Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock. 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit. 6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $3,000 cash toward the account for office equipment (see June 3). 25 Paid $900 cash for dividends. 30 Paid $350 cash for June utilities. 30 Paid $2,500 cash for June wages.
Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock. 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit. 6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $3,000 cash toward the account for office equipment (see June 3). 25 Paid $900 cash for dividends. 30 Paid $350 cash for June utilities. 30 Paid $2,500 cash for June wages.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Assessing Financial Statement Effects of Transactions
DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash;
June | 1 | M. DeFond invested $12,000 cash to begin the business in exchange for common stock. |
2 | Paid $950 cash for June rent.Hint: Record rent expense on June 2. | |
3 | Purchased $6,400 of office equipment on credit. | |
6 | Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. | |
11 | Billed clients $4,700 for services rendered. | |
17 | Collected $3,250 cash from clients on their accounts billed on June 11. | |
19 | Paid $3,000 cash toward the account for office equipment (see June 3). | |
25 | Paid $900 cash for dividends. | |
30 | Paid $350 cash for June utilities. | |
30 | Paid $2,500 cash for June wages. |
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