The Case of Sams Company

Prepare journal entries in the Excel Template provided for you. Be sure all dates agree with the problem and are not today’s date: For 6/1/2015: Deposit $150,000 to Cash For the description, write: Initial deposit from owner

For 6/3/2015: Buys for cash furniture and equipment from Weiss for $50,000. For the description, write: For furniture and equipment from Weiss

For 6/10/2015: Deposit the amount of $40,000 from Pat B for Consulting Revenue For the description, write: Work completed on 6/10/15 for Pat B

For 6/20/2015: Pay Wans for $5,000 for purchase of supplies For the description, write: For purchase of supplies from Wansi

For 6/30/2015: Deposit the amount of $120,000 from Bill Mak for Consulting Revenue For the description, write: Work completed on 6/30/2015 for Bill Mak

For 6/30/2015: Pay #1 Employee $3,000 For the description, write: Payroll expense to #1 Employee for month of June 2015

 

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