How do I prepare these journal entries?

Does anyone know how to prepare general journal entries for accounting purposes?

• I have a list of dates and purchases/credits and need to create a general accounting journal, I don't even know where to start! Prepare general journal entries for the following ...show more

• Answer:

  Some of the credits are wrong in the 1st answer. 8/1 Cash 7,500 Equipment 32,500 Owner's Equity 40,000 8/1 Prepaid Insurance 3,000 Cash 3,000 8/5 Supplies 1,400 Cash 1,400 8/20 Cash 2,650 Revenue 2,650 8/31 Utility Expense 875 Cash 875 Note: The first entry could be Common Stock instead of Owner's Equity. In addition, their could be 2 adjusting entries to expense some of the supplies and insurance, but I am guess that will be covered in the next chapter.