Question
On June 1, 2023, you opened [Your Name] Repair Service. Set up the company in QuickBooks and record the following transactions for the month of
On June 1, 2023, you opened [Your Name] Repair Service. Set up the company in QuickBooks and record the following transactions for the month of June.
JUNE TRANSACTIONS
During the month, he completed the following transactions for the company:
June 1. Began business by depositing $20,000 in a bank account in the name of the company.
June 1. Paid the rent for the store for current month, $1,700.
June 1. Paid the premium on a one-year insurance policy, $1,920.
June 2. Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due July 1.
June 5. Purchased repair supplies from Rusin Company on credit, $1,872
June 8. Paid cash for an advertisement in a local newspaper, $240.
June 15. Received cash repair revenue for the first half of the month, $1,600.
June 21. Paid Rusin Company on account, $900.
June 30. Received cash repair revenue for the last half of June, $3,900.
June 30. Made a withdrawal, $1,200.
REQUIRED FOR JUNE
Prepare the June unadjusted trial balance
Using the following information, record adjusting:
a. One months insurance has expired.
b. The remaining inventory of unused repaired supplies is $676.
c. The depreciation on repair equipment is $280.
5. Prepare the following
adjusted trial balance.
Profit & loss
Balance sheet
JULY TRANSACTIONS
Record the July transactions.
July 1st Paid the monthly rent, $1,700.
July 1. made the monthly payment to Bilbao Company, $1,200.
July 6. Purchased additional repair supplies from Rusin Company on credit for the first half of the month, $3,452.
July 15. Received cash repair revenue for the first half of the month, $3,656.
July 20. Paid cash for an advertisement in the local newspaper, $240.
July 23. Paid Rusin Company on account, $2,400.
July 30. Received cash repair revenue for the last half of the month, $3,268.
July 30. Recorded a withdrawal by owner, $1,200.
REQUIRED FOR JUly 9.
Prepare the July unadjusted trial balance.
Using the following information, record adjusting entries
a. One months insurance has expired.
b. The inventory of unused repair supplies is $1,652.
c. The estimated depreciation on repair equipment is $280.
10. Prepare the following
Adjusted trial balance
Profit & loss statement
Balance sheet.
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Management Accounting Text Problems And Cases
Authors: M. Y. Khan, P K Jain
7th Edition
9352606787, 978-9352606788
