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Dr. Cash 0 Cr. 0 0 ASSETS Accounts Receivable Dr. Cr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 01 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O -ZOOM +

Dr. Cash 0 Cr. 0 0 ASSETS Accounts Receivable Dr. Cr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 01 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O -ZOOM +

FINANCIAL ACCOUNTING
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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Chart of Accounts Common Stock Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Retained Earnings Dividends 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. Page
Transcribed Image Text:Chart of Accounts Common Stock Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Retained Earnings Dividends 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. Page
Dr. Cash 0 Cr. 0 ASSETS Accounts Receivable Dr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 0 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. Cr EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. 0 Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O - ZOOM +
Transcribed Image Text:Dr. Cash 0 Cr. 0 ASSETS Accounts Receivable Dr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 0 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. Cr EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. 0 Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O - ZOOM +
Expert Solution
Notes

Journal entries have been passed by following dual accounting concept. 

Ledgers have been classified under major heads namely, Assets, Liabilities and Equity

Adjusted Trial balance have been made though no adjustments have been provided but due to question requirement it is assumed as normal Trial balance. 

No entry have been passed for retained earnings and rent expense account as no information have been provided for same. 

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