Journal Exercise

by Hillary
(Kenya)

1/04/1991 XYZ started business - capital of shilling 16000


2/04 purchase machinery of sh.7000.
3/04 bought future from sh.300.
7 " purchased goods for cash sh.2500
8 " sold goods for cash sh.1500.
10 " bought goods from B sh1000 and C sh.2000
12 " received cash from R and sons of sh.1450 allowing him a discount of sh.50
15 " paid B cash sh.975 discount received sh.25
16 " returned goods to C 500
17 " sold goods to bin muhammed sh.860
20 " goods returned by bin muhammed sh.860
21 " purchased from k goods of the least price of 6000 subject to 10% discount.
25 " give away a charity cash sh.50 and goods worth sh.30
27 " distributed goods worth sh.200 as free samples and goods taken away by the proprietor for personal use for sh.100
28 " Amount withdrawn by proprietor use sh.200
29 " salary paid for the month sh.500

Record this transactions in the journal.

Comments for Journal Exercise

Click here to add your own comments

Confusing
by: Anonymous

It should be indented.

good
by: Anonymous

good

journal entries of XYZ Company
by: kong

Apr01. Cash.................16,000.00
Investment..................16,000.00
To record investment by owner.

02. Machinery..............7,000.00
Cash.........................7,000.00
To record purchase machinery for cash.

03. Furniture.........300.00
Cash................300.00
To record purchase furniture for cash.

07. Inventory..........1,500.00
Cash....................1,500.00
To record purchase inventory for cash.

08. Cash.................1,500.00
Sales revenue..............1,500.00
To record sold inventory for cash.

10. Inventory.............3,000.00
Accounts Payable..........3,000.00
To record purchase inventory on account
1,000 from B and 2,000 from C

12. Cash.....................1,450.00
Sales discount..............50.00
Accounts Receivable.........1,500.00
To record received payment from customer .

15. Accounts Payable...........1,000.00
Purchase discount..............25.00
Cash..........................950.00
To record payment to supplier by discount

16. Accounts Payable............500.00
Inventory.....................500.00
To record return inventory to supplier.

17. Accounts Receivable...........860.00
Sales revenue..................860.00
To record sold merchandise to customer on
credit
20. Inventory....................860.00
Accounts Receivable..........860.00
To record received goods return from
customer
21. Inventory..............6,000.00
Purchase discount...........600.00
Accounts Payable..........5,400.00
To record purchase inventory on credit.

25. Donation expense......80.00
Cash...................50.00
Inventory..............30.00
To record provide charity donation.

27. Donation expense...........200.00
Miscellaneous expense......100.00
Inventory.....................300.00
To record provide donation for free sample

28. Withdraw......................200.00
Cash............................200.00
To record withdraw by owner.

29. Salaries expense..............500.00
Cash............................500.00
To record paid for salaries.

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