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Received $8000 cash from June 06 transaction Paid utilities expense of $600 and salary expense $2,5 effect each transaction from June 1st 30th will have on ti Cor ovompl

Received $8000 cash from June 06 transaction Paid utilities expense of $600 and salary expense $2,5 effect each transaction from June 1st 30th will have on ti Cor ovompl

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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Can u assist me with question 4 plz
Ing. Avoid interruption and keep your files safe withgenuine Ofice today, Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000, Accounts receivable $0, Land $ 30,000, Building $0, Supplies $0, Accounts payable $0, Notes payable $0, Quality-capital $70,000, Service revenue $98,000, Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of S600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1s-30th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction increased exnenses and decreased cash: the
Transcribed Image Text:Ing. Avoid interruption and keep your files safe withgenuine Ofice today, Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000, Accounts receivable $0, Land $ 30,000, Building $0, Supplies $0, Accounts payable $0, Notes payable $0, Quality-capital $70,000, Service revenue $98,000, Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of S600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1s-30th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction increased exnenses and decreased cash: the
June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1st 30th will have on the accounting equation. For example, the transaction increased asset and increased capital the transaction inereased expenses and decreased cash, the transaction increased asset and decreased asset, etc. 2. Prepare the journal entries with narrations to record the transactions for "June" 3. Post the transactions recorded in your journal to their respective "T" accounts and balance off each account at June 30th 2020. 4. Having determined the account balances, represent this information using the accounting equation. a do
Transcribed Image Text:June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1st 30th will have on the accounting equation. For example, the transaction increased asset and increased capital the transaction inereased expenses and decreased cash, the transaction increased asset and decreased asset, etc. 2. Prepare the journal entries with narrations to record the transactions for "June" 3. Post the transactions recorded in your journal to their respective "T" accounts and balance off each account at June 30th 2020. 4. Having determined the account balances, represent this information using the accounting equation. a do
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