PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I FOUND MANY ANSWERS FOR THE JOURNAL PART, BUT I DID NOT FIND THE "LEDGER" PART IN ANY OF THE SAME QUESTION THAT WAS ASKED BEFORE, SO PLEASE DO THAT PART VERY CAREFULLY. USE THE CORRET ENTRY FOR EACH AND EVERY ITEM ON THE TABLE INCLUDING THE "POST REF." MAKE SURE THERE IS NO EXTRA ENTRY OR ANY LESS ENTRY THAN THE EXACT AMOUNT ASKED IN THE TABLE. THANK YOU.

On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business:

June	1	Kris transferred cash from a personal bank account to an account to be used for the business, $35,000.
	1	Paid rent for period of June 1 to end of month, $4,750.
	6	Purchased office equipment on account, $14,100.
	8	Purchased a van for $28,500 paying $4,500 cash and giving a note payable for the remainder.
	10	Purchased supplies for cash, $2,380.
	12	Received cash for job completed, $12,200.
	15	Paid annual premiums on property and casualty insurance, $3,600.
	23	Recorded jobs completed on account and sent invoices to customers, $11,900.
	24	Received an invoice for van expenses, to be paid in June, $1,500.

Enter the following transactions on Page 2 of the two-column journal:

June	29	Paid utilities expense, $3,100.
	29	Paid miscellaneous expenses, $950.
	30	Received cash from customers on account, $7,330.
	30	Paid wages of employees, $5,070.
	30	Paid creditor a portion of the amount owed for equipment purchased on June 6, $6,825.
	30	Withdrew cash for personal use, $1,600.

	Required:
1.	Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.)
2.	Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.
3.	Prepare an unadjusted trial balance for Eco-Centric Designs as of June 30, 2019.
4.	Determine the excess of revenues over expenses for June.
5.	Can you think of any reason why the amount determined in (4) might not be the net income for June?

CHART OF ACCOUNTSEco-Centric DesignsGeneral Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Equipment
18	Van

	LIABILITIES
21	Notes Payable
22	Accounts Payable

	EQUITY
31	Kris Storey, Capital
32	Kris Storey, Drawing

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
53	Rent Expense
54	Utilities Expense
55	Van expense
59	Miscellaneous Expense

1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.)

How does grading work?

PAGE 1

JOURNAL

ACCOUNTING EQUATION

Score: 257/257

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1	?	?	?	?
2		?	?		?
3	?	?	?	?
4		?	?		?
5	?	?	?	?
6		?	?		?
7	?	?	?	?
8		?	?		?
9		?	?		?
10	?	?	?	?
11		?	?		?
12	?	?	?	?
13		?	?		?
14	?	?	?	?
15		?	?		?
16	?	?	?	?
17		?	?		?
18	?	?	?	?
19		?	?		?

Points:

66 / 66

How does grading work?

PAGE 2

JOURNAL

ACCOUNTING EQUATION

Score: 163/163

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1	?	?	?	?
2		?	?		?
3	?	?	?	?
4		?	?		?
5	?	?	?	?
6		?	?		?
7	?	?	?	?
8		?	?		?
9	?	?	?	?
10		?	?		?
11	?	?	?	?
12		?	?		?

2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.

Question not attempted.

LEDGER

Score: 0/376

Account: Cash11Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12

Account: Accounts Receivable12Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2

Account: Supplies13Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Prepaid Insurance14Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Equipment16Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Van18Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Notes Payable21Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Accounts Payable22Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2
3

Account: Kris Storey, Capital31Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Kris Storey, Drawing32Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Fees Earned41Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2

Account: Wages Expense51Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Rent Expense53Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Utilities Expense54Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Van expense55Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1

Account: Miscellaneous Expense59Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1