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  • Accounting 102 Assignment 3

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    sugarsniffer
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    Gracie's Window Washing purchased a truck for $6000 with $3000 cash and $3000 on account. They also purchased cleaning supplies on account for $1300. Throughout the month, Gracie's recorded revenue from services, paid expenses like salaries and petrol, and withdrew cash. By the end of the month, Gracie's had $5100 cash on hand, $4600 in accounts receivable, and $2500 owed in accounts payable.

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    Gracie's Window Washing purchased a truck for $6000 with $3000 cash and $3000 on account. They also purchased cleaning supplies on account for $1300. Throughout the month, Gracie's recorded revenue from services, paid expenses like salaries and petrol, and withdrew cash. By the end of the month, Gracie's had $5100 cash on hand, $4600 in accounts receivable, and $2500 owed in accounts payable.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    527 views4 pages

    Accounting 102 Assignment 3

    Uploaded by

    sugarsniffer
    Gracie's Window Washing purchased a truck for $6000 with $3000 cash and $3000 on account. They also purchased cleaning supplies on account for $1300. Throughout the month, Gracie's recorded revenue from services, paid expenses like salaries and petrol, and withdrew cash. By the end of the month, Gracie's had $5100 cash on hand, $4600 in accounts receivable, and $2500 owed in accounts payable.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 4

    Gracie’s Window Washing: General Journal

    J1
    Date Account Titles and Explanation Ref Debit Credit
    July 1 Cash 101 12000
    Eve Gracie Capital 301 12000
    (Gracie invested $12000 cash into business)
    1 Truck 157 6000
    Cash 101 3000
    Accounts Payable 201 3000
    (Purchased truck with $3000 cash and $300 on
    account)
    3 Cleaning Supplies 128 1300
    Accounts Payable 201 1300
    (Purchased cleaning supplies on account)
    5 Prepaid Insurance 130 1200
    Cash 101 1200
    (Paid $1200 for 1 year insurance policy effective
    July 1)
    12 Accounts Receivable 112 2500
    Service Revenue 400 2500
    (Invoiced customer for cleaning services)
    18 Accounts Payable 201 1000
    Cash 101 1000
    (Paid $1000 cash owed on truck)
    18 Accounts Payable 201 800
    Cash 101 800
    (Paid $800 cash owed on cleaning supplies)
    21 Salaries Expense 726 1200
    Cash 101 1200
    (Paid $1200 cash for employee salaries)
    25 Cash 101 1400
    Accounts Receivable 112 1400
    (Collected $1400 cash from customers invoiced
    on 12 July)
    31 Accounts Receivable 112 3000
    Service Revenue 400 3000
    (invoiced customers $3000 for cleaning
    services)
    31 Petrol Expense 633 200
    Cash 101 200
    (Paid petrol expense for the month on the truck
    $200)
    31 Eve Gracie, Drawings 306 900
    Cash 101 900
    (Gracie withdrew $900 cash for personal use)

    Cash No. 101

    Date Explanation Ref. Debit Credit Balance


    July 1 J1 12000 $12000
    1 J1 3000 9000
    5 J1 1200 7800
    18 J1 1000 6800
    18 J1 800 6000
    21 J1 1200 4800
    25 J1 1400 6200
    31 J1 200 6000
    31 J1 900 5100

    Accounts Receivable No. 112

    Date Explanation Ref. Debit Credit Balance


    July 12 J1 2500 $2500
    25 J1 1400 1600
    31 J1 3000 4600
    Cleaning Supplies No. 128

    Date Explanation Ref. Debit Credit Balance


    July 3 J1 1300 $1300

    Prepaid Insurance No.130

    Date Explanation Ref. Debit Credit Balance


    July 5 J1 1200 $1200

    Truck No. 157

    Date Explanation Ref. Debit Credit Balance


    July 1 J1 6000 $6000

    Accounts Payable No. 201

    Date Explanation Ref. Debit Credit Balance


    July 1 J1 3000 $3000
    3 J1 1300 $4300
    18 J1 1000 $3300
    18 J1 800 $2500

    Eve Gracie Capital No. 301


    Date Explanation Ref. Debit Credit Balance
    July 1 J1 12000 $12000

    Eve Gracie Drawings No. 306

    Date Explanation Ref. Debit Credit Balance


    July 31 J1 900 $900

    Service Revenue
    No.400

    Date Explanation Ref. Debit Credit Balance


    July 12 J1 2500 $2500
    31 J1 3000 $5500

    Petrol Expense No. 663

    Date Explanation Ref. Debit Credit Balance


    July 31 J1 200 $200

    Salaries Expense No. 726

    Date Explanation Ref. Debit Credit Balance


    July 21 J1 1200 $1200

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