Question

Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business,...

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.
June 1. Kris transferred cash from a personal bank account to an account to be used for the business, $26,100.
4. Paid rent for period of June 4 to end of month, $2,530.
6. Purchased a truck for $22,000, paying $2,000 cash and giving a note payable for the remainder.
8. Purchased equipment on account, $10,180.
10. Purchased supplies for cash, $1,750.
12. Paid annual premiums on property and casualty insurance, $3,920.
15. Received cash for job completed, $10,960.
Enter the following transactions on Page 2 of the two-column journal.
23. Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,630.
24. Recorded jobs completed on account and sent invoices to customers, $12,480.
25. Received an invoice for truck expenses, to be paid in July, $1,150.
26. Paid utilities expense, $1,310.
27. Paid miscellaneous expenses, $470.
28. Received cash from customers on account, $5,220.
29. Paid wages of employees, $3,470.
30. Withdrew cash for personal use, $2,900.
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.

11 Cash 31 Kris Storey, Capital
12 Accounts Receivable 32 Kris Storey, Drawing
13 Supplies 41 Fees Earned
14 Prepaid Insurance 51 Wages Expense
16 Equipment 53 Rent Expense
18 Truck 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense
General Journal Page 1
Date Description Post. Ref. Debit Credit
2019
June 1
Cash
Kris Storey, Capital
June 4
Rent Expense
Cash
June 6
Truck
Cash
Notes Payable
June 8
Equipment
Accounts Payable
June 10
Supplies
Cash
June 12
Prepaid Insurance
Cash
June 15
Cash
Fees Earned


General Journal Page 2
Date Description Post. Ref. Debit Credit
2019
June 23
June 24
June 25
June 26
June 27
June 28
June 29
June 30
Accounts Receivable

Homework Answers

Answer #1
Date Account Debit credit
June 1 cash 26100
Kris Storey, Capital 26100
June 4 Rent expense 2530
cash 2530
June6 Truck 22000
cash 2000
Note payable 20000
June8 Equipment 10180
Accounts payable 10180
June10 Supplies 1750
cash 1750
June 1 2 prepaid insurance 3920
cash 3920
June15 cash 10960
fees earned 10960
June 23 Accounts payable 3630
cash 3630
June 24 ` Accounts receivable 12480
Fees earned 12480
June 25 Truck expense 1150
Accounts payable 1150
June 26 utilities expense 1310
cash 1310
June 27 miscellaneous expenses 470
cash 470
June 28 cash 5220
Accounts receivable 5220
June 29 wage expense 3470
cash 3470
june 30 Kris Storey, Drawing 2900
CAsh 2900
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business,...
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. 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....
On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month,...
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: June 1 Kris transferred cash from 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. 8 Purchased a van for $28,500 paying $4,500 cash and giving a note payable for...
Entries into T accounts and Trial Balance Ken Jones, an architect, opened an office on April...
Entries into T accounts and Trial Balance Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the following transactions connected with his professional practice: Transferred cash from a personal bank account to an account to be used for the business, $18,000. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $3,150. Paid cash for supplies, $1,450. Purchased office and...
1. Record the following business transactions in general journal form. Identify each transaction by number. You...
1. Record the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. Shareholders invested RM32,000 cash and equipment valued at RM14,000 in the business. Hired a secretary-receptionist at a salary of RM350 per week payable monthly. Purchased supplies on account RM700. Paid office rent of RM600 for the month. Completed a tax assignment and billed client RM1,100 for services provided. Received RM3,200 advance on a management consulting engagement. Received cash...
On June 1 of the current year, Chad Wilson established a business to manage rental property....
On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: Opened a business bank account with a deposit of $30,000 from personal funds. Purchased office supplies on account, $1,800. Received cash from fees earned for managing rental property, $10,000. Paid rent on office and equipment for the month, $4,500. Paid creditors on account, $1,250. Billed customers for fees earned for managing rental property, $16,800. Paid automobile expenses...
The bookkeeper for Nevado Company has prepared the following trial balance: Nevado Company Trial Balance June...
The bookkeeper for Nevado Company has prepared the following trial balance: Nevado Company Trial Balance June 30, 20-- Account Name Debit Credit Cash 2,180 Accounts Receivable 9,700 Supplies 520 Prepaid Insurance 570 Equipment 8,700 Accounts Payable 2,350 M. Nevado, Capital 10,900 M. Nevado, Drawing 4,300 Professional Fees 15,300 Rent Expense 440 Miscellaneous Expense 1,570 25,800 30,730 The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors. Use this information to construct...
Part 1 Journalize the following transactions for the month of June for Quixote Company using the...
Part 1 Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers. Record all entries to the nearest cent. (26 points) Accounts Cash #110 Accounts Receivable #112 Merchandise Inventory #115 Estimated Returns Inventory #116 Store Supplies #117 Prepaid Insurance #119 Store Equipment #120 Accumulated Depreciation - Store Equipment #121 Accounts Payable #210 Salaries Payable #211 Customer Refunds Payable #212 Larkin, Capital #310 Larkin, Drawing #311 Sales #410 Cost of...
Please create trial balance & Income statement. JOURNAL ENTRIES Date                            Account Title and E
Please create trial balance & Income statement. JOURNAL ENTRIES Date                            Account Title and Explaination                     Debit                        Credit Jan 2                Cash                                                                                $40,000                         Computer Equipment                                                 $10,000                         A. Smith, Capital                                                                                $50,000 (To record Cash and Computer Equip brought                         into business) Jan 2                Rent Expense                                                              $1,800                         Cash                                                                                                    $1,800                         (To record Rent Expenses Paid) Jan 3                Office Supplies                                                           $1,000                         Accounts payable                                                                               $1,000                         (To record Purchase of office supplies) Jan 10             ...
On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart...
On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. Required: A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal. B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter “Balance” in the Item column and place a check mark (?) in the...
2. Do the following journal entries. Please do not forget to date. Do not forget to...
2. Do the following journal entries. Please do not forget to date. Do not forget to indent when you are crediting.   (44 points) A partial list of the account titles used by the company includes Cash                                                                                                                 Client Revenue                                                Prepaid Insurance Accounts Receivable                                                               Office Rent Expense Office Equipment                                                                     Salary Expense Vehicles                                                                                   Utilities Expense Notes Payable                                                                                                 Accounts Payable Janet Enterprises incorporated on May 3, 2015. The company engaged in the following transactions during its first month of operations: May 4         Paid...