Question
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
Journalizing Transactions in Template, Journal Entry Form, and T-Accounts Minute Maid, a firm providing housecleaning services,...
Journalizing Transactions in Template, Journal Entry
Form, and T-Accounts
Minute Maid, a firm providing housecleaning services, began
business on April 1, 2015. The following transactions occurred
during the month of April.
April 1 A. Falcon invested $9,000 cash to begin the business in
exchange for common stock.
April 2: Paid $2,850 cash for six months’ lease on van for the
business.
April 3: Borrowed $10,000 cash from bank and signed note payable
agreeing to repay it in 1 year plus...
Creative Designs, a firm providing art services for advertisers, began business on June 1. The following...
Creative Designs, a firm providing art services for advertisers,
began business on June 1. The following accounts in its general
ledger 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 Salaries Expense. a. Using the accounting
equation, record each of the transactions in columnar format. b.
Use journal entries to record the following transactions for June
in the general journal. June 1...
Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1....
Transaction Entries
Creative Designs, a firm providing art services for advertisers,
began business on June 1. The following accounts in its general
ledger 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 Salaries Expense.
June
1
Lisa Ryan invested $19,000 cash to begin the business; she
received common stock for her investment.
2
Paid rent for June, $1,650.
3
Purchased office equipment...
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...
Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and...
Ashley Somers owns San Diego Art Company, a firm providing
designs for advertisers, market analysts, and others. On July 1,
the business's general ledger showed the following normal account
balances: Cash $10,900 Accounts Payable $2,400 Accounts Receivable
10,200 Notes Payable 5,400 Common Stock 10,900 Retained Earnings
2,400 Total Assets $21,100 Total Liabilities and Stockholders'
Equity $21,100 The following transactions occurred during the month
of July: July 1 Paid July rent, $1,070. 2 Collected $8,500 on
account from customers. 3 Paid...
Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and...
Ashley Somers owns San Diego Art Company, a firm providing
designs for advertisers, market analysts, and others. On July 1,
the business's general ledger showed the following normal account
balances:
Cash
$10,900
Accounts Payable
$2,400
Accounts Receivable
10,200
Notes Payable
5,400
Common Stock
10,900
Retained Earnings
2,400
Total Assets
$21,100
Total Liabilities and Stockholders' Equity
$21,100
The following transactions occurred during the month of
July:
July
1
Paid July rent, $1,070.
2
Collected $8,500 on account from customers.
3
Paid...
1) Create a journal entry and a T-Account for each of the following transactions: a) $15,000...
1) Create a journal entry and a T-Account for each of the
following transactions:
a) $15,000 worth of equipment is
purchased on credit.
b) $40,000 of patient bills from last
year are collected in cash.
c) $10,000 is received from a managed
care company for services to be rendered next year for
members
d) $20,000 worth of supplies is
purchased and paid for in cash.
e) $5,000 of accounts payable is paid
in cash.
f) $30,000 of cash is received...
Use T-accounts to demonstrate the impacts of the journal entries for the above transactions
Given below are selected transactions of the Dawson Company:May 1Stockholders invested cash of $24,000 and supplies of $8,000 in
the business in exchange for capital stock.2Paid the current month's rent on the building occupied,
$6,000.3Purchased $24,000 of equipment, paying $8,000 cash and promised
to pay the remaining $16,000 in 30 days.4Rendered services to customers, $20,000; cash received, $8,000;
balance on account.Use T-accounts to demonstrate the impacts of the
journal entries for the above transactions, including a posting
reference for each...
The test is divided into three sections: 1. Journalizing transactions (50%) 2. Using T-accounts (30%) 3....
The test is divided into three sections:
1. Journalizing transactions (50%)
2. Using T-accounts (30%)
3. Producing an Unadjusted Trial Balance (20%)
1. (50%) Using the Journal explained in class, please journalize
the following transactions:
• Nov. 1 – John Smith invested 20,000 cash in his new business
called “Goldsmith”
• Nov. 2 – Goldsmith bought a computer using 1,000 cash
• Nov. 3 – Goldsmith bought supplies for 5,000 to be paid in the
near future
• Nov. 4...
Accounting : how to T Account and journal entry the following: 3/5 -Angela purchased services to...
Accounting : how to T Account and journal entry the
following:
3/5 -Angela purchased services to be provided next month in the
amount of $25,000 3/16 Provided 25% of services to Angela
Sabath
3/16 Provided 25% of services to Angela Sabath
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Make-or-Buy Decision Fremont Computer Company has been purchasing carrying cases for its portable computers at a...
- The following costs were incurred for the single product produced during the first year of operations...
- Non-constant growth model: Do=$2.00 required return on equity= 5% g= 9% n=1,2 g=7% n=3,4 g=3% n=5...
- . Find all x ∈ Z143 such that x2Ξ 7 (mod 143). Please explain all steps...
- #Python: A palindrome is a sequence of characters that reads the same backwards as forwards. For...
- Explain an example in which a variable has two different addresses at different places in a...
- Hadley, a thirty-five-year-old physician, has worked at Princeton Plainsboro Hospital for six years. She recently received...
ADVERTISEMENT