Question

Please use a table or something

n Entries Creative Designs, a firm providing art services for advertisers, began busi ess on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash: Accounts Receivable: Supplies: Office Equipment: Accounts Payable; Common Stoc)k Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. a. Using the accounting equation, record each of the transactions in columnar format b. Use journal entries to record the following transactions for June in the general journal. June 1 Lisa Ryan invested $8,000 cash to begin the business; she received common stock for her investment. Paid rent for June, $450. Purchased office equipment on account, $3.500. Purchased art materials and other supplies costing $2.500: paid $900 down with the re. mainder due within 30 days. Billed clients for services, $4,750 Collected $2,100 from clients on account. Paid $2,000 on account to office equipment company (see June 3 transaction). Lisa Ryan received a $750 dividend. Paid utility bill for June, $450. Paid salaries for June, $2,750. 2 3 6 11 17 19 25 30 30

Answer 1

Effect on accounting equation Shareholders' Equity Liabilities Accounts Payable Retained Earnings Office Office Net Accounts Receivable Common Date Cash+ Revenuesxpenses - Stock $8,000 + Supplies Equipment Income Jun. 1 $8,000 + Jun. 2 $450 + Jun. 3 Jun. 6 -$900 + Jun. 11 Jun. 17 $2,100 + Jun. 19 -$2,000 + Jun. 25 $750 + Jun. 30 -$450 + Jun. 30 -$2,750 + $450 $450 - $450 3,500 $3,500 + -$1,600+ +S2,500 $4,750+ $2,100 + +$4,750$4,750 - - $4,750 2,000+ $750 $450 +-$2,750 $750 $750 $450 2,750S2,750 $3,650 1,850 $450 - Bal $4,300 + $2,650+2.,500 2,500 + 3,500$3,100+ $8,000 $1,850 $5,500