Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business: June 1. Kris transferred cash from a personal bank account to an account to be used for the business, $24,800. 4. Paid rent for period of June 4 to end of month, $2,410. 6. Purchased a used truck for $21,000, paying $2,000 cash and giving a note payable for the remainder. 8. Purchased equipment on account, $9,670. 10. Purchased supplies for cash, $1,660. 12. Paid annual premiums on property and casualty insurance, $3,720. 15. Received cash for job completed, $10,420. Enter the following transactions on Page 2 of the two-column journal: 23. Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,450. 24. Recorded jobs completed on account and sent invoices to customers, $11,850. 25. Received an invoice for truck expenses, to be paid in July, $1,090. 26. Paid utilities expense, $1,240. 27. Paid miscellaneous expenses, $450. 28. Received cash from customers on account, $4,960. 29. Paid wages of employees, $3,300. 30. Withdrew cash for personal use, $2,750. Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash 31 Kris Storey, Capital 12 Accounts Receivable 32 Kris Storey, Drawing 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense 16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense General Journal Page 2 Date Description Post. Ref. Debit Credit 2019 June 23 June 24 June 25 June 26 June 27 June 28 June 29 June 30

Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business: June 1. Kris transferred cash from a personal bank account to an account to be used for the business, $24,800. 4. Paid rent for period of June 4 to end of month, $2,410. 6. Purchased a used truck for $21,000, paying $2,000 cash and giving a note payable for the remainder. 8. Purchased equipment on account, $9,670. 10. Purchased supplies for cash, $1,660. 12. Paid annual premiums on property and casualty insurance, $3,720. 15. Received cash for job completed, $10,420. Enter the following transactions on Page 2 of the two-column journal: 23. Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,450. 24. Recorded jobs completed on account and sent invoices to customers, $11,850. 25. Received an invoice for truck expenses, to be paid in July, $1,090. 26. Paid utilities expense, $1,240. 27. Paid miscellaneous expenses, $450. 28. Received cash from customers on account, $4,960. 29. Paid wages of employees, $3,300. 30. Withdrew cash for personal use, $2,750. Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash 31 Kris Storey, Capital 12 Accounts Receivable 32 Kris Storey, Drawing 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense 16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense General Journal Page 2 Date Description Post. Ref. Debit Credit 2019 June 23 June 24 June 25 June 26 June 27 June 28 June 29 June 30

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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Journal Entries and Trial Balance

On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business:

June	1.	Kris transferred cash from a personal bank account to an account to be used for the business, $24,800.
	4.	Paid rent for period of June 4 to end of month, $2,410.
	6.	Purchased a used truck for $21,000, paying $2,000 cash and giving a note payable for the remainder.
	8.	Purchased equipment on account, $9,670.
	10.	Purchased supplies for cash, $1,660.
	12.	Paid annual premiums on property and casualty insurance, $3,720.
	15.	Received cash for job completed, $10,420.

Enter the following transactions on Page 2 of the two-column journal:

	23.	Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,450.
	24.	Recorded jobs completed on account and sent invoices to customers, $11,850.
	25.	Received an invoice for truck expenses, to be paid in July, $1,090.
	26.	Paid utilities expense, $1,240.
	27.	Paid miscellaneous expenses, $450.
	28.	Received cash from customers on account, $4,960.
	29.	Paid wages of employees, $3,300.
	30.	Withdrew cash for personal use, $2,750.

Required:

1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank.

11 Cash	31 Kris Storey, Capital
12 Accounts Receivable	32 Kris Storey, Drawing
13 Supplies	41 Fees Earned
14 Prepaid Insurance	51 Wages Expense
16 Equipment	53 Rent Expense
18 Truck	54 Utilities Expense
21 Notes Payable	55 Truck Expense
22 Accounts Payable	59 Miscellaneous Expense

General Journal	Page 2
Date	Description	Post. Ref.	Debit	Credit
2019
June 23

June 24

June 25

June 26

June 27

June 28

June 29

June 30

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