Journal Entries:
Ref. | Description | Debit | Credit |
1 | Rent expense | $510 | |
Cash | $510 | ||
[To record payment of rent expense] | |||
2 | Cash | $7,100 | |
Accounts receivable | $7,100 | ||
[To record collection form customers] | |||
3 | Notes payable | $1,800 | |
Cash | $1,800 | ||
[To record payment of notes payable] | |||
4 | Accounts receivable | $18,100 | |
Service fees earned | $18,100 | ||
[To record customer billings] | |||
5 | Cash | $1,200 | |
Service fees earned | $1,200 | ||
[To record service fees rendered and collected] | |||
6 | Accounts payable | $1,400 | |
Cash | $1,400 | ||
[To record payments to creditors] | |||
7 | Cash | $12,750 | |
Accounts receivable | $12,750 | ||
[To record collections from customers] | |||
8 | Delivery expense | $650 | |
Cash | $650 | ||
[To record payment of delivery expense] | |||
9 | Salaries expense | $5,300 | |
Cash | $5,300 | ||
[To record salaries expense] | |||
10 | Advertising expense | $600 | |
Accounts payable | $600 | ||
[To record advertising expense to be paid following month] | |||
11 | Utilities expense | $250 | |
Cash | $250 | ||
[To record payment of utilities expense] | |||
12 | Dividends | $2,000 | |
Cash | $2,000 | ||
[To record payment of dividends] | |||
13 | Supplies expense | $2,260 | |
Accounts payable | $2,260 | ||
[To record supplies expense for the month] | |||
14 | Equipment | $7,000 | |
Cash | $7,000 | ||
[To record purchase of computer] |
T-Accounts:
Cash | Service fees earned | |||||||
Beg. Bal. | $6,800 | 1 | $510 | 4 | $18,100 | |||
2 | $7,100 | 3 | $1,800 | 5 | $1,200 | |||
5 | $1,200 | 6 | $1,400 | End.Bal. | $19,300 | |||
7 | $12,750 | 8 | $650 | |||||
11 | $250 | Rent expense | ||||||
12 | $2,000 | 1 | $510 | |||||
14 | $7,000 | End.Bal. | $510 | |||||
End.Bal. | $14,240 | |||||||
Salaries expense | ||||||||
Accounts receivable | 9 | $5,300 | ||||||
Beg. Bal. | $10,700 | 2 | $7,100 | End.Bal. | $5,300 | |||
4 | $18,100 | 7 | $12,750 | |||||
9 | $5,300 | Delivery expense | ||||||
End.Bal. | $3,650 | 8 | $650 | |||||
End.Bal. | $650 | |||||||
Equipment | ||||||||
14 | $7,000 | Advertising expense | ||||||
End.Bal. | $7,000 | 10 | $600 | |||||
End.Bal. | $600 | |||||||
Accounts payable | ||||||||
6 | $1,400 | Beg. Bal. | $2,100 | Utilities expense | ||||
10 | $600 | 11 | $250 | |||||
13 | $2,260 | End.Bal. | $250 | |||||
End.Bal. | $3,560 | |||||||
Supplies expense | ||||||||
Notes payable | 13 | $2,260 | ||||||
3 | $1,800 | Beg. Bal. | $4,200 | End.Bal. | $2,260 | |||
End.Bal. | $2,400 | |||||||
Dividends | ||||||||
Common stock | 12 | $2,000 | ||||||
Beg. Bal. | $2,000 | End.Bal. | $2,000 | |||||
End.Bal. | $2,000 | |||||||
Retained Earnings | ||||||||
Beg. Bal. | $9,200 | |||||||
End.Bal. | $9,200 | |||||||
Trial Balance:
ARTSY GRAPHICS | ||
Trial Balance | ||
July 1 | ||
Account title | Debit | Credit |
Cash | $14,240 | |
Accounts receivable | $3,650 | |
Equipment | $7,000 | |
Accounts payable | $3,560 | |
Notes payable | $2,400 | |
Common stock | $2,000 | |
Retained Earnings | $9,200 | |
Service fees earned | $19,300 | |
Rent expense | $510 | |
Salaries expense | $5,300 | |
Delivery expense | $650 | |
Advertising expense | $600 | |
Utilities expense | $250 | |
Supplies expense | $2,260 | |
Dividends | $2,000 | |
Total | $36,460 | $36,460 |
Pam Black owns Artsy Graphics, a firm providing designs for advertisers Cash $6,800 Accounts Payable $2,100...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3...
Ashley Somers owns San Diego Art Company, a firm providing designs
for advertisers, market analysts, and others. On July 1, the
business's general ledger showed the following normal account
balances:
Transaction Analysis and Trial Balance Ashley somers owns San Diego Art Company, a firm providing designs for advertisers, market analysis, and others. On the business's general ledger showed the following normal account balances 111100 AD Payable 21.300 Total Libes and Stockholders Buy 2.500 The following transactions occurred during the month...
Question text Transaction Analysis and Trial Balance Pam Brown owns Art Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business’s general ledger showed the following normal account balances: Cash $8,800 Accounts Payable $2,400 Accounts Receivable 10,100 Notes Payable 5,300 Common Stock 1,700 Retained Earnings 9,500 Total Assets $18,900 Total Liabilities and Stockholders' Equity $18,900 The following transactions occurred during the month of July: July 1 Paid July rent, $970. 2 Collected $7,400 on account...
Transaction Analysis and Trial Balance Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the account balances: Cash $10,700 Accounts Payable $2,600 Accounts Receivable 10,000 Notes Payable 5.200 Common Stock 10.900 Retained Earnings 2,000 Total Assets $20,700 Total Liabilities and Stockholders' Equity $20,700 The following transactions occurred during the month of July: July 1 Paid July rent, 5870. 2 Collected 58,300 on account from customers 3 Paid $2,700 installment...
57.100 Transaction Analysis and Trial Balance Pam Elark nwns Artsy Graphics, a fimm providing designs to acivertisers and market analys. Only the business gonerallenger shound the following normal account balances: $5,000 Accounts Payable Accounts Receivable 10.200 Nctes Payable 4.200 Comron Stock 2.000 Retaired Farrings Teral Assets $13.500 Total Liabiities and Stockholders' Equity $13.500 The folowing transactions accurred during the march of luy: 1 Paruyrer, 3510. 2 Collected 57,100 un accent from customers. 3 Paid Stannisalmen die on the $3.500 naninterest-bearing...
set up general ledger with following accounts: equipment,
service fees, rent expense, salaries expense, delivery expense,
advertising expense, utilities expense, supplies expense, and
dividends. prepare journal entries and record the listed
transactions in the appropriate T-accounts, then prepare a trial
balance.
delete home end g up Dackspace um ock Pam Brown ouns Art Graphics, a flrm providing designs for advertisers and market analysts.on July P, the business's general ledger Showed the followrg normal account balances: COsh 0,800 AcLOunts Payable Accounts...
varierand ma at aray 1, the busreses ganera de showed the role normal account balances: Par Elsсkaans Artsy Graphics, m oviding designs for 56. 4: curls avalle Artcurts Receivable 10.00 Nues Payable Comer Suck Rear Laminas Tulal Asses 517.500 Tallibilities Sime 4,20 Fury 517.500 Twing a change chaud Paid Jarenr. 5510 2 Colected $7,130 on count from customers. 3 PSid 5,900 instalment ducanthe 53300 norinters bering ncto pa abi. 4 Bled customers for design services rendered or account, 318,100. Rendered...
Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for June: Cas Library, Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earl Advertising Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June June 1 Aker opened a business checking account at a local bank, investing $16,300 in her practice in exchange for common stock...