Question

uestion 1 of 3 < 0.64/1 ew Policies how Attempt History urrent Attempt in Progress Transactions for Blossom Ltd. for the month of June, its first month of operations, are presented below. June 1 4 7 18 Issued common shares to shareholders in exchange for $2.000 cash. Purchased supplies on account for $200. Billed J. Kronsnoble $300 for welding work done. Received partial payment of $200 from J. Kronsnoble for work billed on June 7. Hired a new employee to start work on July 3. Received cash of $150 from Liu Controls Ltd. as a deposit for welding work to be done in July. Paid for supplies purchased on June 4. Paid $100 for monthly income tax instalment. 25 27 28 29 Hournalize the transactions for Blossom Ltd. (List all debit entries before credit entries. Credit account titles are automatically indented vhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Assignment 1. Sur Assignment 1 surve Question 101 Q10 100g

Answer 1

JOURNAL ENTRIES

Date	Account Titles and Explanation	Debit ($)	Credit ($)
1June	Cash	2,000
	Common shares		2,000
	To record issue common shares for cash
4 June	Supplies	200
	Account payable		200
	To record purchase supplies on account
7 June	Account receivable	300
	Service revenue		300
	To record service provided on account to J. Kronsnoble
18 June	Cash
	Account receivable
	To record received partial payment for services rendered on 7 June to J. Kronsnoble
25 June	No entry required
27 June	Cash	150
	Unearned revenue		150
	To record advance received from customer
28 June	Account Payable	200
	Cash		200
	To record payment made for supplies purchased on June 4
29 June	Income tax	100
	Cash		100
	To record payment made of monthly instalment of income tax

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