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Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following
Journal Entries and Trial Balance
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. Kris transferred cash from a personal bank account to an account to be used for the business, $26,100.
4. Paid rent for period of June 4 to end of month, $2,530.
6. Purchased a truck for $22,000, paying $2,000 cash and giving a note payable for the remainder.
8. Purchased equipment on account, $10,180.
10. Purchased supplies for cash, $1,750.
12. Paid annual premiums on property and casualty insurance, $3,920.
15. Received cash for job completed, $10,960.
Enter the following transactions on Page 2 of the two-column journal.
23. Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,630.
24. Recorded jobs completed on account and sent invoices to customers, $12,480.
25. Received an invoice for truck expenses, to be paid in July, $1,150.
26. Paid utilities expense, $1,310.
27. Paid miscellaneous expenses, $470.
28. Received cash from customers on account, $5,220.
29. Paid wages of employees, $3,470.
30. Withdrew cash for personal use, $2,900.
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 Kris Storey, Capital
12 Accounts Receivable 32 Kris Storey, 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
General Journal Page 1
Date Description Post. Ref. Debit Credit
2019
June 1
Cash
Kris Storey, Capital
June 4
Rent Expense
Cash
June 6
Truck
Cash
Notes Payable
June 8
Equipment
Accounts Payable
June 10
Supplies
Cash
June 12
Prepaid Insurance
Cash
June 15
Cash
Fees Earned
General Journal Page 2
Date Description Post. Ref. Debit Credit
2019
June 23
June 24
June 25
June 26
June 27
June 28
June 29
June 30
Accounts Receivable
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