Question

On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency DATE TRANSACTION June 1 Jenna Davis invested $40,Θ00 cash to start the business. 2 Issued Check 201 for $2,000 to pay the June rent for the office 3 Purchased desk and other office furniture for $12,ΘΘΘ from Lowe's Office Supply, Invoice 5103; issued Check 202 for a $2,000 down payment with the balance due in 30 days. 4 Issued Check 2Θ3 for $1,700 for supplies. 6 Performed services for $7,ΘΘΘ in cash. 7 Issued check 2Θ4 for $3,ΘΘΘ to pay for advertising expense. 8 Purchased recording equipment for $15, 000 from Special Moves, Inc., Invoice 2122; issued check 2Θ5 for a down payment of $5,ΘΘΘ with the balance due in 30 days. 10 Performed services for $5,5ΘΘ on account. 11 Issued Check 206 for $3,000 to Lowe's Office Supply as payment on account. 12 Performed services for $10, ΘΘΘ in cash. 15 Issued check 2Θ7 for $6,2ΘΘ to pay an employee's salary 18 Received payments of $4,000 from credit clients on account. 20 Issued Check 208 for $6,000 to Special Moves, Inc., as payment on account. 25 Issued Check 209 in the amount of $375 for the monthly telephone 27 Issued Check 210 in the amount of $980 for the monthly electric bill. 28 Issued Check 211 to Jenna Davis for $5, 000 for personal living

Answer 1

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1.Journal entries

2.Ledger accounts

Cash		Account No 101				Accounts Receivable		Account No 111
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
1-Jun	40,000.00		40,000.00	Dr.		10-Jun	5,500.00		5,500.00	Dr.
2-Jun		2,000.00	38,000.00	Dr.		18-Jun		4,000.00	1,500.00	Dr.
3-Jun		2,000.00	36,000.00	Dr.
4-Jun		1,700.00	34,300.00	Dr.
6-Jun	7,000.00		41,300.00	Dr.
7-Jun		3,000.00	38,300.00	Dr.
8-Jun		5,000.00	33,300.00	Dr.
11-Jun		3,000.00	30,300.00	Dr.
12-Jun	10,000.00		40,300.00	Dr.
15-Jun		6,200.00	34,100.00	Dr.
18-Jun	4,000.00		38,100.00	Dr.
20-Jun		6,000.00	32,100.00	Dr.
25-Jun		375.00	31,725.00	Dr.
27-Jun		980.00	30,745.00	Dr.
28-Jun		5,000.00	25,745.00	Dr.
30-Jun		6,200.00	19,545.00	Dr.
Supplies		Account No 121				Office Furniture		Account No 141
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
4-Jun	1,700.00		1,700.00	Dr.		3-Jun	12,000.00		12,000.00	Dr.
11-Jun	3,000.00		4,700.00	Dr.
Recording Equipment		Account No 151				Accounts Payable		Account No 202
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
8-Jun	15,000.00		15,000.00	Dr.		3-Jun		10,000.00	10,000.00	Cr.
						8-Jun		10,000.00	20,000.00	Cr.
						20-Jun	6,000.00		14,000.00	Cr.
Jenna Davis, Capital		Account No 301				Jenna Davis, Drawing		Account No 302
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
1-Jun		40,000.00	40,000.00	Cr.		28-Jun	5,000.00		5,000.00	Dr.
Fees Income		Account No 401				Advertising Expenses		Account No 511
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
6-Jun		7,000.00	7,000.00	Cr.		7-Jun	3,000.00		3,000.00	Dr.
10-Jun		5,500.00	12,500.00	Cr.
12-Jun		10,000.00	22,500.00	Cr.
Rent Expenses		Account No 514				Salaries Expenses		Account No 517
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
2-Jun	2,000.00		2,000.00	Dr.		15-Jun	6,200.00		6,200.00	Dr.
						30-Jun	6,200.00		12,400.00	Dr.
Telephone Expenses		Account No 520				Utilities Expenses		Account No 523
Date	Debit	Credit	Balance			Date	Debit	Credit	Balance
25-Jun	375.00		375.00	Dr.		27-Jun	980.00		980.00	Dr.

3.Trial balance

4. Income statement