Can you please help me complete the T-Account / ledger accounts for the following: The following events occurred in June: June 1: Owner contributed $50,000 in cash to the business. June 1: Owner purchased a company vehicle in the amount of $15,000. June 3: Owner took out a small business loan in the amount of $25,000. June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month. June 5: Owner paid business license fees in the amount of $250 to the county. June 5: Owner ordered office supplies, on account, in the amount of $750.00. June 6: Owner performed service for client on account in the amount of $1,000. June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due. June 10: Owner paid $250 in advertising costs to the local paper. June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20. June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month. June 20: Owner paid wages due to part-time employee from period ending June 15. June 21: Owner paid for plumbing repairs in the office in the amount of $210. June 22: Owner withdrew $1,000 cash for personal use. June 23: Customer paid balance due from June 6 service in the amount of $1,000. June 25: Owner provided service to client in the amount of $800. Client paid at time of service. June 28: Owner paid balance due for office supplies purchase on June 5. June 29: Owner performed service for client on account in the amount of $2,225.00. June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July. June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5. June 30: Record depreciation on vehicle at $250. A Company General Journal Entries Date Accounts Debit Credit 1-Jun Cash 50,000.00 Owner Capital 50,000.00 Owner contributed to the business Vehicle 15,000.00 Cash 15,000.00 Purchase of compant vehicle 3-Jun Cash 25,000.00 Loans payable 25,000.00 Owner took out a small business loan 5-Jun Rent Expense 1,195.00 Prepaid rent 7,170.00 Cash 8,365.00 Paid rent for June and preparid for next six months Taxes and Licenses Expense 250.00 Cash 250.00 Paid business license fees to the county Office Supplies 750.00 Accounts Payable 750.00 Ordered office suppies on account 6-Jun Accounts Receivable 1,000.00 Service Revenue 1,000.00 Performed services on account 9-Jun Cash 750.00 Accounts Receivable 750.00 Service Revenue 1,500.00 Performed services with cash payment, balance on account 10-Jun Advertising Expense 250.00 Cash 250.00 Paid advertising costs 15-Jun Wages and Salaries Expense 325.00 Wages and Salaries Payable 325.00 To record wages due to the part-time employee Prepaid Insurance 750.00 Cash 750.00 Prepaid business insurance, $125 per month for six months 20-Jun Wages and Salaries Payable 325.00 Cash 325.00 Paid employee 21-Jun Repairs and Maintenance Expense 210.00 Cash 210.00 Paid cash for plumbing repairs 22-Jun Owner, Dawings 1,000.00 Cash 1,000.00 Withdrew cash for personal use 23-Jun Cash 1,000.00 Accounts Receivable 1,000.00 Received cash from June 6 account 25-Jun Cash 800.00 Service Revenue 800.00 Received cash for service rendered 28-Jun Accounts Payable 750.00 Cash 750.00 Paid the June 5 account 29-Jun Accounts Receivable 2,225.00 Service Revenue 2,225.00 Service rendered on account 30-Jun Utilities Expense 155.00 Utilies Payable 155.00 Received telephone bill for the month Wages and Salary Expense 325.00 Wages and Salary Payable 325.00 Wage of part-time employee from June 16 to 30 Depreciation Expense - Vehicle 250.00 Accumulated Depreciation - Vehicle 250.00 Depreciation expense of vehicle recorded Total 110,230.00 110,230.00

Can you please help me complete the T-Account / ledger accounts for the following: The following events occurred in June: June 1: Owner contributed $50,000 in cash to the business. June 1: Owner purchased a company vehicle in the amount of $15,000. June 3: Owner took out a small business loan in the amount of $25,000. June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month. June 5: Owner paid business license fees in the amount of $250 to the county. June 5: Owner ordered office supplies, on account, in the amount of $750.00. June 6: Owner performed service for client on account in the amount of $1,000. June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due. June 10: Owner paid $250 in advertising costs to the local paper. June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20. June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month. June 20: Owner paid wages due to part-time employee from period ending June 15. June 21: Owner paid for plumbing repairs in the office in the amount of $210. June 22: Owner withdrew $1,000 cash for personal use. June 23: Customer paid balance due from June 6 service in the amount of $1,000. June 25: Owner provided service to client in the amount of $800. Client paid at time of service. June 28: Owner paid balance due for office supplies purchase on June 5. June 29: Owner performed service for client on account in the amount of $2,225.00. June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July. June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5. June 30: Record depreciation on vehicle at $250. A Company General Journal Entries Date Accounts Debit Credit 1-Jun Cash 50,000.00 Owner Capital 50,000.00 Owner contributed to the business Vehicle 15,000.00 Cash 15,000.00 Purchase of compant vehicle 3-Jun Cash 25,000.00 Loans payable 25,000.00 Owner took out a small business loan 5-Jun Rent Expense 1,195.00 Prepaid rent 7,170.00 Cash 8,365.00 Paid rent for June and preparid for next six months Taxes and Licenses Expense 250.00 Cash 250.00 Paid business license fees to the county Office Supplies 750.00 Accounts Payable 750.00 Ordered office suppies on account 6-Jun Accounts Receivable 1,000.00 Service Revenue 1,000.00 Performed services on account 9-Jun Cash 750.00 Accounts Receivable 750.00 Service Revenue 1,500.00 Performed services with cash payment, balance on account 10-Jun Advertising Expense 250.00 Cash 250.00 Paid advertising costs 15-Jun Wages and Salaries Expense 325.00 Wages and Salaries Payable 325.00 To record wages due to the part-time employee Prepaid Insurance 750.00 Cash 750.00 Prepaid business insurance, $125 per month for six months 20-Jun Wages and Salaries Payable 325.00 Cash 325.00 Paid employee 21-Jun Repairs and Maintenance Expense 210.00 Cash 210.00 Paid cash for plumbing repairs 22-Jun Owner, Dawings 1,000.00 Cash 1,000.00 Withdrew cash for personal use 23-Jun Cash 1,000.00 Accounts Receivable 1,000.00 Received cash from June 6 account 25-Jun Cash 800.00 Service Revenue 800.00 Received cash for service rendered 28-Jun Accounts Payable 750.00 Cash 750.00 Paid the June 5 account 29-Jun Accounts Receivable 2,225.00 Service Revenue 2,225.00 Service rendered on account 30-Jun Utilities Expense 155.00 Utilies Payable 155.00 Received telephone bill for the month Wages and Salary Expense 325.00 Wages and Salary Payable 325.00 Wage of part-time employee from June 16 to 30 Depreciation Expense - Vehicle 250.00 Accumulated Depreciation - Vehicle 250.00 Depreciation expense of vehicle recorded Total 110,230.00 110,230.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you please help me complete the T-Account / ledger accounts for the following:

The following events occurred in June:

June 1: Owner contributed $50,000 in cash to the business.
June 1: Owner purchased a company vehicle in the amount of $15,000.
June 3: Owner took out a small business loan in the amount of $25,000.
June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month.
June 5: Owner paid business license fees in the amount of $250 to the county.
June 5: Owner ordered office supplies, on account, in the amount of $750.00.
June 6: Owner performed service for client on account in the amount of $1,000.
June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.
June 10: Owner paid $250 in advertising costs to the local paper.
June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.
June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month.
June 20: Owner paid wages due to part-time employee from period ending June 15.
June 21: Owner paid for plumbing repairs in the office in the amount of $210.
June 22: Owner withdrew $1,000 cash for personal use.
June 23: Customer paid balance due from June 6 service in the amount of $1,000.
June 25: Owner provided service to client in the amount of $800. Client paid at time of service.
June 28: Owner paid balance due for office supplies purchase on June 5.
June 29: Owner performed service for client on account in the amount of $2,225.00.
June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.
June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.
June 30: Record depreciation on vehicle at $250.

	A Company
	General Journal Entries


Date	Accounts	Debit	Credit
1-Jun	Cash	50,000.00
	Owner Capital		50,000.00
	Owner contributed to the business
	Vehicle	15,000.00
	Cash		15,000.00
	Purchase of compant vehicle
3-Jun	Cash	25,000.00
	Loans payable		25,000.00
	Owner took out a small business loan
5-Jun	Rent Expense	1,195.00
	Prepaid rent	7,170.00
	Cash		8,365.00
	Paid rent for June and preparid for next six months
	Taxes and Licenses Expense	250.00
	Cash		250.00
	Paid business license fees to the county
	Office Supplies	750.00
	Accounts Payable		750.00
	Ordered office suppies on account
6-Jun	Accounts Receivable	1,000.00
	Service Revenue		1,000.00
	Performed services on account
9-Jun	Cash	750.00
	Accounts Receivable	750.00
	Service Revenue		1,500.00
	Performed services with cash payment, balance on account
10-Jun	Advertising Expense	250.00
	Cash		250.00
	Paid advertising costs
15-Jun	Wages and Salaries Expense	325.00
	Wages and Salaries Payable		325.00
	To record wages due to the part-time employee
	Prepaid Insurance	750.00
	Cash		750.00
	Prepaid business insurance, $125 per month for six months
20-Jun	Wages and Salaries Payable	325.00
	Cash		325.00
	Paid employee
21-Jun	Repairs and Maintenance Expense	210.00
	Cash		210.00
	Paid cash for plumbing repairs
22-Jun	Owner, Dawings	1,000.00
	Cash		1,000.00
	Withdrew cash for personal use
23-Jun	Cash	1,000.00
	Accounts Receivable		1,000.00
	Received cash from June 6 account
25-Jun	Cash	800.00
	Service Revenue		800.00
	Received cash for service rendered
28-Jun	Accounts Payable	750.00
	Cash		750.00
	Paid the June 5 account
29-Jun	Accounts Receivable	2,225.00
	Service Revenue		2,225.00
	Service rendered on account
30-Jun	Utilities Expense	155.00
	Utilies Payable		155.00
	Received telephone bill for the month
	Wages and Salary Expense	325.00
	Wages and Salary Payable		325.00
	Wage of part-time employee from June 16 to 30
	Depreciation Expense - Vehicle	250.00
	Accumulated Depreciation - Vehicle		250.00
	Depreciation expense of vehicle recorded
	Total	110,230.00	110,230.00

$
$
$
$
$
$
$
$
$
Cash
$
Accounts Rec.
$
Prepaid Rent
$
Prepaid Insurance
$
Office Supplies
$
$
$
$
Notes Payable
$
$
Accounts Payable
$
$
Wages Payable
$
$
Owner's Capital
$
$
Owner Draws
Posting to the ledger/t accounts
Don't overthink it!
$
$
Service Revenue
$
$
- $
You are just posting each debit and credit from the journal entries to the account you identified in the entry.
These accounts are set to calculate your balances for you.
Please be careful not to delete the running totals as those will calculate the ending balance.
The ending balance will transfer to the Trial Balance sheet.
If you have posted all entries and your trial balance is not in balance (total debits = total credits),
this means that there is an error.
$
$
$
$
Business License Expense
Rent Expense
$
$
$
$
$
-
Telephone Expense
$
$
Repairs & Maint.
$
Advertising Expense

$
$
Vehicle
$
Accumulated Depreciation
S
$
Wages Expense
Depreciation Expense

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