Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Record the journal entries for June. 2. Post the June transactions to the general ledger accounts. 3. Prepare a trial balance. make all the

1. Record the journal entries for June.

2. Post the June transactions to the general ledger accounts.

3. Prepare a trial balance.

make all the journal entries required during June. Post them into the ledgers create the worksheet

create the initial trial balance for the end of the month

image text in transcribed

During June, the firm engaged in the following transactions:

1 Received an investment of cash from J. Long, $8,000.

3 Purchased office equipment with cash, $2,000.

4 Received office equipment transferred to the firm from J. Long, $1,800

7 Purchased extra office supplies with cash, $190

9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400

10 Paid the receptionist in cash for two weeks wages, $1,600

13 Paid the amount due to Office Depot for the office equipment purchased last month, $750

14 Accepted an advance in cash for services to be done for a new client, $2,200

15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.

16 Performed consulting services and received a cash fee, $1,650.

17 Received payment on account from Sallys Salon for services performed last month, $3,200.

18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.

19 Performed consulting services for Sallys Salon and agreed to accept payment next month, $4,600.

20 Performed bookkeeping services for cash, $780.

23 Received and paid the utility bill for June, $340.

24 Paid the secretary for two weeks wages, $1,600.

27 Paid the rent for July in advance, $2,000.

28 Received the telephone bill for June, which is to be paid next month, $220.

30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.

he May 31, 20XX, post-closing trial balance Tor the L&L Accounting Firm appears below L&L Accounting Firm Post-Closing Trial Balance May 31, 20XX Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Office Equipment Acc. Depreciation, Office Equipment Office Furniture Acc. Depreciation, Office Furniture Accounts Payable Unearned Consulting Fees Wages Payable J. Long, Capital 6,000 4,400 500 2,000 1,100 4,000 60 2,700 50 4,500 1,500 600 13,990

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Basics Video Learning Guide

Authors: Charles A. Cianfrani & John E. West, James P. Gildersleeve

1st Edition

1891578251, 978-1891578250

More Books

Students also viewed these Accounting questions