Journal Entry # Date Transactions
JE01 July 1 Begin business by making a $100,000 deposit into the company's bank account in exchange for 10,000 shares of common stock - Par value $10

JE02 July 2 Paid $16,000 for shelf fixtures for the Jane's Skateboard storefront

JE03 July 3 Paid $6,000 for the premium on a 1-year insurance policy

JE04 July 5 Paid $3,000 for the Jane's Skateboards store rent

JE05 July 6 Purchased on Credit - 1000 skateboards costing $25 each from Acme MFG

JE06 July 8 Purchased on Credit - Store supplies costing $600 from Mike's Supply

JE07 July 10 Paid $200 for Jane's Skateboards July telephone bill

JE08 July 11 Sold 24 skateboards for $50 each to a customer who paid cash

JE09 July 18 Paid $300 for 1/2 of the Store Supplies purchased on July 8 from Mike's Supply

JE10 July 20 Sold 140 skateboards for $50 each to a customer who paid cash

JE11 July 25 Sold 100 skateboards for $50 each to a customer who paid cash

JE12 July 26 Paid $500 for Jane's Skateboards July electric bill

JE13 July 30 Paid $1,500 to Jane's Skateboards shareholder(s) for dividend declared on July 30

"Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations using Excel formulas!
1) One month's insurance has expired.
2) The remaining inventory of store supplies is $250.
3) The estimated depreciation on store fixtures is $160.
4) The estimated income taxes are $295."
Requirement #5: Post the adjusting entries on July 31 below to the General Ledger accounts (2 - General Ledger worksheet). Adjusting entries are referenced in the General Ledger as AE#1, AE#2, etc.
Date Account Name Account Number Debit Credit
07-31 Insurance Expense 525 500
Prepaid Insurance 119 500
Supplies Expense 530 350
Store Supplies 117 350
Depreciation Expense 520 160
Accumulated Depreciation -Fixtures 145 160
Income Tax Expense 535 295
Income Tax Payable 213 295

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