for the balance of purchase price

Office furniture was purchased from ABC furniture compay at price of 8,000 on july 21.

On July 29 a portion of furniture was found defective and was returned back to ABC furniture company. The defective portion costs 1000

On August 12 the remaining liability to ABC company was paid in full.

2Issued credit memo on returned merch.Knox, Inc. Apr. 28 175
Total selling price (gross)Knox, Inc. Apr. 28 4,725
3Received credit memo on returned merch.Peyton Products Apr. 29 798
4Purchased merchandise on creditGear Supply Co. May 4 n/10 EOM 37,072
Purchased store supplies on creditGear Supply Co. May 4 n/10 EOM 574
Purchased office supplies on creditGear Supply Co. May 4 n/10 EOM 83
5Received payment less discount and returnKnox, Inc. Apr. 28 n/10 EOM 4,459
8Paid inv. less 2 % discount and May 3 returnPeyton Products Apr. 29 3411 ?
9Sold store supplies for cash at cost 350
10Purchased office equipment on creditGear Supply Co. May 10 n/10 EOM 4,074
11Received payment less discountHensel Company May 2 5,978
11Purchased merchandise on creditGarcia, Inc. May 10 2/10, n/60 8,800
12Received credit memo on returned merch.Gear Supply Co. May 10 854
15Check issued for sales salariesPayroll3412 5,320
Check issued for office salariesPayroll3412 3,150
15Cash sales for first half of month (cost $38,200) 59,220
16Sold merchandise on credit (cost $1,890)Hensel Company8786 2/10, n/60 3,990 17Purchased merchandise on creditFink Corp. May 14 2/10, n/60 13,650 19Paid invoice less discountGarcia, Inc. May 10 3413
22Sold merchandise on credit (cost $4,990)Lee Services87872/10, n/60 6,850
23Paid invoice less discountFink Corp. May 14 3414 13,377
24Purchased merchandise on creditGear Supply Co. May 23 n/10 EOM 8,120
Purchased store supplies on creditGear Supply Co. May 23 n/10 EOM 630
Purchased office supplies on creditGear Supply Co. May 23 n/10 EOM 280
25Purchased merchandise on creditPeyton Products May 23 2/10, n/30 3,080
26Sold merchandise on credit (cost $8,230)Crane Corp.87882/10, n/60 14,210
26Paid April electric billPerennial Power3415 1,283
29Issued check to owner for personal useJenny Colo3416 7,000
30Received payment less discountLee Services May 22 6,713
30Check issued for sales salariesPayroll3417 5,320
Check issued for office salariesPayroll3417 3,150
31Cash sales for second half of month (cost $42,500) 66,052

Additional information:
a. Expired insurance$553
b. Ending store supplies inventory 2,632
c. Ending office supplies inventory 504
d. Estimated depreciation of store equipment 567
e. Estimated depreciation of office equipment 329

Hello

The beginning of my question is as follows: Eagle Hardware Store Ltd. completed the following merchandising transactions in the month of May. At the beginning of May, Eagle’s ledger showed Cash $4,600; Accounts Receivable $5,000; Common Shares $5,000; and Retained Earnings $4,600.

Then I have serious of questions like:

Purchased merchandise for $3,300 cash.

Now, am I suppose to subtract 3300 from my starting cash, and do the same for others. For example, if the A/R decreased, would I subtract that from the starting A/R?

Thanks