Journal Entries and Trial Balance

On June 1, 2016, Kim Wheeler established an interior decorating business, Intrex Designs. During the month, Kim completed the following transactions related to the business.

June 1 Kim transferred cash from a personal bank account to an account to be used for the business, $32,100.

4 Paid rent for period of June 4 to end of month, $3,110.

6 Purchased a truck for $27,000, paying $3,000 cash and giving a note payable for the remainder.

8 Purchased equipment on account, $12,520.

10 Purchased supplies for cash, $2,150.

12 Paid annual premiums on property and casualty insurance, $4,820.

15 Received cash for job completed, $13,480.

23 Paid creditor a portion of the amount owed for equipment purchased on June 13, $4,460.

24 Recorded jobs completed on account and sent invoices to customers, $15,340.

25 Received an invoice for truck expenses, to be paid in July, $1,410.

26 Paid utilities expense, $1,610.

27 Paid miscellaneous expenses, $580.

28 Received cash from customers on account, $6,420.

29 Paid wages of employees, $4,270.

30 Withdrew cash for personal use, $3,560.

Required:

1. Journalize each transaction in a two-column journal, beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank.

11 Cash 31 Kim Wheeler, Capital

12 Accounts Receivable 32 Kim Wheeler, Drawing

13 Supplies 41 Fees Earned

14 Prepaid Insurance 51 Wages Expense

16 Equipment 53 Rent Expense

18 Truck 54 Utilities Expense

21 Notes Payable 55 Truck Expense

22 Accounts Payable 59 Miscellaneous Expense

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