Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business June 1 1 6 8 0 Kris transferred cash from a personal bank account to an account to be used for the business, $27.750 Paid rent for period of June 1 to end of month, $3,800 Purchased office equipment on account, $12,800 Purchased a van for $32,900 paying $6,100 cash and giving a note payable for the remainder Purchased supplies for cash $1,510. Received cash for job completed, 58,300 Paid annual premiums on property and casually $2,200. Recorded jobs completed on account and sent invoices to customers, $12,220 Received an invoice for van expenses, to be paid in June, $1,010 12 15 23 24 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Enter the following transactions on Page 2 of the two-column journal June 29 29 Pald utilities expense, $3,510. Paid miscellaneous expenses. $1,680. Received cash from customers on account, $7,300. 30 30 30 Paid wages of employees, $4,550. Paid creditor a portion of the amount owed for equipment purchased on June 6, 56,120. Withdrew cash for personal use, $2,400. 30 Required: 1. Journalize 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.) Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions 30 Paid creditor a portion of the amount owed for equipment purchased on June 6, 56,120 Withdrew cash for personal use, $2.400 30 Required: 1. Journalize 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) 2. Post in chronological order) the journal to a ledge 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 wadiusted trial balance for Eco Centric Designs as of June 30, 2018, 4. Determine the excess of revenues over expenses for June 5. Can you think of any reason why the amount determined in (6) might not be the net income for June? Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Fina Instructions Chart of Accounts CHART OF ACCOUNTS Eco-Centric Designs nts General Ledger pner I igre ASSETS REVENUE actic 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance EXPENSES 51 Wages Expense 53 Rent Expense 16 Office Equipment Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Qu Instructions Chart of Accounts 16 Office Equipment 18 Van 53 Rent Expense 54 Utilities Expense 55 Van Expense 59 Miscellaneous Expense LIABILITIES nts in se eneral les 21 Notes Payable 22 Accounts Payable Ig refere action is EQUITY 31 Kris Storey, Capital 32 Kris Storey, Drawing chtries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions HI Instructions Chart of Accounts Journal Shade e feedback 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 everal ledger in part 2) How does grading work? PAGE 1 JOURNAL Score: 219/257 ACCOUNTING EQUATION DESCRIPTION DEBIT CREDIT ASSETS LIRLITIES EQUITY POST. REE 11 27,750.00 1 DATE Jun. 1 Cash Kris Storey, Capital Jun 1 Rent Expense 31 27,750.00 1 V + 53 3,800.00 3 Journal entries and trial balance Instructions, Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Shaded ce 12 Jun. 12 Cash 11 8,300.00 1 13 Fees Earned 41 8,300.00 14 Van Expense 55 2,200.00 22 2,200.00 Accounts Payable Utilities Expense 16 Jun 23 54 12,200.00 11 Cash 12,200.00 ! 17 59 18 1,010,00 Miscellaneous Expense 11 19 Cash 1.010.00 2. Post (in chronological order) the journal to a ledger 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 Question not attempted. LEDGER Score: 0/376 Account: Cash Account No. 11 DATE BALANCE ITEM POST REE CREDIT DEBIT DEBIT CREDIT 1 2 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Ledger Question not attempted. Shaded celic have feedback Shaded cells have feedback LEDGER Account: Cash Score: 0/376 Account No. 11 DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 4 $ 6 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance 8 Accounts Payable 9 Kris Storey, Capital 10 Kris Storey, Drawing Shaded cells have feedback. 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Van Expense 16 Miscellaneous Expense 17 Totals Final Questions Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Shaded Shaded cells have feedback. Shaded Account NO Shaded cells have feedback. Account No. Account No. 4. Determine the excess of revenues over expenses for June Account No. Account No. $ Account No. Account No. Points: 0/1 Account No. Account No. 5. Can you think of any reason why the amount determined in (4) might not be the net income for Juno? Account No. Check all that apply. Points Fees earned includos some fees earned in the month of June that have not been received. Check My Work and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions 0 Instructions Shaded cells Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Shaded cells ACCOUNT NO. 21 Shaded cells have feedback. X Account No. 22 Ponts Shaded cells have feedback U1 Account No. 31 Account No. 32 Account No. 41 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Account No. 51 Check all that apply Account No. 53 Account No. 54 Account No. 55 Account No. 59 Foes earned includes somo fees earned in the month of June that have not been received. Additions to capital has been wrongly recorded as drawings Utilities expense includes expenses incurred for the month of June than have not yet been paid Some supplies may have been used during June but no supplies expense has been recorded. Points: Points: 0/1 Check My Work Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions On June 1, 2018, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business: June 1 1 6 8 0 Kris transferred cash from a personal bank account to an account to be used for the business, $27.750. Paid rent for period of June 1 to end of month. $3,800 Purchased office equipment on account, $12,800. Purchased a van for $32,900 paying $6,100 cash and giving a note payable for the remainder. Purchased supplies for cash. $1,510. Received cash for job completed, 58,300. Paid annual premiums on property and casualty Insurance, $2.200. Recorded jobs completed on account and sent invoices to customers, $12,220 Received an invoice for van expenses, to be paid in June, $1,010. 12 15 23 24 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Enter the following transactions on Page 2 of the two column journal June 29 29 Pald utilities expense, $3,510. Paid miscellaneous expenses, $1,680. Received cash from customers on account, $7,300. 30 30 30 Paid wages of employees, $4,550. Paid creditor a portion of the amount owed for equipment purchased on June 6, $6,120 Withdrew cash for personal use, $2,400. Required: 1. Journalize 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) Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions 30 Paid creditor a portion of the amount owed for equipment purchased on June 6, S6,120 Withdrew cash for personal use, $2.400 30 Required: 1. Journalize each transaction in a lwo-column journal beginning on Page 1. referring to the chart of account in selecting the accounts to be debited and credited (Do not insert the post reference numbers until you have posted me entry to the general ledger in part 2) 2. Post in chronological order) the journal to a ledge of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each term is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an wadusted balance 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? Journal entries and trial balance Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Fina Instructions Chart of Accounts CHART OF ACCOUNTS Eco-Centric Designs nts General Ledger ener I igre ASSETS REVENUE actic 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment EXPENSES 51 Wages Expense 53 Rent Expense Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Qu Instructions Chart of Accounts 16 Office Equipment 18 Van X 53 Rent Expense 54 Utilities Expense 55 Van Expense 59 Miscellaneous Expense LIABILITIES nts in se eneral le 21 Notes Payable 22 Accounts Payable g refere action is EQUITY 31 Kris Storey, Capital 32 Kris Storey, Drawing entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions H Instructions Chart of Accounts Journal Shade feedback x 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) How does grading work? PAGE 1 JOURNAL Score: 219/257 ACCOUNTING EQUATION DESCRIPTION POST. REE DEBIT CREDIT ASSETS LIABILITIES EQUITY 11 27.750,00 1 DATE Jun 1 Cash Kris Storey, Capital Jun 1 Rent Expense 31 27,750.00 2 1 + 53 3,800.00 3 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Shaded or 12 Jun. 12 Cash 11 8,300.00 1 13 Fees Earned 41 8,300.00 14 55 2,200.00 Van Expense Accounts Payable Utilities Expense 22 2,200.00 16 Jun 23 54 12,200.00 Cash 11 17 12,200.00 59 18 1,010.00 Miscellaneous Expense + 11 19 Cash 1.010.00 D 2. Post (in chonological order) the journal to a ledger 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 Question not attempted. LEDGER Score: 0/376 Account: Cash Account No. 11 BALANCE DATE ITEM POST REE DEBIT CREDIT DEBIT CREDIT 1 2 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Ledger Question not attempted. Shaded cells have feedback Shaded cells have feedback LEDGER Account: Cash Score: 0/376 Account No. 11 DATE ITEM POST REF DEBIT CREDIT BALANCE DET CREDIT 1 2 4 $ 6 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance 8 Accounts Payable 9 Kris Storey, Capital 10 Kris Storey, Drawing Shaded cells have feedback. 11 Fees Earned 12 Wages Expense 15 Rent Expense 14 Utilities Expense 15 Van Expense 16 Miscellaneous Expense 17 Totals Final Questions Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Shaded Shaded cells have feedback. Shaded c Account NO Account No. Shaded cells have feedback. Account No. 4. Determine the excess of revenues over expenses for June Account No. Account No. $ Account No. Account No. Points: 0/1 Account No. Account No. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Account No. Check all that apply. Points: Fees earned includes some fees earned in the month of June that have not been received. Check My Work and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Shaded cells Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Shaded cells ACCOUN NO. 21 Shaded cells have feedback. X Account No. 22 Ponts Shaded cells have feedback. UNT Account No. 31 Account No. 32 Account No. 41 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Account No. 51 Check all that apply Account No. 53 Account No. 54 Account No. 55 Account No. 59 Foos earned includes somo toes earned in the month of June that have not been received. Additions to capital has been wrongly recorded as drawings. Utilities expense includes expenses incurred for the month of June than have not yet been paid Some supplies may have been used during June but no supplies expense has been recorded. Points: Points: 0/1 Check My Work Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business: June 1 1 Kris transferred cash from a personal bank account to an account to be used for the business, $27.750. Paid rent for period of June 1 to end of month. $3,800 Purchased office equipment on account, $12,800. 6 8 0 Purchased a van for $32,900 paying $6,100 cash and giving a note payable for the remainder. Purchased supplies for cash $1,510. Received cash for job completed, 58,300. 12 15 23 Paid annual premiums on property and casualty Insurance, $2.200. Recorded jobs completed on account and sent involces to customers, $12,220 Received an invoice for van expenses, to be paid in June, $1,010. 24 Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Enter the following transactions on Page 2 of the two column journal June 29 29 Pald utilities expense, $3,510. Paid miscellaneous expenses, $1,680. Received cash from customers on account, $7,300. 30 30 30 Paid wages of employees, $4,550. Paid creditor a portion of the amount owed for equipment purchased on June 6, S6,120. Withdrew cash for personal use, $2,400. 30 Required: 1. Journalize 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.)