Question

BU Use the following Chart of Accounts as a reference for Account Names. You must spell the Account Name exactly as it is in the CRST OF ACC Chart of Accounts Assets Stockholders' Equity Cash Contributed Capital Dividends Accounts Receivable Inwentory Sales Supplies Property. Plant, and Equipment Liabilities Rent Expense Wages Expense Utilities Expense Accounts Payable Notes Payable For the Debit Amount and Credit Amount, use the following format: 12345 (no dollar signs, no spaces) On January 1, Justin established Austin's Consulting Services, which had the following transactions: January 1: Justin invested $75.000 into the business as the owner. Debit Account Name Credit Account Name Debit Amount Credit Amount $

please help ???

(2) Using the journal entries above, what is Justin's revenue for the month?
(3) Using the journal entries above, what are Justin's expenses for the month?
(4) Using the journal entries above, what is Justin's NET INCOME for the month?

Answer 1

journal entries
Date	Debit Account Name	Credit Acoount Name	Debit Amount($)	Credit Amount($)
01-Jan	Cash a/c		75000
		Contributed Capital a/c		75000
03-Jan	Rent Expenses a/c		2000
		Cash a/c		2000
05-Jan	Supplies a/c		1000
		Accounts Payble a/c		1000
07-Jan	Account Receivable a/c		5000
		Sales a/c		5000
09-Jan	Cash a/c		5000
		Accounts Receivable a/c		5000
11-Jan	Accounts payble a/c		1000
		Cash a/c		1000
13-Jan	Wage Expenses a/c		1400
		Cash a/c		1400
15-Jan	Utility expenses a/c		120
		Cash a/c		120