Question

In: Accounting

The opening balances for the month of June are as follows: Beta Services Balance Sheet      ...

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:

  1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following

    pages.

  2. Post only the cash transactions to the general ledger found on page 5.

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