eBook Show Me How Print Item Instructions transactions related to the business June 1 Hannah transferred cash from a personal bank account to an account to be used for the business, $48,000 1 Paid rent for period of June 1 to end of month, $6,510 6 Purchased office equipment on account, $19,340. 8 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 Received cash for job completed, $16,730 12 15 23 Paid annual premiums on property and casualty insurance. $4,940, Recorded jobs completed on account and sent invoices to customers. $16,320 Received an invoice for van expenses to be paid in July $2,060. 24 Enter the following transactions on Page 2 of the two-column joumal June 29 Paid utilities expense $4,250, Pald miscellaneous expenses $1.300. 29 30 Received cash from customers on account $10.050 Instructions 30 30 Received cash from customers on account, $10,050. Paid wages of employees, 56,950 Paid creditor a portion of the amount owed for equipment purchased on June 6, 59,360 Withdrew cash for personal use, $2,200 30 30 Required: 1. Journaize 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 Journais do not use Mnes 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 order) the journal to a leder 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 line. In CNOW, Journal pages do not begin with U* For example journal page 10 POST REF is simply 10 if the ending balance is so, at least one balance amount should be so 3 Prepare an unedusted trial balance for Whitworth Designs as of June 30 2046 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 net income for June? Chart of Accounts General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Wages Expense 16 Office Equipment 53 Rent Expense 18 Van 54 Utilities Expense 55 Van expense LIABILITIES 59 Miscellaneous Expense 21 Notes Payable 22 Accounts Payable EQUITY 31 Hannah Ellis Capital 32 Hannah Ellis Drawing Spotify Disney YouTube Blackboard R Rakuten Viki google classroom V LIVE Dramacool Everskir eBook Show Me How Print Item Journal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DESIT CREDIT ASSETS LIABILITIES EQUITY 3 11 33P Check My Work EI 7 Spotify Disney YouTube Blackboard R Rakuten Viki google classroom V LIVE Hulu Dramacool Everskes eBook Show Me How Print Item Journal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3 7 e Check My Work BP e F W 33 P 2/13/2 Spotify Disney YouTube Blackboard R Rakuten Viki google classroom V LIVE Hulu Dramacool Evers eBook Show Me How Print item Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Ledger Account: Cash Accounti. 11 Account Accounts Receivable Account No. 12 Account: Supplies Account Prepaid Insurance Account No. 13 Account No. 14 Account No. 1h Account: Office Equipment Accounts Van Account 18 Account in 21 Account 22 Account No. 11 Account: Notes Payable Account Accounts Payable Account: Hannah Ellis, Capital Account: Hannah Ellis, Drawing Account Fees Earned Account: Wages Expense Account Rent Expense Account: Unities Expense Account Van expense Account: Miscellaneous Expense Account No. 32 Account 41 Account 51 Account 50 Account Account 50 Check My Work Polly O Disney YouTube Blackboard Rakuten Viki google classroom V LIVE th Hulu Dran eBook Show Me How Print Item Unadjusted Trial Balance 6 Van 7 Notes Payable Accounts Payable 9 Hannah Ellis, Capital 10 Hannah Ellis. Drawing 11 Fees Earned 12 Wages Expense 15 Rent Expense 14 Utilities Expense 15 Van expense 16 Miscellaneous Expense 17 Totals eBook Show Me How Print Item LLLLLLLLLLS LLLLLLL Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions 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 net income for June? Check all that apply Some supplies may have been used during June but no supplies expense has been recorded Utilities expense includes expenses incurred for the month of June than have not yet been paid 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