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N.Y. Co had the following beginnig normal balances on June 1, 2020: Cash 70,000 Accounts receivable 20,000 Supplies 4,000 Equipment 80,000 Land 200,000 Unearned Revenues
N.Y. Co had the following beginnig normal balances on June 1, 2020: | |||||
Cash | 70,000 | ||||
Accounts receivable | 20,000 | ||||
Supplies | 4,000 | ||||
Equipment | 80,000 | ||||
Land | 200,000 | ||||
Unearned Revenues | 10,000 | ||||
Accounts payable | 40,000 | ||||
Note payable | 54,000 | ||||
Common stock | 150,000 | ||||
Retained Earnings | 120,000 | ||||
N.Y. Co had the following transactions in the month of June 2020: |
1 | The company received cash of $35,000 and issued common stock to the shareholders. | |||||||
8 | Sold equipment on account for $10,000. | |||||||
9 | Performed services billed at $3,000 and received cash of $2,000. | |||||||
10 | Received $6,500 in advance for service to be performed later in June. | |||||||
12 | Paid salaries of $1,000. | |||||||
15 | Collected $6,000 on account (related to the June 8 sale). | |||||||
22 | Purchased office supplies on account for $7,000. | |||||||
25 | Paid amount due for office supplies. | |||||||
27 | Performed service that was pre-paid on June 10th. | |||||||
30 | Paid June's monthly rent of $500. | |||||||
30 | The Board of Directors declared and paid dividends of $1,000. |
1. Record all transactions in the journal. List the transactions by date. No explanation is needed. |
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