Question

Assessing Financial Statement Effects of Transactions K Daniels started Daniels Services, a firm providing art services for advertisers, on June 1. The following accounts are needed to record the transactions for june: Cash; Accounts Receivable: Supplies: Office Equipment Accounts Payable:Common Stock Dividends: Servke Fees Earned: Rent Expense Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) une 1 k Daniels invested $12.000 cash to be in the business in exchange for common 2 Pad 5950 cash for June rent Hecord rent person june 2 3 Purchased 56,400 of office equipment on credt. Purchased 53.000 of meals and other suples como as with herunder ut with 11 Bedients 4700 for services de 17 Colected $1.250 chrom contractors donne 19 Pad 55.000 cash toward the account for office one 25 d 5900 cash for dividen 30 Pad 5350 cash for junettes 30 Pad 52.500 cash for junge

Answer 1

Income Statement Balance Sheet NonCash Assets Transaction Date + Liabilities + Earned Capital Revenue Expenses Net Income Cash Assets $12,000 ($950) Contributed Capital $12,000 $950 $6,400 $2,000 ($1,800) Common stock issued June 1 Rent Paid June 2 Purchased office equipment June 3 Purchased art materials June 6 Billed to clients June 11 Collected from client June 17 Paid to Accounts Payable June 19 Dividend Paid June 25 Utilities Paid June 30 Wages Paid June 30 Net Income Total $6,400 $3,800 $4,700 ($3,250) $4,700 $0 ($950) $0 $0 $4,700 $0 $0 $0 ($350) ($2,500) ($900) $0 $3,250 ($5,000) ($900) ($350) ($2,500) ($5,000) ($900) $350 $2,500 $900 $0 $3,750 $11,650 $3,400 $12,000 $4,700 $3,800

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