Chart of Accounts Common Stock Retained Earnings Dividends Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account, $8,500. 26 Paid electricity bill for June, $810. 28 Paid $50 interest on the Note 30 Paid dividends, $7,500.
Chart of Accounts Common Stock Retained Earnings Dividends Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account, $8,500. 26 Paid electricity bill for June, $810. 28 Paid $50 interest on the Note 30 Paid dividends, $7,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Transcribed Image Text:Chart of Accounts
Common Stock
Cash
Accounts Receivable Retained Earnings
Supplies
Dividends
Prepaid Rent
Office Equipment
Accounts Payable
Notes Payable
Unearned Fees
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Interest Expense
Utility Expense
During the month of June, Acme Inc. entered into the following transactions:
1 Transferred cash from a personal bank account in exchange for stock, $100,000
3 Recorded services provided on account, $9,100
5 Received cash from clients as an advance payment for services to be provided in July, $12,500
7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder.
9 Receive cash for services provided: $5,000
10 Paid part-time receptionist for two weeks' salary $1,750
12 Purchased office supplies from Staples on account, $1,200
14 Billed clients for fees earned; $2,500
16 Paid $1,000 for 3 months rent for the months of July - September
18 Paid Staples, $600
24 Received cash from clients on account, $8,500.
26 Paid electricity bill for June, $810.
28 Paid $50 interest on the Note
30 Paid dividends, $7,500.
Transcribed Image Text:Journalize the June transactions and adjustments. Proper journal formatting is required. Please skip lines between transactions.
GENERAL JOURNAL
Description
1
2
3
4
5
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
35
36
36
37
38
38
39
40
41
42
43
44
45
46
47
48
Date
Post ref Debit
Page
Credit
1
2
3
5
6
8
9
10
11
12
13
14
15
16
1 17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Expert Solution
Step 1
Journal Entries is the Process of Recording all Financial Transaction into a proper Format. Journal entry is the First stage of Accounting.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit.
Some Example :—
At the Time of Sales :— Sales revenue will be Debited
At the Time of expense incurred :— Expenses Item are Credited
If Any Assets Purchase :— Assets Account Debited
If Any Liability arise :— Liabilities account Credited
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education