On June 1, 2018, Bill Smith established a cleaning business, Smith Cleaning Services. During the month,...
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On June 1, 2018, Bill Smith established a cleaning business, Smith Cleaning Services. During the month, Bill completed the following transactions related to the business: Jun 1 Bill Invested $128,000 cash in Smith Cleaning Services.. Jun 1. Paid rent for month of eer, $5,000. Jun 1 Paid rent for month of October, $5,000. Purchased a used truck for $43,750 paying $10,300 cash and buying the Jun 10 remainder on credit (record as accounts payable). Jun 13 Purchased equipment on account, $22,800. Jun 14 Purchased supplies for cash, $2,100. Jun 15 Received cash for job completed, $15,200. Paid creditor a portion of amount owed for equipment purchased on October Jun 21 13, $12,000. Provided $14,150 worth of cleaning services on account. Sent invoices to -Jun 24 customers. Jun 26 Received an invoice for truck expenses to be paid in November, $900. Jun 27 Paid utilities, $2,240. Jun 29 Received cash from customers on account, $12,300. Jun 30 Paid wages of employees, $6,200. Jun 31 Bill made a withdrawal from the company for personal use, $7000. Directions: 1. 2. 3. Journalize each transaction in a journal beginning on page 1. Use the chart of accounts provided. Journal entry explanations may be omitted. Post the journal to a ledger and update ledger balances. Prepare an unadjusted trial balance. On June 1, 2018, Bill Smith established a cleaning business, Smith Cleaning Services. During the month, Bill completed the following transactions related to the business: Jun 1 Bill Invested $128,000 cash in Smith Cleaning Services.. Jun 1. Paid rent for month of eer, $5,000. Jun 1 Paid rent for month of October, $5,000. Purchased a used truck for $43,750 paying $10,300 cash and buying the Jun 10 remainder on credit (record as accounts payable). Jun 13 Purchased equipment on account, $22,800. Jun 14 Purchased supplies for cash, $2,100. Jun 15 Received cash for job completed, $15,200. Paid creditor a portion of amount owed for equipment purchased on October Jun 21 13, $12,000. Provided $14,150 worth of cleaning services on account. Sent invoices to -Jun 24 customers. Jun 26 Received an invoice for truck expenses to be paid in November, $900. Jun 27 Paid utilities, $2,240. Jun 29 Received cash from customers on account, $12,300. Jun 30 Paid wages of employees, $6,200. Jun 31 Bill made a withdrawal from the company for personal use, $7000. Directions: 1. 2. 3. Journalize each transaction in a journal beginning on page 1. Use the chart of accounts provided. Journal entry explanations may be omitted. Post the journal to a ledger and update ledger balances. Prepare an unadjusted trial balance.
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1 JOURNAL ENTRIES June 1 Debit Cash 128000 Credit Bill Capital 128000 To record investment in the business June 1 Debit Rent Expense 5000 Credit Cash 5000 Paid rent for the month of June June 1 Debit ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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