Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company
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Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template.
Transactions | ||||||||||||||
June | 1st | ABC Company receives $50,000 cash from the owner as a contribution. | ||||||||||||
June | 3rd | ABC Company pays $32,000 cash for equipment. | ||||||||||||
June | 5th | ABC Company purchases $15,000 of merchandise inventory on credit from a supplier. | ||||||||||||
June | 8th | ABC Company pays $ 800 in cash for employee salary. | ||||||||||||
June | 11th | ABC Company pays $15,000 cash to settle the account payable created on June 5th. | ||||||||||||
June | 15th | The owner withdraws $1,000 cash from ABC Company for personal use. | ||||||||||||
June | 19th | ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). | ||||||||||||
June | 24th | ABC Company pays $560 cash for this month's utilities. | ||||||||||||
June | 27th | ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. | ||||||||||||
June | 30th | ABC Company pays $2,000 cash for rent. |
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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