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Flynn Company began operations in June 2015. The chart of accounts used is provided below. Prepare the correct journal entries for the monthly transactions of
Flynn Company began operations in June 2015. The chart of accounts used is provided below. Prepare the correct journal entries for the monthly transactions of the company.
Chart of Accounts | Transactions | |||
100 | Cash | 1-Jun | H. Flynn invested $25,000 to start the business and received common stock in return | |
105 | Accounts Receivable | 4-Jun | Purchased Supplies for $2,000 on account | |
110 | Supplies | 5-Jun | Purchased Equipment costing $5,000 by signing a 3-month Note Payable | |
115 | Equipment | 8-Jun | Received $7,000 from customers for services rendered | |
200 | Accounts Payable | 19-Jun | Paid $2,000 in cash for the June rent | |
205 | Unearned Revenue | 25-Jun | Paid for the supplies purchased on the 4th | |
210 | Note Payable | 27-Jun | Received $9,000 from customers for services that will be provided in July | |
300 | Common Stock | 28-Jun | Provided services on account to customers for $6,000 | |
305 | Dividends | 30-Jun | Paid Dividends of $900 to shareholders | |
400 | Service Revenue | 30-Jun | Paid the assistants salary of $2,000 for the month of June | |
500 | Salaries Expense | |||
505 | Rent Expense |
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