The following four-column accounts of Tanya PaydenTanya Payden, CPA have been op
ID: 2542284 • Letter: T
Question
The following four-column accounts of Tanya PaydenTanya Payden, CPA have been opened for you: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Office Furniture, 140; Accounts Payable, 210; Utilities Payable, 220; Common Stock, 310; Dividends, 320; Service Revenue, 410; Salaries Expense, 510; Rent Expense, 520; and Utilities Expense, 530. Journalize the transactions and then post the journal entries to the four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal.
2. Prepare the trial balance as of JuneJune 3030, 20182018.
Requirement 1. Journalize the transactions and then post the journal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal. (Record debits first, then credits. Exclude explanations from journal entries.)
Begin by journalizing the transactions.
JuneJune
1:
PaydenPayden
opened an accounting firm by contributing
$ 16 comma 100$16,100
cash and office furniture with a fair market value of
$ 5 comma 200$5,200
in exchange for common stock. Prepare a compound entry.
Accounts
Debit
Credit
Jun. 1
Cash
16,100
Office Furniture
5,200
Common Stock
21,300
JuneJune
5: Paid monthly rent of
$ 1 comma 500$1,500.
Date
Accounts
Debit
Credit
Jun. 5
Rent Expense
1,500
Cash
1,500
JuneJune
9: Purchased office supplies on account,
$ 900$900.
Date
Accounts
Debit
Credit
Jun. 9
Office Supplies
900
Accounts Payable
900
JuneJune
14: Paid employee's salary,
$ 1 comma 600$1,600.
Date
Accounts
Debit
Credit
Jun. 14
Salaries Expense
1,600
Cash
1,600
JuneJune
18: Received a bill for utilities to be paid next month,
$ 240$240.
Date
Accounts
Debit
Credit
Jun. 18
Utilities Expense
240
Utilities Payable
240
JuneJune
21: Paid
$ 500$500
of the account payable created on
JuneJune
9.
Date
Accounts
Debit
Credit
Jun. 21
Accounts Payable
500
Cash
500
JuneJune
25: Performed accounting services on account,
$ 6 comma 000$6,000.
Date
Accounts
Debit
Credit
Jun. 25
Accounts Receivable
6,000
Service Revenue
6,000
JuneJune
28: Paid cash dividends of
$ 6 comma 800$6,800.
Date
Accounts
Debit
Credit
Jun. 28
Dividends
6,800
Cash
6,800
Now post to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal. (If a box is not used in the table, leave the box empty; do not enter a zero. Compute the new balance for each account after posting the transaction.)
JuneJune
1:
PaydenPayden
opened an accounting firm by investing
$ 16 comma 100$16,100
cash and office furniture valued at
$ 5 comma 200$5,200
in exchange for common stock.
Review the journal entry you prepared above.
LOADING...
CASH
Account No. 110
Balance
Date
Item
Post. Ref.
Debit
Credit
Debit
Credit
2018
Jun. 1
J10
16,100
16,100
OFFICE FURNITURE
Account No. 140
Balance
Date
Item
Post. Ref.
Debit
Credit
Debit
Credit
2018
Jun. 1
J10
5,200
5,200
COMMON STOCK
Account No. 310
Balance
Date
Item
Post. Ref.
Debit
Credit
Debit
Credit
2018
Jun. 1
J10
21,300
21,300
Select the posting references in the journal for the transaction you posted in the preceding step.
Date
Accounts
Post. Ref.
Debit
Credit
Jun. 1
Cash
110
16,100
Office Furniture
140
5,200
Common Stock
310
21,300
JuneJune
5: Paid monthly rent of
$ 1 comma 500$1,500.
Review the journal entry you prepared above.
LOADING...
CASH
Account No. 110
Balance
Date
Item
Post. Ref.
Debit
Credit
Debit
Credit
2018
Jun. 1
J10
16,100
16,100
Jun. 5
J10
RENT EXPENSE
Account No. 520
Balance
Date
Item
Post. Ref.
Debit
Credit
Debit
Credit
2018
Jun. 5
Save Accounting Table... + Copy to Clipboard... +Explanation / Answer
Tanya Payden General Journal for the month ending June 30 Date Acount Title Debit Credit June.1 Cash 16100 Office Furniture 5200 Coomon stock 21300 June.5 Rent Expense 1500 Cash 1500 June.9 Supplies 900 Accounts Payable 900 June.16 Salaries Expense 1600 Cash 1600 June.18 Utilities Expense 240 Utilties Payable 240 June.21 Accounts Payable 500 Cash 500 June.25 Accounts Receivable 6000 Service Revenue 6000 June.28 Dividends 6800 Cash 6800 Cash Accounts No.110 Accounts Receivable Accounts No.120 Balance Balance Date Item Post Ref Debit Credit Debit Credit Date Item Post Ref Debit Credit Debit Credit June.1 J10 16100 16100 June.25 J10 6000 6000 June.5 J10 1500 14600 6000 June.16 J10 1600 13000 6000 June.21 J10 500 12500 June.28 J10 6800 5700 Office Furniture Accounts No.140 Balance Date Item Post Ref Debit Credit Debit Credit June.1 J10 5200 5200 Supplies Accounts No.130 5200 Balance Date Item Post Ref Debit Credit Debit Credit June.9 J10 900 900 Utilities Payable Accounts No.220 900 Balance 900 Date Item Post Ref Debit Credit Debit Credit June.18 J10 240 240 Accounts Payable Accounts No.210 240 Balance Date Item Post Ref Debit Credit Debit Credit June.9 J10 900 900 Dividends Accounts No.320 June.21 J10 500 400 Balance 400 Date Item Post Ref Debit Credit Debit Credit June.28 J10 6800 6800 Common Stock Accounts No.310 6800 Balance Date Item Post Ref Debit Credit Debit Credit June.1 J10 21300 21300 Salaries Expense Accounts No.510 21300 Balance 21300 Date Item Post Ref Debit Credit Debit Credit June.16 J10 1600 1600 Service Revenue Accounts No.410 1600 Balance Date Item Post Ref Debit Credit Debit Credit June.25 J10 6000 6000 Utilities Expense Accounts No.530 6000 Balance 6000 Date Item Post Ref Debit Credit Debit Credit June.18 J10 240 240 Rent Expense Accounts No.520 240 Balance Date Item Post Ref Debit Credit Debit Credit June.5 J10 1500 1500 1500 1500 Tanya Payden Trial Balance as at June 30 Account Title Debit Credit Cash 5700 Accounts Receivable 6000 Supplies 900 Ofice Furniture 5200 Accounts Payable 400 Utilities Payable 240 Common Stock 21300 Dividends 6800 Service Revenue 6000 Salaries Expense 1600 Rent Expense 1500 Utilities Expense 240 Total 27940 27940
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