Joumal Ledger Unadjusted Trial Balance Final Questions business June 1 Kris tran

Question

Joumal Ledger Unadjusted Trial Balance Final Questions business June 1 Kris transferred cash trom a personal bank account to an account to be used for the business, $35,000 1 Paid rent for period of June 1 to end of month, $4,750 6 Purchased office equipment on account $14,100 Purchased a van for $28,500 paying $4 500 cash and giving a note payable for the remainder 10 Purchased supplies for cash, $2 380 12 Recelved cash for job completed, $12,200 15 Paid annual premiums on property and casualty insurance, $3 600

Explanation / Answer

Answer: Requirement 1 Journal Entries Date Account title and explanation Debit Credit Jun-01 Cash $             35,000.00 Capital $         35,000.00 (To record amount invested in business) Jun-01 Rent expenses $                4,750.00 Cash $           4,750.00 (To record rent expenses for the month) Jun-06 Office Equipment $             14,100.00 Accounts payable $         14,100.00 (To record purchase of office equipment) Jun-08 Van $             28,500.00 Cash $           4,500.00 Note payable $         24,000.00 (To record purchase of van) Jun-10 Supplies $                2,380.00 Cash $           2,380.00 (To record purchase of supplies for cash) Jun-12 Cash $             12,200.00 Service Revenue $         12,200.00 (To record service revenue) Jun-15 Prepaid Insurance $                3,600.00 Cash $           3,600.00 (To record annual premium paid) Jun-23 Accounts receivable $             11,900.00 Service Revenue $         11,900.00 (To record Invoice raised) Jun-24 Repair expense $                1,500.00 Accounts Payable $           1,500.00 Jun-29 Utilities Expenses $                3,100.00 Cash $           3,100.00 (To record utilities expenses0 Jun-29 Miscellaneous Expenses $                   950.00 Cash $              950.00 (To record miscellaneous expenses) Jun-30 Cash $                7,330.00 Accounts Receivable $           7,330.00 (To record cash received from customer) Jun-30 Wages expenses $                5,070.00 Cash $           5,070.00 (To record wages paid) Jun-30 Accounts Payable $                6,825.00 Cash $           6,825.00 (To record payment to creditor for equipment purchased) Jun-30 Drawing $                1,600.00 Cash $           1,600.00 (To recor drawing) Requirement 2 Cash $                             37,043.00 $             35,000.00 $         37,043.00 $                4,750.00 $                             41,061.00 $             12,200.00 $         39,600.00 $                4,500.00 $                             11,110.00 $                7,330.00 $         40,330.00 $                2,380.00 $         42,156.00 $                3,600.00 $         47,270.00 $                3,100.00 $         47,270.00 $                   950.00 $         11,110.00 $                5,070.00 $         11,110.00 $                6,825.00 $         11,110.00 $                1,600.00 End. Bal. $              21,755.00 Rent expense $                             37,043.00 $                4,750.00 Capital   $         37,043.00 $              35,000.00 End. Bal $             35,000.00 Office equipment $                             38,869.00 $             14,100.00 End. Bal $              14,100.00 Accounts payable $                             11,110.00 $                6,825.00 $         38,869.00 $              14,100.00 End. Bal $                8,775.00 $         45,444.00 $                1,500.00 Van $                             39,600.00 $             28,500.00 End. Bal $              28,500.00 Note Payable $         39,600.00 $              24,000.00 End. Bal $             24,000.00 Supplies $                             40,330.00 $                2,380.00 End. Bal $                2,380.00 Service Revenue $         41,061.00 $              12,200.00 $         45,078.00 $              11,900.00 Total $              24,100.00 Accounts Receivable $                             45,078.00 $             11,900.00 $         11,110.00 $                7,330.00 End. Bal $                4,570.00 Prepaid Insurance $                             42,156.00 $                3,600.00 End. Bal $                3,600.00 Repair Expense $                             45,444.00 $                1,500.00 Utilities Expense $                             47,270.00 $                3,100.00 Miscellaneous Expense $                             47,270.00 $                   950.00 Wages Expense $                             11,110.00 $                5,070.00 Drawing   $                             11,110.00 $                1,600.00 Requirement 3 Trial Balance Cash $             21,755.00 Account receivable $                4,570.00 Supplies $                2,380.00 Prepaid Insurance $                3,600.00 Office equipment $             14,100.00 Van $             28,500.00 Drawing $                1,600.00 Account Payable $           8,775.00 Notes Payable $         24,000.00 Capital $         35,000.00 Service Revenue $         24,100.00 Rent expenses $                4,750.00 Wages expense $                5,070.00 Miscellaneous expenses $                   950.00 Utilities Expenses $                3,100.00 Repair Expense $                1,500.00 Total $             91,875.00 $         91,875.00 Requirement 4 Excess of Revenue over expense would be: Service Revenue $         24,100.00 Less: Expenses Rent expenses $                4,750.00 Wages expense $                5,070.00 Miscellaneous expenses $                   950.00 Utilities Expenses $                3,100.00 Repair Expense $                1,500.00 $         15,370.00 Excess of revenue over expense $           8,730.00 (24,100-15,370)

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.