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On June 1, 2016, Kim Wheeler established an interior decorating business, Intrex Designs. During the month, Kim completed the following transactions related to the business.

On June 1, 2016, Kim Wheeler established an interior decorating business, Intrex Designs. During the month, Kim completed the following transactions related to the business.

June 1 Kim transferred cash from a personal bank account to an account to be used for the business, $32,100.
4 Paid rent for period of June 4 to end of month, $3,110.
6 Purchased a truck for $27,000, paying $3,000 cash and giving a note payable for the remainder.
8 Purchased equipment on account, $12,520.
10 Purchased supplies for cash, $2,150.
12 Paid annual premiums on property and casualty insurance, $4,820.
15 Received cash for job completed, $13,480.
23 Paid creditor a portion of the amount owed for equipment purchased on June 13, $4,460.
24 Recorded jobs completed on account and sent invoices to customers, $15,340.
25 Received an invoice for truck expenses, to be paid in July, $1,410.
26 Paid utilities expense, $1,610.
27 Paid miscellaneous expenses, $580.
28 Received cash from customers on account, $6,420.
29 Paid wages of employees, $4,270.
30 Withdrew cash for personal use, $3,560.

Required:

1. Journalize each transaction in a two-column journal, beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank.

11 Cash 31 Kim Wheeler, Capital
12 Accounts Receivable 32 Kim Wheeler, Drawing
13 Supplies 41 Fees Earned
14 Prepaid Insurance 51 Wages Expense
16 Equipment 53 Rent Expense
18 Truck 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense

2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in the general journal as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. If an amount box does not require an entry, leave it blank.

General Ledger
Account Cash ACCOUNT NO. 11
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 1
June 4
June 6
June 10
June 12
June 15
June 23
June 26
June 27
June 28
June 29
June 30
Account Accounts Receivable ACCOUNT NO. 12
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 24
June 28
Account Supplies ACCOUNT NO. 13
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 10
Account Prepaid Insurance ACCOUNT NO. 14
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 12
Account Equipment ACCOUNT NO. 16
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 8
Account Truck ACCOUNT NO. 18
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 6
Account Notes Payable ACCOUNT NO. 21
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 6
Account Accounts Payable ACCOUNT NO. 22
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 8
June 23
June 25
Account Kim Wheeler, Capital ACCOUNT NO. 31
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 1
Account Kim Wheeler, Drawing ACCOUNT NO. 32
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 30
Account Fees Earned ACCOUNT NO. 41
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 15
June 24
Account Wages Expense ACCOUNT NO. 51
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 29
Account Rent Expense ACCOUNT NO. 53
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 4
Account Utilities Expense ACCOUNT NO. 54
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 26
Account Truck Expense ACCOUNT NO. 55
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 25
Account Miscellaneous Expense ACCOUNT NO. 59
Balance
Date Item Post. Ref. Debit Credit Debit Credit
2016
June 27

3. Prepare an unadjusted trial balance for Intrex Designs as of June 30, 2016. For those boxes in which no entry is required, leave the box blank. The first two account titles are filled in as an example.

Intrex Designs Unadjusted Trial Balance June 30, 2016
Debit Balances Credit Balances
Cash
Accounts Receivable
Totals

4. Determine the excess of revenues over expenses for June.

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