Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ledger account the following June 1: Owner contributed $50,000in cash to the business. June 1: Owner purchased a company vehicle in the amount of $15,000.

Ledger account the following

June 1: Owner contributed $50,000in cash to the business.

  • June 1: Owner purchased a company vehicle in the amount of $15,000.
  • June 3: Owner took out a small business loan in the amount of $25,000.
  • June 5: Owner paid rent forJune, and prepaidoffice rent for a 6-month period to cover July through December at $1,195 per month.
  • June 5: Owner paid businesslicense fees in the amount of $250 to the county.
  • June 5: Owner ordered office supplies,on account, in the amount of $750.00.
  • June 6: Owner performed service for client on accountin the amount of $1,000.
  • June 9: Owner provided service for client in the amountof $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.
  • June 10: Owner paid $250 in advertising costs to the local paper.
  • June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.
  • June 15: Owner prepaid business insurance to cover July through December at the rate of

$125 per month.

  • June 20: Owner paid wages due to part-timeemployee from period endingJune 15.
  • June 21: Owner paid for plumbing repairs in the office in the amount of $210.
  • June 22: Owner withdrew $1,000cash for personaluse.
  • June 23:Customer paid balance due from June 6 service in the amount of $1,000.
  • June 25: Owner provided service to client in the amount of $800. Client paid at time of service.
  • June 28:Owner paid balance due for office suppliespurchase on June 5.
  • June 29: Owner performed service for client on accountin the amount of $2,225.00.
  • June 30: Owner received telephonebill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.
  • June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.
  • June 30: Record depreciation on vehicle at $250.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cloud Computing A Security And Privacy Guide

Authors: Ben Halpert

1st Edition

0470874740, 978-0470874745

More Books

Students also viewed these Accounting questions