Project - Comprehensive Problem RETL 261For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June.Transactions:June:Kell Dice deposited $55,000 into Dice Consulting as the sole owner.Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash.Paid three months’ rent on a lease rental contract, $ 6,000.Paid the yearly premium on property and casualty insurance policies, $3,000.Paid cash for a newspaper advertisement, $120. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $7,000. Purchased additional office equipment on account from Office Equip Co., $3,500.Recorded services provided on account for the period June 1–14, $5,500.Kell took clients out for a meal to discuss business, $100Paid Office Equip Co. for part of the debt incurred on June 4, $1,500.Paid cash for supplies, $1000.Paid part-time receptionist for two weeks’ salary, $500.Recorded cash from cash clients for services provided during the period June 1–16, $4,000.Received cash from clients on account, $2,500.Recorded services provided on account for the period June 15–22, $3,600.Recorded cash from cash clients for services provided for the period June 17–25, $2,400.Received the electricity bill for June, $300. (Will pay it later)Paid part-time receptionist for two weeks’ salary, $500.Paid water bill for June, $25.Recorded cash from cash clients for services provided for the period June 26–30, $2,500.Recorded services provided on account for the remainder of June, $1,500.Kell Dice withdrew $3,000 for personal use.Journalize the following statements

Journal entries are primary entries made in the books of accounts to record financial transactions.

Answered: Journalize the following statements

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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Project - Comprehensive Problem RETL 261

For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June.

Transactions:

June:

Kell Dice deposited $55,000 into Dice Consulting as the sole owner.
Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash.
Paid three months’ rent on a lease rental contract, $ 6,000.
Paid the yearly premium on property and casualty insurance policies, $3,000.
Paid cash for a newspaper advertisement, $120.

Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $7,000.

Purchased additional office equipment on account from Office Equip Co., $3,500.
Recorded services provided on account for the period June 1–14, $5,500.
Kell took clients out for a meal to discuss business, $100
Paid Office Equip Co. for part of the debt incurred on June 4, $1,500.
Paid cash for supplies, $1000.
Paid part-time receptionist for two weeks’ salary, $500.
Recorded cash from cash clients for services provided during the period June 1–16, $4,000.
Received cash from clients on account, $2,500.
Recorded services provided on account for the period June 15–22, $3,600.
Recorded cash from cash clients for services provided for the period June 17–25, $2,400.
Received the electricity bill for June, $300. (Will pay it later)
Paid part-time receptionist for two weeks’ salary, $500.
Paid water bill for June, $25.
Recorded cash from cash clients for services provided for the period June 26–30, $2,500.
Recorded services provided on account for the remainder of June, $1,500.
Kell Dice withdrew $3,000 for personal use.