Chapter Journal Review Received Cash from Owner as

Chapter Journal Review

Received Cash from Owner as an Investment Lesson 3 -1 Cash January 2. Received cash from owner as an investment, $2, 000. Receipt No. 1. 2, 000. 00 Michael Delgado, Capital 2, 000. 00

Lesson 3 -1 Paid Cash for Supplies January 2. Paid cash for supplies, $165. 00. Check No. 1. Supplies 165. 00 Cash

Lesson 3 -2 Paid Cash for Insurance January 3. Paid cash for insurance, $900. Check No. 2. Prepaid Insurance 900. 00 Cash 900. 00

Lesson 3 -2 Bought Supplies on Account January 5. Bought supplies on account from Canyon Office Supplies, $220. 00. Memorandum No. 1. Supplies 220. 00 Accounts Payable—Canyon Office Supplies 220. 00

Lesson 3 -2 Paid Cash on Account January 9. Paid cash on account to Canyon Office Supplies, $100. Check No. 3. Accounts Payable—Canyon Office Supplies 100. 00 Cash 100. 00

Lesson 3 -3 Received Cash from Sales January 10. Received cash from sales, $1, 100. Calculator Tape No. 10. Cash 1, 100. 00 Sales 1, 100. 00

Lesson 3 -3 Sold Services on Account January 12. Sold services on account to Main Street Services, $500. Sales Invoice No. 1. Accounts Rec. —Main Street Services 500. 00 Sales 500. 00

Lesson 3 -3 Paid Cash for an Expense January 12. Paid cash for communications bill including cell phone and Internet services, $80. 00. Check No. 4. Communications Expense 80. 00 Cash 80. 00

Lesson 3 -3 Received Cash on Account January 16. Received cash on account from Main Street Services, $200. Receipt No. 2. Cash 200. 00 Accounts Receivable—Main Street Services 200. 00

Paid Cash to Owner as Withdrawal of Equity January 16. Paid cash to owner for a withdrawal of equity, $350. 00. Check No. 6. Lesson 3 -3 Michael Delgado, Drawing 350. 00 Cash 350. 00

Lesson 3 -4 Ruling a Journal Page

Lesson 3 -4 Starting a New Journal Page

Proving and Ruling a Journal at the End of a Month Lesson 3 -4 Column General Debit Column Total Credit Column Total 5, 748. 00 Sales Cash Totals $2, 525. 00 5, 820. 00 7, 120. 00 4, 523. 00 $12, 868. 00 Totals equal

Lesson 3 -4 Proving Cash 1. Calculate the cash balance. Cash on hand at the beginning of the month $ Plus total cash received during the month Equals total +7, 120. 00 $ Less total cash paid during the month Equals cash balance at the end of the month 0. 00 7, 120. 00 – 4, 523. 00 $ 2, 597. 00 2. Verify that the cash balance equals the checkbook balance on the next unused check stub in the checkbook. Checkbook balance on the next unused check stub

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