Journal entries for the Woody shore company

5. The Woody Shore Company opened their doors to the business on August 31, 2014. The company incurred the following transactions during August 2014.

August 1 The owners deposited $87,000 into the business

August 2 Purchased supplies on credit, total $800.

a for their business $3,600

August 3 Paid rent for their office $2,800

August 5 Purchased equipment for $15,000 paid cash of $3,000 and signed a note with the bank for the remaining balance.

for customers and issued invoices, $7,500

August 14 Automobile expense for the company was $825

August 15 Received cash from customer for services provided $2,800

August 18 Paid monthly salary for the employees $4,000

August 22 Paid first installment for note on August 5, 450

August 25 Paid $300 on amount due from August 2

August 30 Customers from August 9 sent you cash for $3,000

August 31 Owners withdrew $2,100 from the company


a. Prepare the journal entries for the above transaction using the accounts in the Chart of Accounts; Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accounts Payable, Notes Payable, Capital, Owners Withdrawal, Insurance Expense, Rent Expense, Automobile Expense, Salary Expense .

b. Create T accounts for all of the accounts and post the journal entries into the proper accounts.

c. Compute the ending balances for each T Account.

d. Prepare a Trial Balance as of August 31.

e. Prepare the Income Statement, Statement of Owners Equity and the for the month of August 2013.


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