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On June 1, June Juniper opened a new business. As part of the start up of the company, June contributed $80,000 Cash, a building worth
On June 1, June Juniper opened a new business. As part of the start up of the company, June contributed $80,000 Cash, a building worth $125,000, and a vehicle worth $23,000. What journal would June need to make to record this transaction? General Journal Date Description Post Debit Credit June Juniper receives an invoice on June 15 for legal fees from an attorney as a result of starting the business. The invoice is in the amount of $1,200. The attorney has completed the work, but the invoice has not been paid. Record the journal entries associated with this transaction. General Journal Date Description Post Ref. Debit Credit On July 1, June Juniper collected $1,800 cash from a customer in advance for future services to be performed. June Juniper is in the business of small business accounting consulting. Record the journal entry associated with this transaction. General Journal Date Description Post Ref. 1 Debit Credit Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $285,000, expenses of $183,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. What is the journal entry required to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed? Hint: Refer back to Chapter 4, where you learned how to close out the accounts at the end of the year. For this assignment, you will only have one entry, just the one to close out Income Summary. Although, when closing, we typically have four entries to complete. You will need to create the first two entries separately to determine the amount for this assignment. General Journal Date Description Post Debit Credit A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Record the journal entries associated with these three transactions. General Journal Description Post Date Ref. Debit Credit
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