Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

its of the comprehensive problem to its entirety. Maximum number of points for this probler Late submissions of work will be docked points at the

image text in transcribed
its of the comprehensive problem to its entirety. Maximum number of points for this probler Late submissions of work will be docked points at the instructor's discretion. Part A: Journalize the following transactions for June. Dean Winchester opened Ghost Cleaners on June 1, 2020. He is the sole owner of the corporation. During June, the following transactions were completed by Dean. 1-Jun Cashed in an insurance policy that was left to Dean by his father who died in March 2020, 1-Jun Invested $15,000 in exchange for common stock in Ghost Cleaners, Inc. 1-Jun Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest. He plans to pay off the remaining balance on the van by June 1, 2021. The note has a 10% APR with interest being payable at the end of every month. No principle payments are due until August 1, 2020 1-Jun Paid $800 cash on a 12-month insurance policy effective June 1, 2020 1-Jun Hired his brother, Sam, to help with the corporation 5-Jun Purchased cleaning supplies for $1,500 on account. 7-Jun Billed a client for services performed on June 7 in the amount of $3,000. 8-Jun Paid $100 for gasoline for the van. 12-Jun Paid $200 for maintenance on the van 15-Jun Incurred wages expense of $2,000, 16-Jun Received payment of $3,000 for services performed on June 7. 18-Jun Paid $1,500 of accounts payable off for cleaning supplies. 20-Jun Billed a client for services performed on June 20 in the amount of $8,000. 26-Jun Received payment of $4,000 for services performed on June 20. 30-Jun Paid employee wages incurred on June 19 in full. 30-Jun Paid interest on the van note payable for June in the amount of $75 Part B: Post the above transactions to the annronrista on

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_2

Step: 3

blur-text-image_3

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

Accounting And Financial Analysis In The Hospitality Industry

Authors: Jonathan A. Hales

1st Edition

0750678968, 978-0750678964

More Books

Students explore these related Accounting questions