Question

Prepare the journal entry for every transaction that occurred in the month of JUNE please.

1)

June 10

Paid $500 for utilities that were invoiced in, and expensed in, May.

2)

June 15

You purchased, with cash, a new $55,000 SUV to get you around town (previously you walked or used public transport). The expense associated with this automobile will be recognized each year for five years, beginning after one year of the asset's life. (Account name AUTOMOBILES)

3)

June 4

Received a $7,000 rent payment from tenants for May rental of one of your properties (the tenants are late in their payment)

4)

June 22

Paid $18,000 rent for a temporary office for July and August until your new building is ready (your parents kicked you (i.e. your office) out of their garage as they also bought a new car)

5)

June 29

Paid your monthly $5,000 radio advertising subscription for July advertising (which unfortunately increased to $5000 from $4500)

Answer 1

Note: In transaction 3 it seems date is 4 June if that is something else then kindly change that accordingly. It creates doubt since it is after 15th June.

I hope this clear your doubt.

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