Question: Cincinnati Painting Service Inc specializes in painting houses During June

Cincinnati Painting Service Inc. specializes in painting houses. During June, its first month of operations, Cincinnati Painting engaged in the following transactions:
June 1 Issued common stock for $10,000
3 Purchased painting supplies from River City Supply for $1,125 on credit
8 Purchased a used truck from Hamilton Used Car Sales for $8,700, paying $2,000 down and agreeing to pay the balance in six months
14 Paid $3,960 to hourly employees for work performed in June
22 Billed various customers a total of $9,430 for June painting jobs
26 Received $5,800 cash from James Eaton for a house painting job completed and billed in May
29 Collected $450 from Albert Montgomery on completion of a one-day painting job. This amount is not included in the June 22 bills.
1. Prepare a journal entry for each transaction.
2. Post the journal entries to Cincinnati Painting’s ledger accounts.

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  • CreatedSeptember 22, 2015
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