Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help making a balance sheet for this information. June 1: Owner contributed $50,000 in cash to the business. June 1: Owner purchased a

I need help making a balance sheet for this information. image text in transcribed

image text in transcribed

June 1: Owner contributed $50,000 in cash to the business. June 1: Owner purchased a company vehicle in the amount of $15,000. June 3: Owner took out a small business loan in the amount of $25,000. June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at \$1,195 per month. June 5: Owner paid business license fees in the amount of $250 to the county. June 5: Owner ordered office supplies, on account, in the amount of $750.00. June 6: Owner performed service for client on account in the amount of $1,000. June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due. June 10: Owner paid $250 in advertising costs to the local paper. June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20 . June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month. June 20: Owner paid wages due to part-time employee from period ending June 15. June 21: Owner paid for plumbing repairs in the office in the amount of $210. June 22: Owner withdrew $1,000 cash for personal use. June 23: Customer paid balance due from June 6 service in the amount of $1,000. June 25: Owner provided service to client in the amount of $800. Client paid at time of service. June 28: Owner paid balance due for office supplies purchase on June 5. June 29: Owner performed service for client on account in the amount of $2,225.00. June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July. June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5. June 30: Record depreciation on vehicle at $250

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

Step: 3

blur-text-image

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

Culture Audit In Financial Services Reporting On Behaviour To Conduct Regulators

Authors: Dr Roger Miles

1st Edition

1789667755, 978-1789667752

More Books

Students also viewed these Accounting questions