A Firm Providing Art Services for Advertisers on June 1
Journalizing Transactions in Template, Journal Entry Grade, and T-Accounts
Creative Designs, a firm providing art services for advertisers, began business organisation on June 1,2015. The post-obit transactions occurred during the calendar month of June.
a. Record the beneath transactions for June using the financial argument effects template. Residual Sheet Income Statement Cash Noncash Contrib. Earned Internet Transaction Assets + Assets = Liabilities + Capital + Capital letter Revenues – Expenses = Income June 1 Anne Clem invested $18,000 cash to begin the business in exchange for mutual stock. June two Paid $1,425 greenbacks for June hire. June 3 Purchased $9,600 of part equipment on account. June half dozen Purchased $5,700 of art materials and other supplies; paid $2,700 cash with the residuum due within thirty days. June 11 Billed clients $7,050 for services rendered. June 17 Collected $4,875 cash from clients on their accounts. June 19 Paid $iv,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 greenbacks for June salaries.
b. Record the transactions for June in journal entry class.
June ane Anne Clem invested $xviii,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 ii Paid $one,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 iii Purchased $9,600 of office equipment on account. Clarification 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 half dozen Purchased $5,700 of art materials and other supplies; paid $two,700 cash with the remainder due within xxx 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. Clarification 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 xix Paid $4,500 greenbacks toward the account for office equipment suppliers (meet June three). 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 $one,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 thirty 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 xxx 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. Mail service the transactions to the advisable T-accounts. (For each T-business relationship, enter answers in the in the first bachelor space debit or credit space, as appropriate.)
June ane Anne Clem invested $18,000 cash to begin the business in exchange for common stock.
June 2 Paid $1,425 cash for June hire.
June 3 Purchased $nine,600 of office equipment on business relationship.
June 6 Purchased $5,700 of fine 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 Nerveless $4,875 cash from clients on their accounts.
June 19 Paid $4,500 cash toward the business relationship for part equipment suppliers (encounter June 3).
June 25 Paid $1,350 greenbacks for dividends.
June 30 Paid $525 greenbacks for June utilities.
June 30 Paid $three,750 greenbacks for June salaries. Cash Respond Answer Answer Answer Reply Respond Reply Respond Respond Answer Reply Respond Function equipment Answer Answer Accounts payable Answer Answer Respond Answer Retained Earnings Answer Respond Rent Expense Answer Respond Accounts Receivable Respond Answer Supplies Answer Answer Common Stock Answer Answer Service Fees Earned Respond Answer Utilities Expense Respond Respond Salaries Expense Answer Answer
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