Chapter 3, Problem 3.12MCE

Determining an Ending Account Balance

Jessie’s Accounting Services was organized on June 1. The company received a contribution of $1,000 from each of the two principal owners. During the month, Jessie’s Accounting Services provided services for cash of $1,400 and services on account for $450, received $250 from customers in payment of their accounts, purchased supplies on account for $600 and equipment on account for $1,350, received a utility bill for $250 that will not be paid until July, and paid the full amount due on the equipment. Use a T account to determine the company’s Cash balance on June 30.