Question

In: Accounting

DeFond Services, a firm providing art services for advertisers, began business on June 1. The following...

DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Prepare a journal entry for each transaction.

June

1

M. DeFond invested $12,000 cash to begin the business in exchange for common stock.

2

Paid $950 cash for June rent.

3

Purchased $6,400 of office equipment on credit.

6

Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.

11

Billed clients $4,700 for services rendered.

17

Collected $3,250 cash from clients on their accounts billed on June 11.

19

Paid $3,000 cash toward the account for office equipment (see June 3).

25

Paid $900 cash for dividends.

30

Paid $350 cash for June utilities.

30

Paid $2,500 cash for June wages.


Prepare a journal entry for each transaction. (Record each transaction in the order it appears.)

GENERAL JOURNAL

Date

Description

Debit

Credit

June 1

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 2

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 3

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 6

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

Cash

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 11

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 17

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 19

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 25

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 30

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

June 30

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer

AnswerCashAccounts ReceivableSuppliesOffice EquipmentAccounts PayableCommon StockDividendsService Fees EarnedRent ExpenseUtilities ExpenseWages Expense

Answer

Answer


Create a T-account for each account, and then post the journal entries to the T-accounts.

Enter transactions in the T-accounts in the order they appear.

Cash

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Supplies

Answer

Answer

Office Equipment

Answer

Answer

Accounts Receivable

Answer

Answer

Accounts Payable

Answer

Answer

Answer

Answer

Common Stock

Answer

Answer

Dividends

Answer

Answer

Rent Expense

Answer

Answer

Utilities Expense

Answer

Answer

Wages Expense

Answer

Answer

Service Fees Earned

Answer

Answer

need help understanding this ... Thank You

very much

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