Question
Kenner Accounting performs accounting and tax work for various businesses in the area. The business is owned by Lindsay Kenner and the following transactions relates
Kenner Accounting performs accounting and tax work for various businesses in the area. The business is owned by Lindsay Kenner and the following transactions relates to the month of June 2022.
Please show the JOURNAL ENTRIES necessary to record the following items:
Feb 1 Received cash from the owner as an investment in the business, $12,000.
Feb 2 Bought supplies from Beckett Supplies, $1,100. Paid half now, with the other half due in two weeks.
Feb 2 - Issued a $900 check to Royster Insurance for insurance costs.
Feb 3 Paid cash to Hartman Realty for monthly rent, $600.
Feb 5 Wrote a check to Petty Cash to establish a petty cash fund, $300.
Feb 6 Performed accounting work for Wainwright Storage worth $750. Wainwright wrote a check for the entire amount.
Feb 8 Paid cash to The Global Times for a newspaper advertisement, $500
Feb 9 Performed accounting work for B&B Company worth $1,200, receiving a check for their services.
Feb 12 Paid what was owed to Beckett Supplies from February 2nd transaction.
Feb 22 Lindsey Kenner took $500 out of the business for personal use.
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