On June 1, 2008, Brooks Dodd established an interior decorating business, Coordinated Designs. During the month,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On June 1, 2008, Brooks Dodd established an interior decorating business, Coordinated Designs. During the month, Brooks completed the following transactions related to the business: June 1. Brooks transferred cash from a personal bank account to an account to be used for the business, $18,000. 5. Paid rent for period of June 5 to end of month, $2,150. 6. Purchased office equipment on account, $8,500. 8. Purchased a used truck for $18,000, paying $10,000 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, $1,200. 12. Received cash for job completed, $10,500. 15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, $5,950. 24. Received an invoice for truck expenses, to be paid in July, $1,000. 29. Paid utilities expense, $1,200. 29. Paid miscellaneous expenses, $400. 30. Received cash from customers on account, $3,200. 30. Paid wages of employees, $2,900. 30. Paid creditor a portion of the amount owed for equipment purchased on June 6, $2,125. 30. Withdrew cash for personal use, $1,750. 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Brooks Dodd, Capital Brooks Dodd, Drawing 32 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense Truck Expense 55 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Coordinated Designs as of June 30, 2008. On June 1, 2008, Brooks Dodd established an interior decorating business, Coordinated Designs. During the month, Brooks completed the following transactions related to the business: June 1. Brooks transferred cash from a personal bank account to an account to be used for the business, $18,000. 5. Paid rent for period of June 5 to end of month, $2,150. 6. Purchased office equipment on account, $8,500. 8. Purchased a used truck for $18,000, paying $10,000 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, $1,200. 12. Received cash for job completed, $10,500. 15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, $5,950. 24. Received an invoice for truck expenses, to be paid in July, $1,000. 29. Paid utilities expense, $1,200. 29. Paid miscellaneous expenses, $400. 30. Received cash from customers on account, $3,200. 30. Paid wages of employees, $2,900. 30. Paid creditor a portion of the amount owed for equipment purchased on June 6, $2,125. 30. Withdrew cash for personal use, $1,750. 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Brooks Dodd, Capital Brooks Dodd, Drawing 32 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense Truck Expense 55 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Coordinated Designs as of June 30, 2008.
Expert Answer:
Answer rating: 100% (QA)
2 Date 1Jun Cash 5Jun 6Jun 8Jun Journal Entries For the month ended ... View the full answer
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs. During the month, Kim completed the following transactions related to the business: July 1. Kim transferred...
-
On April 1, 2012, Kathleen Alvarez established an interior decorating business, Intrex Designs. During the month, Kathleen completed the following transactions related to the business: Apr. 1....
-
The monochromatic emissivity of a diffuse-surface at 1600 K varies with wavelength in the following manner : = 0.4 for 0
-
Norton Medical Company reported the following financial statements for 2012: Use the information in Norton Medical Companys financial statements to compute the following: 1. Collections from...
-
Explain two tools available to governments to control the money supply.
-
Explain why goal trees are so useful to artificial intelligence research. Give illustrations of how they are used.
-
Refer to Problem 4.2. Develop a forecast for years 2 through 12 using exponential smoothing with α = .4 and a forecast for year 1 of 6. Plot your new forecast on a graph with the actual...
-
What are the the differences between a Micro-manager and an Investor. Provide examples of each.
-
In Integrative Case 10.1, we projected financial statements for Walmart Stores, Inc. (Walmart), for Years +1 through +5. In this portion of the Walmart Integrative Case, we use the projected...
-
322 CHAPTER 11 MEASURING RELEVANT COSTS AND REVENUES FOR DECISION-MAKING SKILLS EMPLOYABILITY SKILLS Scenario: Dunlow Ltd unlow Ltd has been manufacturing designer spectacle/glasses cases for over 35...
-
Why is the ability to issue tax-exempt debt an advantage for not-forprofit corporations?
-
Let us assume that \(F=\$ 10000, T=5\), measured in years, and semiannual coupons are paid, with rate \(c=4 \%\). Note that coupon rates, like all interest rates, are always quoted annually, but...
-
What are the key features of the ACA?
-
What is pay-for-performance reimbursement?
-
The more candy bars you add to your diet per day, the more weight you gain (all other factors, such as the amount of exercise you get, being equal). Is this an example of a direct proportion or an...
-
Mr. George Pilot (SIN 527-000-145) is a married, semi-retired air force pilot living in Banff, Alberta. His wife, Mrs. Deborah Pilot (SIN 130-692-544) was mauled by a grizzly bear while hiking 3...
-
Fill in each blank so that the resulting statement is true. A solution to a system of linear equations in two variables is an ordered pair that__________ .
-
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $54,960. Journalize the...
-
The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: The company expects to...
-
Tsali Company has the following information for February: Cost of direct materials used in production .. $18,000 Direct labor ............... 54,000 Factory overhead ............ 36,000 Work in...
-
For methanol synthesis reaction \[ \mathrm{CO}(\mathrm{g})+2 \mathrm{H}_{2}(\mathrm{~g}) ightleftharpoons \mathrm{CH}_{3} \mathrm{OH}(\mathrm{g}) \] Using a feed mixture of carbon monoxide and...
-
The L2 steel blade of the band saw wraps around the pulley having a radius of \(12 \mathrm{in}\). Determine the maximum normal stress in the blade. The blade has a width of 0.75 in. and a thickness...
-
An L2 steel strap having a thickness of 0.125 in. and a width of \(2 \mathrm{in}\). is bent into a circular arc of radius \(600 \mathrm{in}\). Determine the maximum bending stress in the strap.
Study smarter with the SolutionInn App