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Math Help - plz check/ correct my accounting journal entry

  1. #1
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    Feb 2009
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    plz check/ correct my accounting journal entry

    May – general journal
    1 Invested $18000 cash and office equipment worth $8500 in the business
    1 Paid office rent of $950 cash for the month
    2 Hired a secretary receptionist at a salary of 2400 per month
    3 Purchased $1450 of supplies on account from read supply company
    11 Completed a tax assignment for j. lau and billed him $1750 for services rendered
    12 Received a $3500 advance on a management consulting engagement with arch co.
    17 Completed accounting services and collected $1350 cash from the client
    21 J lau paid $ 900 for work completed on may 11
    23 Paid 60% of the balance due to read supply company
    31 Received a $ 215 telephone bill for May, to be paid next month
    31 Paid the secretary receptionist $ 2400 salary for the month
    31 Withdrew $925 cash for her personal use

    Debit/credit
    May1 cash – capital – invested cash in business =18000/18000

    may1 office equipment - cash - purchased equipment for cash = 8500/ 8500

    may1 rent expenses - cash - invested in office business = 950/ 950

    may2 salary note payable = 2400/ 2400

    may3 cash - account payable - received from read supplies company= 1450/ 1450
    may11 account receivable - fees earned - performed service for j lau
    =1725/1725

    may12 cash - account receivable - received on consultation =3500/ 3500

    may17 cash - account receivable - collected from client =1350/ 1350

    may21 cash - fees earned - performed services on account for j lau earning= 900/ 900

    may23

    may31 account payable - note payable - telephone expense=215/ 215

    may31 salary expense - cash - receptionist salary=2400/ 2400

    May31 drawing - cash - withdrew for personal use= 925/ 925
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  2. #2
    ixo
    ixo is offline
    Junior Member
    Joined
    Feb 2009
    Posts
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    You are on the right track but might describe the numbers simply as (+) or (-).
    exa:
    +18000
    +8500
    -950
    -2400
    Last edited by ixo; February 4th 2009 at 07:48 PM.
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