Question

Business - Homework #1 Part A: Prepare in good form the following journal entries: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for $10,000. 9 Rendered services billed at $3,000 and received cash of $3,000. 10 Performed services for a client on account, $6,500. 12 Employees worked two weeks and were paid salaries of $1,000. 15 Paid the short-term note payable from the June 8 purchase. 22 Purchased office supplies on account for $7,000. 30 Paid amount due for office supplies. 30 Paid monthly rent of $500, due on the last day of the month for the month of June. 30 Paid the monthly income taxes of $2,200. 30 The Board of Directors declared and paid dividends of $1,000. Part B: Prepare a trial balance Part B: Prepare a trial balance Part A: Prepare in good form the following journal entries: GENERAL JOURNAL TRANSACTIONS Preclosing Trial Balance June 30, 2019 Account Name DEBIT CREDIT REF # Account Name DEBIT CREDIT

Answer 1

A) Dat Credit Credit Debit $35,000 Debit $10,000 $35,000 $10,000 $20,000 52000 525.00 $7,000 $20,000 $7,000 $10,000 $7,000 Date General Journal Jun. 1 Cash Common Stock Jun. 2 Cash Note Payable Jun. 8 Equipment Note Payable Jun. 9 Cash Service Revenue Jun. 10 Accounts Receivable Service Revenue Jun. 12 Salaries Expense Cash $10,000 Date General Journal Jun. 15 Note Payable Cash Jun. 22 Office Supplies Accounts Payable Jun. 30 Accounts Payable Cash Jun. 30 Rent Expense Cash Jun. 30 Income Tax Expense Cash Jun. 30 Dividends Cash $7,000 $3,000 $500 $3,000 $500 $6,500 $2,200 $6,500 $2,200 $1,000 $1,000 $1,000 $1,000

Credit ($35,000 + $20,000 + $3,000 - $1,000 - $10,000 - $7,000 - $500 - $2,200 - $1,000] Preclosing Trial Balace June 30, 2019 Account Titles Debit Cash $36,300 Accounts Receivable $6,500 Office Supplies $7,000 Equipment $10,000 Note Payable Common Stock Dividends $1,000 Service Revenue Salaries Expense $1,000 Rent Expense $500 Income Tax Expense $2,200 Totals $64,500 $20,000 $35,000 $9,500 [$3,000 + $6,500] $64,500