Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help and show all steps and calculations. :) Pls help answer this question with all steps and calculations please :) During June 202X, the

pls help and show all steps and calculations. :)
image text in transcribed
Pls help answer this question with all steps and calculations please :)
image text in transcribed
During June 202X, the business completed these transactions: June 1: Recelved a cash investment totalling $8100 in exchange for common shares. June 1: Purchased three computers. The company paid $1350 in cash and took out a bank loan of $5850 to cover the remaining balance owng. The loan bears interest of 5% to be paid on April 1 , next year. The computers are expected to last 5 years. June 5: Paid $900 for the current month's office rent. June 9: The business was invoiced for a $5850 purchase of office supplies. June 13: Performed services for a client and received $8100. June 20: Declared and paid a cash dividend of $1350. June 23: Received $630 from a customer that was billed last month. June 25: Paid $1800 of a bill received earlier in the month. June 30: Billed a client for services rendered, $2250. June 30: A physical count received that $270 worth of supplies are still on hand. June 30: Paid $270 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $3000 in total every other Friday. The month ended on a Monday. Employees were last paid 2 weeks ago. Information: 1) In the past, Litte Brown Dog Inc, has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense. Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary journal entries (including adjusting entries) for the month of June 202X. Place your answer under "Requirement 1" in the "Answer" tab. Note that the dates have been pre-populated. Ensure your joumal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the abeve transactions on the accounting equation. Place your answer under "Requirement 2 " in the "Answer' tab. 3) Prepare the Income Statement for the month ended June 30.202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3 in the "Answer' tab. 4) Prepare the Statement of Retained Earnings for the month ended June 30,202X. Place your answer under "Requirement 4 " in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5 " in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30 , 202X. Place your answer under "Requirement 6 " in the "Answer" tab. Explanations and dates are not required. During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $8100 in exchange for common shares. June 1: Purchased three computers. The company paid $1350 in cash and took out a bank loan of $5850 to cover the remaining balance owing. The loan bears interest of 5% to be paid on April 1 , next year. The computers are expected to last 5 years. June 5: Paid $900 for the current month's office rent. June 9: The business was invoiced for a $5850 purchase of office supplies. June 13: Performed services for a client and received $8100. June 20: Declared and paid a cash dividend of $1350. June 23: Received $630 from a customer that was billed last month. June 25: Paid $1800 of a bill received earlier in the month. June 30: Billed a client for services rendered, $2250. June 30: A physical count received that $270 worth of supplies are still on hand. June 30: Paid $270 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $3000 in total every other Friday. The month ended on a Monday. Employees were last paid 2 weeks ago. Information: 1) In the past, Little Brown Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary journal entries (including adjusting entries) for the month of June 202X. Place your answer under "Fequirement 1 " in the "Answer' tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2 " in the "Answer" tab. 3) Prepare the Income Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3 in the "Answer" tab. 4) Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4 " in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5 " in the "Answer" tab. 6) Using the method outlined in the textbook, joumalize the necessary closing entries for the month ended June 30 , 202X. Place your answer under "Requirement 6 in the "Answer" tab. Explanations and dates are not required

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_2

Step: 3

blur-text-image_3

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

Auditing Theory And Practice

Authors: Arun Kumar & Rachana Sharma

1st Edition

8171567207, 978-8171567201

More Books

Students also viewed these Accounting questions

Question

Sketch the graph of the inequality. 1. y Answered: 1 week ago

Answered: 1 week ago