In June 20X1, Gigi Antoni opened a photography studio that provides services to public and private schools. Her firm’s financial activities for the first month of operations and the chart of accounts appear below.

INSTRUCTIONS

1. Journalize the transactions. Number the journal page 1 and write the year at the top of the Date column. Describe each entry.

2. Post to the ledger accounts. Before you start the posting process, open the accounts by entering the names and numbers in the headings. Follow the order of the accounts in the chart of accounts.

Table Summary: Table has transaction dates from the month of June in first column and a description of the transactions in the second column.

Analyze:

What was the Cash account balance after the transaction of June 27 was recorded?

Transcribed Image Text:

ASSETS 101 Cash 111 Accounts Receivable 121 Supplies 137 Prepaid Rent 141 Office Equipment 151 Photographic Equipment LIABILITIES 202 Accounts Payable OWNER'S EQUITY 301 Gigi Antoni, Capital 302 Gigi Antoni, Drawing REVENUE 401 Fees Income EXPENSES 511 Office Cleaning Expense 514 Rent Expense 517 Salaries Expense 520 Telephone Expense 523 Utilities Expense