In: Accounting
June
Date | |
June-01 | Collected $ 1500 cash from customer accounts receivable |
June-02 | Purchased supplies on account that cost $ 300 |
June-07 | Recorded services of catering to customers and cash receipts were $ 500 and invoices for services on account were $ 1500. |
June-08 |
Received $ 450 cash as an advance payment on May 10 from a client to be served in June and completed the job on June 8. |
June-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $ 360 |
June-15 | Paid $ 1800 cash for employee salaries |
June-15 | Purchased a one-year insurance policy for $ 1000 on the microwave |
June-16 | Paid $ 150 on the account payable that was established when supplies were purchased on June 2. |
June-20 | Paid a $ 300 cash dividend to the stockholders |
June-27 | Received monthly utility bills amounting to $ 350. The bills would be paid in the month of July |
June-31 | Recorded revenues to customers. Cash receipts were $ 800, and invoices for sales on account were $ 1350 |
June-31 | Paid $ 1800 cash for employee salaries |
Required:
1. Describe and journalise the transactions for the month of June in the general journal.
2. Record and post appropriate adjusting entries for June.
3. Prepare an adjusted trial balance for the month of June.
4. Prepare an income statement and statement of retained earnings for the month of June.
5. Record and post the closing entries for the month of June.
6. Prepare a closing trial balance for June.
Journal entries for month of June
Date | Account title and explanation | Debit | Credit |
June 01 | Cash | $1,500 | |
Accounts receivable | $1,500 | ||
[Collections from customers] | |||
June 02 | Supplies | $300 | |
Accounts payable | $300 | ||
[Purchased supplies on account] | |||
June 07 | Cash | $500 | |
Accounts receivable | $1,500 | ||
Service revenue | $2,000 | ||
[To record service revenue] | |||
June 08 | Unearned service revenue | $450 | |
Service revenue | $450 | ||
[Services performed for unearned revenue] | |||
June 10 | Utility payable | $360 | |
Cash | $360 | ||
[Cash paid for utilities] | |||
June 15 | Salaries expense | $1,800 | |
Cash | $1,800 | ||
[Paid for salaries] | |||
June 15 | Prepaid insurance | $1,000 | |
Cash | $1,000 | ||
[Paid for insurance] | |||
June 16 | Accounts payable | $150 | |
Cash | $150 | ||
[Paid to accounts payable] | |||
June 20 | Retained earnings | $300 | |
Cash | $300 | ||
[Paid cash dividends] | |||
June 27 | Utilities expense | $350 | |
Utilities payable | $350 | ||
[Accrued utility expense] | |||
June 31 | Cash | $800 | |
Accounts receivable | $1,350 | ||
Sales revenue | $2,150 | ||
[To record sales revenue] | |||
June 31 | Salaries expense | $1,800 | |
Cash | $1,800 | ||
[Paid for salaries expense] |