Journalize the November transactions from Week 2 (also listed again below) and the…

Part 1

Journalize the November transactions from Week 2 (also listed again below) and the December transactions listed below.

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Part 2

Post the journal transactions to the general ledger

Comprehensive Chart of Accounts:

101 Cash

111 Accounts Receivable

137 Prepaid Rent

141 Computer Equipment

143 Office Furniture

201 Accounts Payable

301 J. Jones, Capital

302 J. Jones, Drawing

401 Fees Income

511 Rent Expense

514 Utilities Expense

521 Salaries Expense

November Business Transactions: 

3rd: J. Jones visits her local bank and withdraws $50,000 from her personal savings account, depositing the cash into a new bank account in the name of the business, Smith Consultants.

5th: Jones Consultants issues check 1001 for $2,000 to purchase computer equipment from Digital Warehouse, Inc.

6th: Jones Consultants issues check 1002 to Property, Inc. to pay the current month’s rent due of $1,000 as well as prepay rent (at $1,000 per month) for the months of December and January.

10th: Jones Consultants issues check 1003 to purchase office furniture in the amount of $3,500 from Furniture Depot.

11th: Jones Consultants purchases $4,000 of computer equipment from Elite Computing on account due in 90 days. Elite Computing issues invoice 7964.

14th: Jones Consultants performs services to cash clients for $1,200.

17th: Jones Consultants performs services to charge account client, Speedy Freight, in the amount of $3,000. Invoice 101 is issued and is receivable in 30 days.

19th: Jones Consultants issues check 1004 to State Power Company for the November utility bill in the amount of $500.

20th: Jones Consultants performs services to cash clients for $6,000.

25th: Jones Consultants issues J. Jones check 1005 as a draw for her personal use in the amount of $4,000.

December Business Transactions:

10th: Jones Consultants purchases $3,000 of computer equipment from Elite Computing. They issue check 1007 for $1,000 with the balance due in 90 days on invoice 8009.

15th: Jones Consultants performs services for charge account client, Speedy Freight, issuing invoice 102 for $2,500.

16th: Jones Consultants receives a check from Speedy Freight for payment of invoice 101 from November for $1,000.

18th: Jones Consultants issues check 1008 for $1,500 to Elite Computing to pay invoice 7964.

20th: Jones Consultants issues check 1010 to pay salaries of $2,000 for December.

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