Question
Question 1 The following events occurred during the month of June for Abbotsfords Sports Gymnasium School. June 1 The owner of the business invested $350,000
Question 1
The following events occurred during the month of June for Abbotsfords Sports Gymnasium School.
June 1 The owner of the business invested $350,000 cash to start the business. The owner also invested equipment worth $120,000 and furniture worth $80,000 in addition to the $350,000 cash.
June 2 Paid $3000 for rent for the month of June for the business. The owner will pay rent every month until he can find a building to purchase.
June 2 The business purchased more equipment for $30,000. The business paid a $20,000 cash deposit and paid for the remainder by going to the bank and getting a loan for the rest of the amount needed to buy the equipment.
June 6 Purchased gymnasium supplies for $900 on credit. (Assume the supplies be used for more than one month).
June 8 The business provided services to customers and received $2,300 cash from the customers as soon as the services were provided.
June 12 The business purchased some furniture for $9,000 on credit. The amount owing will be paid in July so no cash has been paid on the 12th of June.
June 14 The owner paid for their personal telephone bill for the owners house using cash from the business. The amount paid was $600.
June 15 Provided services to customers for $3,800. The customers did not pay any cash on the 15th of June and will pay after the 15th of June.
June 16 The business paid $6,400 for wages for the first half of June.
June 22 Provided services to customers for cash for a total of $5,200.
June 24 Paid the half of the amount owing for supplies purchased on the 6th of June.
June 27 Provided services to customers worth $8,100 on credit and $7,600 for cash.
June 29 Received $2,020 cash from customers who owe money for services performed on credit on the 15th of June.
June 30 The business paid $9,100 for wages for the second half of June.
June 30 The business paid $3,000 cash on the loan used to purchase equipment on the 2nd of June.
REQUIRED:
Record the events above using a perpetual inventory system in the General Journal provided on the next page.
GENERAL JOURNAL
| Date | Accounts | Debit | Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
113396253X, 978-1133962533
