Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help how to figure this out. Preparing Journal Entries and Posting K. Daniels started Daniels Services, a firm providing art services for advertisers, on
Need help how to figure this out. Preparing Journal Entries and Posting K. Daniels started Daniels Services, a firm providing art services for advertisers, on June 1. The following accounts are needed to record the transactions for June: Cash: Accounts Receivable; Supplies; Office Equipment, Accounts Payable; Common Stock Dividends: Service Fees Eamed; Rent Expense; Utilities Expense; and Wages Expense. Prepare a journal entry for each transaction June 1 K Daniels invested $12,000 cash to begin the business in exchange for common stock 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit 6 Purchased $3,800 of art materials and other supplies, the company paid $1,800 cash with the remainder due within 30 days 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $5,000 cash toward the account for office equipment (see june 3). 25 Paid $900 cash for dividends. 30 Paid $350 cash for June utilities 30 Paid $2,500 cash for June wages. Prepare a journal entry for each transaction. (Record each transaction in the order it appears.) GENERAL JOURNAL Description Debit Credit Date Prepare a journal entry for each transaction. (Record each transaction in the order it appears.) GENERAL JOURNAL Description Debit Credit Date June 1 June 2 4) June 3 June 6 Cash June 11 e June 17 June 19 June 25 e June 30 June 30
Need help how to figure this out.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started