Required: 1) in the past, Little White Dog Inc. has used the following accounts on their...

  

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Required: 1) in the past, Little White Dog Inc. has used the following accounts on their income statement Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary joumal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the incons Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under Requirement 3' in the "Answer" tab. Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab. 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X Place your answer under "Requirement 6 in the "Answer" tab. Cash + Balance 2860 Assels Accounts Computers Receivable (net) 0 1100 + + Supplies 110 Land = 13200 BEDIBLIOT Accounts Note Payable Payable 0 8800 + During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $9900 in exchange for common shares. June 5: Paid $550 for the current month's office rent. June 9: The business was invoiced for a $3300 purchase of office supplies. June 13: Performed services for a client and received $9350. June 20: Declared and paid a cash dividend of $660. + Salaries Interest Payable Payable 0 0 4 Shareholders' Equity Retained Earnings 4070 Common Shares 4400 ● June 1: Purchased three computers. The company paid $1100 in cash and took out a bank loan of $7150 to cover the remaining balance owing. The loan bears interest of 5% to be paid on June 1, next year. The computers are expected to last 3 years. June 23: Received $990 from a customer that was billed last month. June 25: Paid $1650 of a bill received earlier in the month. June 30: Billed a client for services rendered, $1650. June 30: A physical count received that $1650 worth of supplies are still on hand. June 30: Paid $880 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $2000 in total every other Friday. The month ended on a Tuesday. Employees were last paid 2 weeks ago. Required: 1) in the past, Little White Dog Inc. has used the following accounts on their income statement Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary joumal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the incons Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under Requirement 3' in the "Answer" tab. Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab. 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X Place your answer under "Requirement 6 in the "Answer" tab. Cash + Balance 2860 Assels Accounts Computers Receivable (net) 0 1100 + + Supplies 110 Land = 13200 BEDIBLIOT Accounts Note Payable Payable 0 8800 + During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $9900 in exchange for common shares. June 5: Paid $550 for the current month's office rent. June 9: The business was invoiced for a $3300 purchase of office supplies. June 13: Performed services for a client and received $9350. June 20: Declared and paid a cash dividend of $660. + Salaries Interest Payable Payable 0 0 4 Shareholders' Equity Retained Earnings 4070 Common Shares 4400 ● June 1: Purchased three computers. The company paid $1100 in cash and took out a bank loan of $7150 to cover the remaining balance owing. The loan bears interest of 5% to be paid on June 1, next year. The computers are expected to last 3 years. June 23: Received $990 from a customer that was billed last month. June 25: Paid $1650 of a bill received earlier in the month. June 30: Billed a client for services rendered, $1650. June 30: A physical count received that $1650 worth of supplies are still on hand. June 30: Paid $880 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $2000 in total every other Friday. The month ended on a Tuesday. Employees were last paid 2 weeks ago.

Answer rating: 100% (QA)

Answer Requirement 1 Journal Entries for June 202X June 1 Debit Cash 9900 Credit Common Shares 9900 June 1 Debit Computers 1100 Credit Cash 1100 June ... View the full answer