Question

Create the general journals for these transactions:

6	June 6	Paid $12,000 wages owed to employees for work conducted in May.
7	June 7	Received a $5,000 rent payment for the full month of June (again tenants were late and should have paid on June 1).
8	June 8	Purchased property C with $220,000 cash.
9	June 9	Received $6,000 cash for consulting conducted in May.
10	June 10	Paid $500 for utilities that were invoiced in, and expensed in, May.
11	June 11	You have secured an advertising billboard over the freeway. The design of the billboard costs $1,000 (which you pay today), and the monthly advertising fee will be $4000 (payable monthly - and only recognized at end of each month). You will receive the advertising in June for free as part of the contract promotion.
12	June 12	You made an agreement with a web-developer to have your website redesigned. The cost will be $3000 and will be completed in August, payable on completion.
13	June 13	You performed real estate consulting services this week and invoiced the client $14,000.
14	June 14	Paid a $7,000 invoice for legal fees incurred on May 27.
15	June 15	You purchased, with cash, a new $55,000 SUV to get you around town (previously you walked or used public transport). The expense associated with this automobile will be recognized each year for five years, beginning after one year of the asset's life. (Account name AUTOMOBILES)
16	June 16	Received $5,000 cash today for the rental of your function hall associated with Property B for rental today June 16.
17	June 17	Purchased property D with $160,000 cash.
18	June 18	Purchased $1,000 office supplies for cash.
19	June 19	Purchased property E with $80,000 cash.
20	June 20	Received a $4,000 rent payment for the month of July.
21	June 21	Purchased a $350,000 building with $100,000 cash and a note to the seller for the remainder. The building is to be used as your office (i.e. you will not rent this). This will be recorded under PPE.
22	June 22	Paid $18,000 rent for a temporary office for July and August until your new building is ready (your parents kicked you (i.e. your office) out of their garage as they also bought a new car)
23	June 23	Congratulations! The Boston Real Estate Society awarded your company a $10,000 cash prize for excellence in services to the profession. We will need to include this as revenue. (For the purposes of this activity, let’s account for it as miscellaneous revenue)
24	June 24	Received a $7,000 payment for a consulting job that will be performed in July.
25	June 25	Purchased property F with $155,000 cash.
26	June 26	Received a $7,500 rent payment for the month of July.
27	June 27	Performed $2,000 consulting services today and will prepare and send the invoice this week.
28	June 28	Received a $6,000 rent payment for the month of July.
29	June 29	Paid your monthly $5,000 radio advertising subscription for July advertising (which unfortunately increased to $5000 from $4500)
30	June 30	Prepaid the $4,000 billboard advertising for the month of July.
		Adjusting Entries
31	June 30	Recognize the June radio advertising incurred ($4,500).
32	June 30	Recognize your June TV advertising incurerd ($2,000) which you have not yet paid for.
33	June 30	Recognize the interest incurred on the note from transaction 2 for June, to be paid in July.
34	June 30	Recognize $20,000 of wages owed for June, that will be paid to employees early July.
35	June 30	Recognize the entire yearly depreciation on your computer equipment of $3,000.
36	June 30	Recognize the $15,000 rent revenue for June ($10,000 of which was prepaid in May).

Answer 1

JOURNAL

Date	Particulars		L.F	Debit Amount($)	Credit Amount($)
6,june	Wages Dr. To Wages Payable			12000	12000
6 june	Wages payable Dr. To Cash (Wages paid to employees for may on june,6.)			12000	12000
7,june	Rent Dr. To Cash (Rent received for the month of june)			5000	5000
8	Property C Dr. To Cash (purchased property C with cash)			220,000	220,000
9	Cash Dr. To Consultancy fees (amount received for consultancy fees)			6000	6000
10	Utilities Expenses Payable Dr. To Cash (amount paid for utility exp)			500	500
11	Billboard Advertising Dr. To Cash (amount paid bill board advertising exp)			1000	1000
12	Web development Exp Dr. To Expense payable (invoice prepared for web development exp)			3000	3000
13	Consultancy fees Receivable Dr. To Consultancy fees (amount receivable for cinsultancy services)			14000	14000
14	Legal fees Dr. To Cash (Paid legal fees)			7000	7000
15	Automobile Dr. To Cash Purchased Automobile for cash)			55,000	55,000
16	Service Rendered Dr. To Accounts receivable (amounts yet to receive for rental ) Accounts Receivable Dr. To Cash (Advanvce received for rental)			5000 5000	5000 5000
17	Property D Dr. To Cash (purchased property d for cash)			160000	160000
18	Office Supplies Dr. To Cash (cash paid for office supplies)			1000	1000
19	Property E Dr. To Cah			80000	80000