Question

Sunset Farms Journal JE# Date Description Debit Credit 1 16-Jan Cash $400,000.00 Machinery and Equipment $30,000.00 Other capital/ contri/ inher $430,000.00 Invested cash and equipment 2 10-Feb Land, buildings and improve $340,000.00 Cash $340,000.00 Purchased land 3 5-Mar Seed, fertilizers expense $30,000.00 Fuel and similar expense $5,000.00 Cash $35,000.00 Purchased seed, fertilizers and fuel 4 8-Apr Machinery and Equipment $34,000.00 Cash $10,000.00 Notes payable within 5 years $24,000.00 Purchased Farm equipment 5 15-May Office equipment and furniture $2,400.00 Notes payable within 3 years $24,000.00 Bought office equipment 6 18-May Rent and machinery/ equpment hire $6,000.00 Cash $6,000.00 Paid rent 7 19-Jun Cash $1,200.00 Non farm income $1,200.00 Off farm job completed 8 23-Jun Wage expense $5,000.00 Payroll tax expense $1,000.00 cash $6,000.00 Payed employees 9 1-Jul Cash $200,000.00 Accounts recievable $100,000.00 Cash crop sale $300,000.00 Sold crops 10 25-Jul Insurance expense $1,000.00 Cash $1,000.00 Paid annual premium for insurance 11 26-Jul Notes payable within 3 years $1,000.00 Interest expense $400.00 Cash $1,400.00 Payed notes payable 12 28-Aug Cash $10,000.00 Cash sale of farm related service $10,000.00 Completed job 13 29-Aug Miscellaneus expense $500.00 Cash $500.00 Paid expenses 14 30-Aug Wage expense $5,000.00 Cash $5,000.00 Paid employees 15 1-Sep Owner withdrawal $3,000.00 Cash $3,000.00 Owner withdrew cash 16 10-Sep Office equipment and furniture $1,200.00 Other capital/ contri/ inher $1,200.00 Bought computer 17 20-Sep Notes payable within 5 years $4,000.00 Interest expense $600.00 Cash $4,600.00

          Sunset Farms     
Journal    
JE# Date Description Debit Credit
1 16-Jan Cash  $400,000.00  
  Machinery and Equipment  $30,000.00  
  Other capital/ contri/ inher   $430,000.00 
  Invested cash and equipment  
2 10-Feb Land, buildings and improve  $340,000.00  
  Cash   $340,000.00 
  Purchased land  
3 5-Mar Seed, fertilizers expense  $30,000.00  
  Fuel and similar expense  $5,000.00  
  Cash   $35,000.00 
  Purchased seed, fertilizers and fuel  
4 8-Apr Machinery and Equipment  $34,000.00  
  Cash   $10,000.00 
  Notes payable within 5 years   $24,000.00 
  Purchased Farm equipment  
5 15-May Office equipment and furniture  $2,400.00  
  Notes payable within 3 years   $24,000.00 
  Bought office equipment  
6 18-May Rent and machinery/ equpment hire  $6,000.00  
  Cash   $6,000.00 
  Paid rent  
7 19-Jun Cash  $1,200.00  
  Non farm income   $1,200.00 
  Off farm job completed  
8 23-Jun Wage expense  $5,000.00  
  Payroll tax expense  $1,000.00  
  cash   $6,000.00 
  Payed employees  
9 1-Jul Cash  $200,000.00  
  Accounts recievable  $100,000.00  
  Cash crop sale   $300,000.00 
  Sold crops  
10 25-Jul Insurance expense  $1,000.00  
  Cash   $1,000.00 
  Paid annual premium for insurance  
11 26-Jul Notes payable within 3 years  $1,000.00  
  Interest expense  $400.00  
  Cash   $1,400.00 
  Payed notes payable  
12 28-Aug Cash  $10,000.00  
  Cash sale of farm related service   $10,000.00 
  Completed job  
13 29-Aug Miscellaneus expense  $500.00  
  Cash   $500.00 
  Paid expenses  
14 30-Aug Wage expense  $5,000.00  
  Cash   $5,000.00 
  Paid employees  
15 1-Sep Owner withdrawal  $3,000.00  
  Cash   $3,000.00 
  Owner withdrew cash  
16 10-Sep Office equipment and furniture  $1,200.00  
  Other capital/ contri/ inher   $1,200.00 
  Bought computer  
17 20-Sep Notes payable within 5 years  $4,000.00  
  Interest expense  $600.00  
  Cash   $4,600.00

Added by Denise W.

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