Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pions Aly Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger

image text in transcribed
image text in transcribed
pions Aly Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for june: Cash Accounts Receivable; Supplies Office Equipment Accounts Payable: Common Stock Dividends: Service Fees Earned; Rent Expense: Utilities Expense and Salaries Expense. une 1 an invested $17.000 cach to be in the business, the received common stock for her investment 2 Paidret for ut, $1.450 3 Purchased office equipment on account. $6.900 6 Purchased art materials and other supplies costing 14.300 paid $2.800 down with the remainder due within 30 days. 11 wed clients for VI, 1.200 17 Collected 3.7 from concount 19 Pad 33.500 on account to office equipment company se pune transaction. 25 a Ryan received a $2.500 vidend. 30 Padily bill for ne 55 30 Pad salaries for in, S.000 Accounting Equation Journal Entries 3. Using the accounting equation record each of the transactions in columnar format Use negative signs with your answers, when appropriate ACCOUNTS Receivable Supplies . Once Equipment Accounts Payable common stock Retained Earning Me Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in it Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock: Dividends; Service Fees Earned, June 1 Lisa Ryan invested $17,000 cash to begin the business; she received common stock for her investment. 2 Paid rent for June, $1,450. 3 Purchased office equipment on account, $6,900. 6 Purchased art materials and other supplies costing $4,300; paid $2,300 down with the remainder due within 30 days. 11 Billed clients for services, $8,200. 17 Collected $3,750 from clients on account. 19 Paid $3,500 on account to office equipment company (see June 3 transaction). 25 Lisa Ryan received a $2,500 dividend 30 Paid utility bill for June, $850. 30 Paid salaries for June, $3,000 Accounting Equation Journal Entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Comprehensive Guide To Information Security Management And Audit

Authors: Rajkumar Banoth, Gugulothu Narsimha, Aruna Kranthi Godishala

1st Edition

1032344431, 978-1032344430

More Books

Students also viewed these Accounting questions

Question

Find f. f(x) 7 x

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago