journal Entries and Trial Balance On June 1, 2019, Kris Storey established an in

Question

journal Entries and Trial Balance

On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business.

Enter the following transactions on Page 2 of the two-column journal.

Required:

1. Journalize each transaction in a two-column journal, beginning on Page 1, 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.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank.

June 1. Kris transferred cash from a personal bank account to an account to be used for the business, $23,100. 4. Paid rent for period of June 4 to end of month, $2,240. 6. Purchased a truck for $19,000, paying $2,000 cash and giving a note payable for the remainder. 8. Purchased equipment on account, $9,010. 10. Purchased supplies for cash, $1,550. 12. Paid annual premiums on property and casualty insurance, $3,470. 15. Received cash for job completed, $9,700.

Explanation / Answer

Jun1: Cash(db)23100
Kris Storey, Capital(cr) 23100
Jun 4: prepaid rent(db)2240
Cash(cr)2240
Jun 6: truck(db)19000
Cash(cr)2000
Notes payable(cr)17000
Jun8: equipment(db)9010
Account payable(cr)9010
Jun10:Supplies(db)1550
Cash(cr)1550
Jun15:Cash(db)9700
revenue(cr)9700
Jun23:account payable(db)3210
cash(cr)3210
Jun24:account receivable(db)11040
reveue(cr)11040
Jun25:truck expense(db)1020
expense payable(cR)1020
Jun26:utiltiies expnese(db)1160
cash(cR)1160
Jun27:misc expense(db)420
cash(cr)420
Jun29:wages expense(db)3070
Cash(cr)3070
Jun30: Kris Storey, Drawing(DB)2560
CASH(Cr)2560

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