John Stockton opened Jazz Co. Below are the transactions for the company's first month of operations....
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John Stockton opened Jazz Co. Below are the transactions for the company's first month of operations. REQUIRED: 1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages. (12 marks) 2. Post only the cash transactions to the general ledger found on page 5. (5 marks) Transactions for the month of June: John invested $25,000 cash and a personal vehicle with a fair value of $40,000 into the business. Received $50,000 cash for services provided. Received $6,000 cash for services to be provided next year. Paid a subscription fee of $12,000 for the upcoming year. Paid $11,500 cash to reduce the balance of accounts payable. Jun 1 Jun 4 Jun 7 Jun 10 Jun 12 Paid employees' wages of $39,000. Paid $1,750 interest on the note payable. Received a telephone bill for $2,750 which will be paid next month. Recorded business travel expenses worth $21,500 which will be paid next month. Jun 15 Jun 18 Jun 23 Jun 25 Jun 30 Purchased $1600 of supplies for cash. John Stockton opened Jazz Co. Below are the transactions for the company's first month of operations. REQUIRED: 1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages. (12 marks) 2. Post only the cash transactions to the general ledger found on page 5. (5 marks) Transactions for the month of June: John invested $25,000 cash and a personal vehicle with a fair value of $40,000 into the business. Received $50,000 cash for services provided. Received $6,000 cash for services to be provided next year. Paid a subscription fee of $12,000 for the upcoming year. Paid $11,500 cash to reduce the balance of accounts payable. Jun 1 Jun 4 Jun 7 Jun 10 Jun 12 Paid employees' wages of $39,000. Paid $1,750 interest on the note payable. Received a telephone bill for $2,750 which will be paid next month. Recorded business travel expenses worth $21,500 which will be paid next month. Jun 15 Jun 18 Jun 23 Jun 25 Jun 30 Purchased $1600 of supplies for cash.
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Answer rating: 100% (QA)
1 Date Accounts and titles Dr Cr 1Jun Cash 2500000 Vechile 4000000 To John Stockton Capital 6500000 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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