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
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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
Transcribed Image Text:$ $ $ $ $ $ $ $ $ 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
Transcribed Image Text:$ $ Vehicle $ Accumulated Depreciation S $ Wages Expense Depreciation Expense
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