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5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Check all that apply. Utilities expense includes expenses incurred for the month of June than have not yet been paid. Some supplies may have been used during June but no supplies expense has been recorded. Additions to capital has been wrongly recorded as drawings. Fees earned includes some fees earned in the month of June that have not been received 1 6 to be used for the business, 548,000. Paid rent for period of June 1 to end of month, S6,510. Purchased office equipment on account, $19,340. & Purchased a van for $39,100 paying $6.200 cash and giving a note payable for the remainder 10 Purchased supplies for cash, $3,260 12 Received cash for job completed, S16,730 15 Paid annual premiums on property and casualty insurance, 54,940: 23 Recorded jobs completed on account and sent invoices to customers, $16,320 24 Received an invoice for an expenses, to be paid in July 52,060. Enter the following transactions on Page 2 of the two-column journal: June 30 29 Paid utilities expense. 54.250. 29 Paid miscellaneous expenses, S1,300 30 Received cash from customers on account, $10,050. Paid wages of employees, 56,950 30 Paid creditor a portion of the amount owed for equipment purchased on June 6, 59,360 30 Withdrew cash for personal use. $2.200. Required: 1. Journalize each transaction in a two-column Journal beginning on Page 1. referring to the chart of accounts in selecting the accounts to be debited and credited (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2) CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 2. Post in chronological ordery the journal to a ladom of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, POST. REF. a debitor credit and a debitor credit under BALANCE on every one. In CNOW. Journal pages do not begin with. For example journal page 10 POST. REF. is simply 10. It the ending balance is $0, at least one balance amount should be $0. 3. Prepare an unactisested trial balance for Whitworth Designs as of June 30, 2016 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the ner income for June? General Ledger REVENUE 41 Fees Earned ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment 18 Van EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Van expense 59 Miscellaneous Expense LIABILITIES 21 Notes Payable 22 Accounts Payable EQUITY 31 Hannah Ellis, Capital 32 Hannah Ellis, Drawing
