1. jounarlize Transactions

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2. find Transaction Effect

Business Bookkeeping Liu Kang is the owner of Kappa Services. He has hired you to update the transactions for his business. Liu has provided you with a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. Transactions for the month of June: Jun 2 Provided services to a customer, who paid $40,000 cash. Jun 4 Prepaid $7,200 worth of insurance for one year. Jun 7 Paid $1,280 cash to reduce the balance of accounts payable. Jun 10 Provided $20,400 worth of services to a customer, who will pay later. Jun 12 Obtained a $18,000 loan from the bank. Jun 13 Purchased equipment with $25,500 cash. Jun 17 Paid the $820 telephone bill. Jun 20 Paid $12,200 in salaries to employees. Jun 30 Paid $340 interest on the bank loan. Adjustments Jun 30 Recognized $600 of prepaid insurance for this month. Jun 30 Recognized $5,670 of unearned revenue that has now been earned Required: Journalize the transactions. JOURNAL Date Account Title and Explanation Page 1 Credit Debit Transactions and Impacts Complete the table below by indicating the effect (Increase, Decrease, or No Effect) on assets, liabilities, and net worth (an example has been provided). Assets Liabilities Net Worth Transaction Pay miscellaneous expenses Decrease No Effect Decrease 1) Received cash for providing delivery services - EXAMPLE Increase No Effect Increase 2) Paid amount owing that was outstanding to a creditor. 3) Billed customers for delivery Services on account. 4) Purchased office furniture on account. 5) Paid advertising expense with cash