Question

GENERAL LEDGER IN LAST 3 PHOTOS

Post the transactions for June 1 - 30 to the General Ledger. Opening balances have been provided above. Be sure to keep running balance in each account.

Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The opening balances for the month of June are as follows: Sports R Us Balance Sheet As at May 31, 2019 Assets Liabilities Cash $37,000 Accounts Payable $9,800 Accounts Receivable 12,500 Unearned Revenue 4,200 Prepaid Insurance 9,250 Bank Loan 25,000 Office Supplies 5,000 Merchandise Inventory 8,750 Total Liabilities 39,000 Property, Plant & Equipment 95,000 Stockholder's Equity Accumulated Depreciation (23,000) Common Stock 70,000 Retained Earnings 35,500 Total Stockholder's Equity 105,500 Total Assets $144,500 Total Liabilities & Owners' Equity $144,500 Jun 1 Jun 12 Transactions for the month of June: Purchased sports equipment on account from Modern Furniture (to be recorded i Jun 7 Received cash from customers for various sports camps completed this week Jun 8 Paid rent for the month of June Jun 10 Prepaid insurance for one year Paid utility bill from May Jun 15 Paid bi-weekly wages to employees Paid interest on bank loan Jun 20 Received telephone bill to be paid next month Purchased office supplies from Office Barn on account Jun 25 Made principal payment on bank loan Paid cash dividends to stockholder's Jun 27 Purchased Inventory for the store on account from Sports World Record monthly cash sales for the store Jun 30 Record COGS for monthly sales Jun 15 $11,000 $24,250 $2,900 $2,400 $1,900 $5,750 $300 $650 $1,700 $4,000 $2,500 $11,500 $13,500 $8,750 Jun 22 Jun 26 Jun 30

Answer 1

XIA 5 2020-09(2) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in U1 X H J к L M N o Р S T U V w х Q 91,100 R 91,100 1 1 TRUE TRUE 2 Account Date 3 Cash Description Op. Balance Debit Credit Account Dividends Date Description June 1 Op. Balance Debit Credit Balance (Dr) 4 June 1 5 June 7 24,250 June 26 2,500 2,500 2,500 6 7 8 Balance (Dr) 37,000 61,250 58,350 55,950 54,050 48,300 48,000 44,000 41,500 55,000 June 8 June 10 June 12 June 15 June 15 June 25 June 26 June 30 2,900 2,400 1,900 5,750 300 4,000 2,500 9 9 10 Debit Account Service revenue Date Description June 7 Credit 24,250 Balance (Cr) 24,250 11 12 13 13,500 14 15 Debit Account Sales revenue Date Description June 30 Account Date June 1 Accounts receivable Description Debit Op. Balance Credit 13,500 16 Balance (Cr) 13,500 Credit Balance (Dr) 12,500 17 18 19 20 21 Account Cost of goods sold Date Description June 30 Credit Prepaid insurance Description Op. Balance Debit 8,750 Balance (Dr) 8,750 22 Debit Account Date June 1 June 10 Credit 23 24 Balance (Dr) 9,250 11,650 2,400 25 26 Account Insurance expense Description 27 Date Debit Credit Balance (Dr) 28 Account Office supplies Date Description Debit Credit Balance (Dr) - Sheet43 Sheet44 Sheet45 Sheet46 Sheet47 Sheet48 Activate Windows Go to Settings to activate Windows, Sheet49 Sheet50 Sheet51 + 7 READY 3 1 + 100% I Search the web and Windows O ENG IN 03:30 17-09-20

XIA 5 2020-09(2) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in U52 X f H K L N o P T U V w X M TRUE 1 Q 91,100 Debit R 91,100 Credit S TRUE Balance (Dr) 27 Date Description Account Date 28 Office supplies Description Op. Balance Debit Credit 29 30 June 1 June 22 Balance (Dr) 5,000 6,700 1,700 31 32 Account Rent expense Date Description June 8 Credit Debit 2,900 Balance (Dr) 2,900 33 Account Date 34 Credit Merchandise inventory Description Debit Op. Balance 11,500 35 June 1 June 27 Balance (Dr) 8,750 20,250 11,500 36 37 June 30 8,750 Account Telephone expense Date Description June 20 Credit Debit 650 Balance (Dr) 650 38 39 40 Account Date June 1 June 1 Property, plant and equipment Description Debit Credit Op. Balance 11,000 41 Balance (Dr) 95,000 106,000 42 Account Salaries expense Date Description June 15 Credit Debit 5,750 Balance (Dr) 5,750 43 44 45 Account Date Accumulated depreciation Description Debit Op. Balance 46 47 48 Credit Balance (Cr) ) 23,000 Account Office supplies expense Date Description June 1 Debit Credit Balance (Dr) 49 50 51 52 Account Depreciation expense Date Description Debit Credit Balance (Dr) Account Accounts payable Date Description Debit Credit Balance (Cr) June 1 Op. Balance 9.800 ... Sheet43 Sheet44 Sheet45 Sheet46 Sheet47 Sheet48 53 Activate Windows Go to Settings to activate Windows, Sheet49 Sheet50 Sheet51 + READY 3 + 100% I Search the web and Windows O ENG IN 03:30 17-09-20

XIA 5 2020-09(2) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in U76 X f H K L M N o P S T U V w X Q 91,100 R 91,100 1 TRUE TRUE 51 Account Date June 1 Accounts payable Description Op. Balance Account Depreciation expense Date Description Debit Credit Debit 52 53 54 Credit Balance (Dr) June 1 11,000 55 1,900 Balance (Cr) 9,800 20,800 18,900 19,550 21,250 32,750 56 June 12 June 20 June 22 June 27 Account 650 1,700 11,500 Interest expense Description 57 Date Credit Debit 300 Balance (Dr) 300 58 June 15 59 60 Account Date 61 Unearned revenue Description Debit Op. Balance Credit Balance (Cr) 4,200 June 1 62 63 64 65 66 67 Bank loan Description Op. Balance Debit Account Date June 1 June 25 Credit 68 Balance (Cr) 25,000 21,000 69 4,000 70 71 72 Account Date 73 Common stock Description Op. Balance Debit Credit Balance (Cr) 70,000 June 1 74 75 76 77 Activate Windows Go to Settings to activate Windows, Sheet43 Sheet44 Sheet45 Sheet46 Sheet47 Sheet48 Sheet49 Sheet50 Sheet51 + READY 3 + 100% I Search the web and Windows O ENG IN 03:30 17-09-20