Using the chart of accounts provided on page 2 of the Exam 2 format document, journalize the following transactions for the month of June. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used. 1 Billed clients for $50,000 for services provided 2 Paid utilities of $500 Received cash of $5,000 from clients on account.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Chart of Accounts**

- **Assets and Liabilities:**
  - Cash
  - Accounts Receivable
  - Allowance for Doubtful Acct
  - Notes Receivable
  - Supplies
  - Inventory
  - Prepaid Insurance
  - Prepaid Rent
  - Office Equipment
  - Accounts Payable
  - Notes Payable
  - Wages Payable
  - Interest Payable
  - Unearned Fees
  - Common Stock

- **Revenue and Expenses:**
  - Dividends
  - Fees Earned
  - Sales
  - Interest Revenue
  - Cost of Goods Sold
  - Bank Service Charge
  - Bad Debt Expense
  - Depreciation Expense
  - Insurance Expense
  - Rent Expense
  - Interest Expense
  - Product Warranty Expense
  - Supplies Expense
  - Utility Expense
  - Wages Expense

**General Journal**

A table is provided for recording general journal entries. It includes the following columns:

- Date
- Description
- Post Reference (Post ref)
- Debit
- Credit
- Page Number (listed from 1 to 18)

Entries in a general journal are used to chronologically document transactions, capturing the necessary details for future reference and accounting processes.
Transcribed Image Text:**Chart of Accounts** - **Assets and Liabilities:** - Cash - Accounts Receivable - Allowance for Doubtful Acct - Notes Receivable - Supplies - Inventory - Prepaid Insurance - Prepaid Rent - Office Equipment - Accounts Payable - Notes Payable - Wages Payable - Interest Payable - Unearned Fees - Common Stock - **Revenue and Expenses:** - Dividends - Fees Earned - Sales - Interest Revenue - Cost of Goods Sold - Bank Service Charge - Bad Debt Expense - Depreciation Expense - Insurance Expense - Rent Expense - Interest Expense - Product Warranty Expense - Supplies Expense - Utility Expense - Wages Expense **General Journal** A table is provided for recording general journal entries. It includes the following columns: - Date - Description - Post Reference (Post ref) - Debit - Credit - Page Number (listed from 1 to 18) Entries in a general journal are used to chronologically document transactions, capturing the necessary details for future reference and accounting processes.
Using the chart of accounts provided on page 2 of the Exam 2 format document, journalize the following transactions for the month of June. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used.

1. Billed clients for $50,000 for services provided
2. Paid utilities of $500
3. Received cash of $5,000 from clients on account.
Transcribed Image Text:Using the chart of accounts provided on page 2 of the Exam 2 format document, journalize the following transactions for the month of June. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used. 1. Billed clients for $50,000 for services provided 2. Paid utilities of $500 3. Received cash of $5,000 from clients on account.
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