Accounting 1

Accounting

Student’s Name

Institution

Date
 Accounting 2

Journal Entry 1: October 1, 2019 - Hired 2 accountants for a weekly salary of S.R 2,000

each, payable monthly.

Date Account Debit (S.R) Credit (S.R)

Oct 1, 2019 Salaries Expense 0 4,000

Accounts Payable (Accountants) 4,000 0

Journal Entry 2: October 1, 2019 - Paid S.R 24,000 to Alnabil Realtors for 6 months' rent,

paid in advance.

Date Account Debit (S.R) Credit (S.R)

Oct 1, 2019 Prepaid Rent 24,000 0

Cash 0 24,000

Journal Entry 3: October 1, 2019 - Prepaid Insurance

Date Account Debit (S.R) Credit (S.R)

Oct 1, 2019 Prepaid Insurance 12,000 0

Cash 0 12,000
 Accounting 3

Journal Entry 4: October 10, 2019 - Conducted accounting services for customers, S.R

15,000, and only one-third of the amount was received.

Date Account Debit (S.R) Credit (S.R)

Oct 10, 2019 Accounts Receivable 10,000 0

Service Revenue 0 10,000

Oct 10, 2019 Cash 5,000 0

Service Revenue 0 5,000

Journal Entry 5: October 20, 2019 - Purchased a new computer for S.R 3,500 cash.

Date Account Debit (S.R) Credit (S.R)

Oct 20, 2019 Office Equipment 3,500 0

Cash 0 3,500
 Accounting 4

Journal Entry 6: October 31, 2019 - Paid employee’s salaries of S.R 40,000.

Date Account Debit (S.R) Credit (S.R)

Oct 31, 2019 Salaries Expense 0 40,000

Cash 40,000 0

Journal Entry 7: November 15, 2019 - Signed a contract regarding Alburj’ bookkeeping

work and received S.R 100,000 cash from the client as an advance payment for services to

be completed at the end of January 2020.

Date Account Debit (S.R) Credit (S.R)

Nov 15, 2019 Cash 100,000 0

Unearned Revenue (Liability) 0 100,000

Journal Entry 8: November 28, 2019 - Received cash from clients on account, S.R 8,000.

Date Account Debit (S.R) Credit (S.R)

Nov 28, 2019 Cash 8,000 0

Accounts Receivable 0 8,000

 Accounting 5

Journal Entry 9: November 30, 2019 - Paid employee’s salaries of S.R 35,000.

Date Account Debit (S.R) Credit (S.R)

Nov 30, 2019 Cash 0 35,000

Salaries Expense 35,000 0

Journal Entry 10: December 2, 2019 - Additional Investment from the Owner

Date Account Debit (SR) Credit (SR)

Dec 2, 2019 Cash 140,000

Owner's Capital 140,000

Dec 2, 2019 Furniture 20,000

Owner's Capital 20,000

Dec 2, 2019 Vehicle 80,000

Owner's Capital 80,000

 Accounting 6

Journal Entry 11: December 31, 2019 - Owner's Withdrawal and Utility Bills

Date Account Debit (S.R) Credit (S.R)

Dec 31, 2019 Owner's Equity 3,000 0

Cash 0 3,000

Dec 31, 2019 Telephone Expense 1,500 0

Electricity Expense 3,000 0

Cash 0 4,500

Adjustment Entry for Office Equipment Depreciation:

Date Account Debit (SR) Credit (SR)

Dec 31, 2019 Depreciation Expense 1,500

Accumulated Depreciation - Office Equipment 1,500