In: Accounting
The opening balances for the month of June are as follows: Beta Services Balance Sheet
Assets
As at May 31, 2020 Liabilities
Cash $20,000
Accounts Payable Unearned Revenue Note Payable
Total Liabilities Owner’s Equity
Deaville, Capital
Total Liabilities & Owners’ Equity
$11,000 5,200 6,300
22,500
13,800 $36,300
Accounts Receivable Prepaid Insurance Supplies on hand
Equipment
Accumulated Depreciation
Total Assets
Transactions for the month of June:
9,500 0 800 10,000 (4,000)
$36,300
Jun 1
Jun 4
Jun 7 Jun 10 Jun 12 Jun 15 Jun 18 Jun 23 Jun 25 Jun 30
Received $20,000 cash for services provided.
Received $1,200 cash for services to be provided next year.
Paid insurance of $2,400 for the upcoming year.
Paid $2,300 cash to reduce the balance of accounts payable. Paid
payroll worth $7,800.
Paid $350 interest on the note payable.
Received telephone bill for $550 which will be paid next month.
$8,0 $20,0 $1,2 $2,4 $2,3 $7,8 $3 $5 $4,3 $3
Stephanie transferred personal equipment into the business. The equipment had a fair value of $8,000.
Recorded business travel expenses worth $4,300 which will be paid next month. Purchased $320 of supplies for cash.
REQUIRED:
Journalize the transactions using proper bookkeeping format. Use the general journal on the following
pages.
Post only the cash transactions to the general ledger found on page 5.