Question

8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize the transactions and then post the joumal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the joumal. (Record debits first, the credits. Exclude explanations from journal entries.) Begin by journalizing the transactions. June 1: Parker opened an accounting firm by contributing $13,200 cash and office fumiture with a fair market value of $5,300 in exchange for common stock. Prepare a compound entry. Accounts Debit Credit Jun. 1 (1) June 5: Pald monthly rent of $1,300. Date Accounts Debit Credit Jun. 5 (5) June 9: Purchased office supplies on account, $600. Date Accounts Debit Credit Jun. 9 (10) (11) (12)

Answer 1

1.

Date	Accounts	Debit	Credit
		$	$
June 1	Cash	13,200
	Office Furniture	5,300
	Common Stock		18,500
June 5	Rent Expense	1,300
	Cash		1,300
June 9	Office Supplies	600
	Accounts Payable		600
June 14	Salaries Expense	1,900
	Cash		1,900
June 18	Utilities Expense	370
	Utilities Payable		370
June 21	Accounts Payable	500
	Cash		500
June 25	Accounts Receivable	5,700
	Service Revenue		5,700
June 28	Dividends	6,700
	Cash		6,700

2.

Teresa Parker, CPA Trial Balance June 30, 2018
Account Titles	Debit	Credit
	$	$
Cash	2,800
Accounts Receivable	5,700
Office Supplies	600
Office Furniture	5,300
Accounts Payable		100
Utilities Payable		370
Common Stock		18,500
Dividends	6,700
Service Revenue		5,700
Salaries Expense	1,900
Rent Expense	1,300
Utilities Expense	370
Totals	$ 24,670	$ 24,670