Prepare journal entered for the attached transactions

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare journal entered for the attached transactions
: Apps
Current Student ihl...
BusinessCourse
A Return to course
TansactiON ATTaiysIS and al Dalance
Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for Ju
Library; Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional F
Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June:
June 1 Aker opened a business checking account at a local bank, investing $16,000 in her practice in exchange for common stock.
2 Purchased office furniture and fixtures for $9,800, paid $2,800 cash, and gave a note payable for the balance.
3 Purchased books and software for a tax library on account, $3,700.
4 Purchased office supplies for cash, $560.
5 Paid rent for June, $750.
6 Returned $300 of books with defective bindings. The return reduced the amount owed to the supplier.
7 Billed clients for professional services rendered, $7,600.
8 Paid $1,700 on account for the library items purchased on June 3.
9 Collected $5,900 on account from clients billed on June 7.
10 Paid June salaries, $2,900.
11 Received invoice for June advertising, to be paid in July, $300.
12 Paid stockholders $800 cash as a dividend.
13 Paid utilities for June, $160.
14 Paid interest for June on note payable, $60.
equired
Prepare journal entries and record the above transactions in T-accounts, and key entries with the number of
Prepare a trial balance as of June 30,
Transcribed Image Text:: Apps Current Student ihl... BusinessCourse A Return to course TansactiON ATTaiysIS and al Dalance Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for Ju Library; Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional F Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June: June 1 Aker opened a business checking account at a local bank, investing $16,000 in her practice in exchange for common stock. 2 Purchased office furniture and fixtures for $9,800, paid $2,800 cash, and gave a note payable for the balance. 3 Purchased books and software for a tax library on account, $3,700. 4 Purchased office supplies for cash, $560. 5 Paid rent for June, $750. 6 Returned $300 of books with defective bindings. The return reduced the amount owed to the supplier. 7 Billed clients for professional services rendered, $7,600. 8 Paid $1,700 on account for the library items purchased on June 3. 9 Collected $5,900 on account from clients billed on June 7. 10 Paid June salaries, $2,900. 11 Received invoice for June advertising, to be paid in July, $300. 12 Paid stockholders $800 cash as a dividend. 13 Paid utilities for June, $160. 14 Paid interest for June on note payable, $60. equired Prepare journal entries and record the above transactions in T-accounts, and key entries with the number of Prepare a trial balance as of June 30,
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