Question
June 1: Rented and paid three months rent in advance to Miller property management $2100 June1: Bought an automobile on account from Volvo West $12,000
June 1: Rented and paid three months rent in advance to Miller property management $2100
June1: Bought an automobile on account from Volvo West $12,000
June 4: Purchased office supplies from Office Depot for cash $300
June 5: Purchased additional office Supplies from Office Depot on account $150
June 6 Sold a house to Bill Barnes and collected a $6000 commission
June 8: paid gas bill to petro petroleum $22
June 15: paid Betty Long office secretary $350
June 17: Sold a building lot to West Land
Developers and earned a commission $6500 payment to be received on July 8.
June 20: John Sullivan withdrew $1000 from the business to pay personal expenses.
June 21: Sold a house to Laura Harrison and collected a $3500 commission.
June 22 Paid gas bill $25 to petro petroleum
June 24: paid Volvo West $600 in repair automobile.
June 30 paid Betty Long office secretary $350
June 30: Received advertising bill for June $1200 from Salem News. The bill is to be paid on June 2.
During July, Sullivan Realty completed these transactions
July 1 Purchased additional office Supplies on account from office Depot $700
July 2: paid Salem News advertising bill for June.
July 3: Sold a house to Melissa King and collected a commission of $6600
July 8: Collected commission from West Land Developers dor sales of building lot on June 17.
July 12: paid $300 to Rega Realters Assoc to send employees to realtors workshop.
July 15th paid Betty Long office secretary $350
equired Work for June 1. Journalize transactions and post to ledger accounts. 2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a. One month's rent had expired. b. An inventory shows $50 of office supplies remaining. c. Depreciation on office equipment, $100. d. Depreciation on automobile, $200. 3. Prepare a June income statement, statement of owner's equity, and balance sheet. 4. From the worksheet, journalize and post adjusting and closing entries (p. 3 of journal). 5. Prepare a post-closing trial balance. During July, Sullivan Realty completed these transactionsStep by Step Solution
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