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.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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