Accounting Exercises, Week Two: Journal Entries Create the Journal Entries for Kokako, Inc in the month

of July July 1 The owner invested $20,000 in cash and a delivery truck with a fair value of $12,000 into the business. July 1 July 3 July 3 July 5 July 5 July 7 Paid the rent for June $1,500 Bought office equipment on account $8,800 Bought Supplies on account $400 Earned $3,000 in delivery fess for the week and received cash Earned $7,500 in delivery fees that will be collected later Paid $1,500 on account for the office equipment bought in June 3

July 12 Received $1,700 on account from a customer July 12 Received $2,300 in cash for delivery fees for the week July 15 Owner withdrew $1,500 from the business for Personal use July 15 Paid salary of $1,300 to the office manager July 18 Bought additional office supplies for cash $300 July 25 Paid the telephone bill totaling $1,100 July 30 Paid the utility bill $1,215 Accounts To be used: 11 Cash, 21 Accounts Payable, 12 Trucks, 31 Drawing 13 Office Supplies 32 Owners Equity 14 Office Equipment 41 Delivery Revenue 15 Accounts Receivable 51 Salaries Expense 52 Telephone Bill 53 Utility Bill Expense

54 Rent Expense

Date July 1

July 1

July 3

July 3

July 5

July 5

July 7

July 12

July 12

July 15

July 15

July 18

July 25

July 30

Account 11 Cash 32 Owners Equity Owner Investment 12 Trucks 32 Owners Equity Owner Investment 14 Office Equipment 21 Accounts Payable Purchased Equipment on Account 13 Office Supplies 21 Accounts Payable Purchased Supplies on Account 11 Cash 41 Delivery Revenue Performed Delivery, Received Cash 15 Accounts Receivable 41 Delivery Revenue Performed Delivery on account 21 Accounts Payable 11 Cash Paid Cash on Account 11 Cash 15 Accounts Receivable Received Cash on Account 11 Cash 41 Delivery Revenue Performed Delivery, Received Cash 31 Drawing 11 Cash Owner Withdrawal 51 Salary Expense 11 Cash Paid Cash Expense 13 Office Supplies 11 Cash Purchased Office Supplies with Cash 52 Telephone Bill Expense 11 Cash Paid Cash Expense 53 Utility Bill Expense 11 Cash Paid Cash Expense

Debit 20,000

Credit 20,000

12,000 12,000 8,800 8,800 400 400 3,000 3,000 7,500 7,500 1,500 1,500 1,700 1,700 2,300 2,300 1,500 1,500 1,300 1,300 300 300 1,100 1,100 1,215 1,215