ACG$2001$ Milestone Assignment #$1$ Instructions

Version $23.$A

Chart of Accounts

Step $1$: Journalize the following transactions.

Enter the following on page $1$ of the general journal.

June $1$ Sue transferred cash from a personal bank account to an account to be used for

the business, $$50,000.$

$1$ Paid rent for the month of June $$2,500.$

$3$ Purchased a used van for $$20,000.$ Sue paid $$5,000$ cash as a down payment

and signed a note for the remainder.

$4$ Purchased office equipment on account, $$9,000.$

$10$ Purchased supplies for cash, $$1,100.$

$11$ Paid annual premiums on property and casualty insurance, $$2,500.$

$15$ Received cash for job completed, $$5,000.$

$20$ Recorded jobs completed on account and sent invoices to customers, $$17,850.$

$23$ Received an invoice in the mail for van$-$related expenses, to be paid in July $$875.$

$28$ Paid miscellaneous expenses, $$200.$

$28$ Paid utilities expense, $$2,300$

$30$ Paid wages of employees, $$6,200.$

Enter the following on page $2$ of the general journal.

$30$ Received cash from customers on account, $$7,000.$

$30$ Paid creditor a portion of the amount owed for equipment purchased earlier in the

month, $$3,250.$

$30$ Withdrew cash for personal use, $$2,500.$

Step $2$: Post the journal entries in Step $1$ to a four$-$column general ledger.

Step $3$: Prepare an unadjusted trial balance for A$1$ Inspections as of June $30,2020.$

GENERAL LEDGER

Accounts receivable

Account No$.$

$12$

$\backslash$table$[[$Date$,$Item,$\backslash$table$[[$Post$],[$Ref$]],$Debit,Credit,Debit$],[,,,,,,],[,,,,,,],[,,,,,,],[,,,,,,],[,,,,,,],[,,,,,,]]$

Supplies

Account No$.$

$13$

Prepaid insurance

$\backslash$table$[[$Prepaid insurance,,,,,,$],[$Date$,$Post,Account No$.14],[,,$Ref,Debit,Credit,Debit,Dalance$],[,,,,,,],[,,,,,,],[,,,,,,]]$

ACG$2001$ Milestone Assignment #$1$ Instructions

Version $23.$A

Chart of Accounts

Step $1$: Journalize the following transactions.

Enter the following on page $1$ of the general journal.

June $1$ Sue transferred cash from a personal bank account to an account to be used for

the business, $$50,000.$

$1$ Paid rent for the month of June $$2,500.$

$3$ Purchased a used van for $$20,000.$ Sue paid $$5,000$ cash as a down payment

and signed a note for the remainder.

$4$ Purchased office equipment on account, $$9,000.$

$10$ Purchased supplies for cash, $$1,100.$

$11$ Paid annual premiums on property and casualty insurance, $$2,500.$

$15$ Received cash for job completed, $$5,000.$

$20$ Recorded jobs completed on account and sent invoices to customers, $$17,850.$

$23$ Received an invoice in the mail for van$-$related expenses, to be paid in July $$875.$

$28$ Paid miscellaneous expenses, $$200.$

$28$ Paid utilities expense, $$2,300$

$30$ Paid wages of employees, $$6,200.$

Enter the following on page $2$ of the general journal.

$30$ Received cash from customers on account, $$7,000.$

$30$ Paid creditor a portion of the amount owed for equipment purchased earlier in the

month, $$3,250.$

$30$ Withdrew cash for personal use, $$2,500.$

Step $2$: Post the journal entries in Step $1$ to a four$-$column general ledger.

Step $3$: Prepare an unadjusted trial balance for A$1$ Inspections as of June $30,2020.$