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In: Accounting
Journalizing Transactions in Template, Journal Entry Form, and T-Accounts Creative Designs, a firm providing art services...
Journalizing Transactions in Template, Journal Entry Form, and
T-Accounts
Creative Designs, a firm providing art services for advertisers,
began business on June 1,2015. The following transactions occurred
during the month of June.
a. Record the below transactions for June using the financial statement effects template.
| Balance Sheet | Income Statement | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | Noncash | Contrib. | Earned | Net | ||||||||||||||
| Transaction | Assets | + | Assets | = | Liabilities | + | Capital | + | Capital | Revenues | - | Expenses | = | Income | ||||
| June 1 Anne Clem invested $18,000 cash to begin the business in exchange for common stock. | ||||||||||||||||||
| June 2 Paid $1,425 cash for June rent. | ||||||||||||||||||
| June 3 Purchased $9,600 of office equipment on account. | ||||||||||||||||||
| June 6 Purchased $5,700 of art materials and other supplies; paid $2,700 cash with the remainder due within 30 days. | ||||||||||||||||||
| June 11 Billed clients $7,050 for services rendered. | ||||||||||||||||||
| June 17 Collected $4,875 cash from clients on their accounts. | ||||||||||||||||||
| June 19 Paid $4,500 cash toward the account for office equipment suppliers (see June 3) | ||||||||||||||||||
| June 25 Paid $1,350 cash for dividends. | ||||||||||||||||||
| June 30 Paid $525 cash for June utilities. | ||||||||||||||||||
| June 30 Paid $3,750 cash for June salaries. | ||||||||||||||||||
b. Record the transactions for June in journal entry form.
June 1 Anne Clem invested $18,000 cash to begin the business in exchange for common stock.
| General Journal | ||
|---|---|---|
| Description | Debit | Credit |
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
June 2 Paid $1,425 cash for June rent.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 3 Purchased $9,600 of office equipment on account.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 6 Purchased $5,700 of art materials and other supplies; paid
$2,700 cash with the remainder due within 30 days.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| Cash | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 11 Billed clients $7,050 for services rendered.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 17 Collected $4,875 cash from clients on their accounts.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 19 Paid $4,500 cash toward the account for office equipment
suppliers (see June 3).
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 25 Paid $1,350 cash for dividends.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 30 Paid $525 cash for June utilities.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
June 30 Paid $3,750 cash for June salaries.
| Description | Debit | Credit |
|---|---|---|
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense | ||
| CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense |
c. Post the transactions to the appropriate T-accounts. (For each
T-account, enter answers in the in the first available space debit
or credit space, as appropriate.)
June 1 Anne Clem invested $18,000 cash to begin the business in
exchange for common stock.
June 2 Paid $1,425 cash for June rent.
June 3 Purchased $9,600 of office equipment on
account.
June 6 Purchased $5,700 of art materials and other supplies; paid
$2,700 cash with the remainder due within 30
days.
June 11 Billed clients $7,050 for services
rendered.
June 17 Collected $4,875 cash from clients on their
accounts.
June 19 Paid $4,500 cash toward the account for office equipment
suppliers (see June 3).
June 25 Paid $1,350 cash for dividends.
June 30 Paid $525 cash for June utilities.
June 30 Paid $3,750 cash for June salaries.
| Cash | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer | ||
| Answer | Answer | ||
| Answer | Answer | ||
| Answer | Answer | ||
| Answer | Answer | ||
| Office equipment | |||
|---|---|---|---|
| Answer | Answer | ||
| Accounts payable | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer | ||
| Retained Earnings | |||
|---|---|---|---|
| Answer | Answer | ||
| Rent Expense | |||
|---|---|---|---|
| Answer | Answer | ||
| Accounts Receivable | |||
|---|---|---|---|
| Answer | Answer | ||
| Supplies | |||
|---|---|---|---|
| Answer | Answer | ||
| Common Stock | |||
|---|---|---|---|
| Answer | Answer | ||
| Service Fees Earned | |||
|---|---|---|---|
| Answer | Answer | ||
| Utilities Expense | |||
|---|---|---|---|
| Answer | Answer | ||
| Salaries Expense | |||
|---|---|---|---|
| Answer | Answer | ||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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