Journal entries and trial balance Chart of Accounts Journal Ledger Final Questions Instructions Unadjusted Trial Balance Instructions On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the folowing transactions related to the business: June Kris transterred cash from a personal bank account to an account to be used for the business, $35,000. Paid rent for period of June 1 to end of month, $4,750 1 6 Purchased office equipment on account, $14,100 8 Purchased a van for $28,500 paying $4,500 cash and giving a note payable for the remainder 10 Purchased supplies for cash, $2,380 Received cash for job completed, $12,200 12 Paid annual premiums on property and casualty insurance, $3,600. 15 23 Recorded jobs completed on account and sent invoices to customers, $11,900 Received an invoice for van expenses, to be paid in June, $1,500. 24 Enter the folowing transactions on Page 2 of the two-column journal June 29 Paid utiltes expense, $3,100. Paid miscellanecus expenses, $950 29 Received cash from customers on account, $7.330 30 30 Paid wages of employees, $5.070 30 Paid creditor a portion of the amount owed for equipment purchased on June 6, $6.825 Withdrew cash for personal use, $1.600 30 8 88 aBook Show Me How Calculator Print Item 15 Paid annual premiums on propertly and casualy insurance, $3,600. Recorded jobs completed on account and sent invoices to customers, $11,900. 23 Received an invoice for van expenses, to be paid in June, $1,500. 24 Enter the following transactions on Page 2 of the two-column jounal Paid utilities expense, $3,100. June 29 Paid miscellaneous expenses, $950 29 Received cash from customers on account, $7,330. 30 30 Paid wages of employees, $5,070. 30 Paid creditor a portion of the amount owed for equipment purchased on June 6, $6,825. 30 Withdrew cash for personal use, $1,600. Required: 1 Journalize each transaction in a two-column journat 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 untl you have posted the entry to the goneral ledger in part 2.) 2. Post Gin chronological order) the journal to a ledper 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 3. Prepare an unadiusted trial baiance for Eco-Centric Designs as of June 30, 2019 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? Calculator CHART OF ACCOUNTS Eco-Centric Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 13 Supplies 51 Wages Expense 14 Prepaid Insurance 53 Rent Expense 16 Office Equipment 54 Utilities Expense 18 Van 55 Van expense 59 Miscellaneous Expense LIABILITIES 21 Notes Payable 22 Accounts Payable EQUITY 31 Kris Storey, Capital 32 Kris Storey, Drawing 1. Joumalize each transaction in a two-column joumal beginning on Page 1, reteming 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.) PAGE 1 ACCOUNTING EQUATION JOURNAL LIABILITIES DESCRIPTION POST, REF EQUITY CREDIT ASSETS DATE DERIT Jun-01 Cash 1 11 14