Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Recording Transactions Creative Designs, a firm providing art services for advertisers, began business on June 1. Using the horizontal worksheet below, record the following
Recording Transactions Creative Designs, a firm providing art services for advertisers, began business on June 1. Using the horizontal worksheet below, record the following transactions for April. Total the columns to show that assets equal liabilities plus stockholders' equity as of June 30. June 01 Lisa Ryan invested $13,200 cash to begin the business; she received common stock for her investment. June 02 Paid rent for June, $1,045. June 03 Purchased office equipment on account, $7,040. June 06 Purchased art materials and other supplies costing $4,180; paid $1,980 down with the remainder due within 30 days. June 11 Billed clients for services, $5,170. June 17 Collected $3,575 from clients on account. June 19 Paid $3,300 on account to office equipment company (see June 3 transaction). June 25 Lisa Ryan received a $2,200 dividend. June 30 Paid utility bill for June, $385. June 30 Paid salaries for June, $2,750. Note: Use negative signs with answers, when appropriate. Assets Accounts Transaction Cash + Receivable + Supplies + Equipment Liabilities Accounts Payable + Common Stockholders' Equity Retained Earnings Stock + Revenue Expenses Dividends 6/01 Invested cash to begin business. 0 0 0 0 0 0 0 0 0 6/02 Paid rent. 0 0 0 0 0 0 0 0 0 6/03 Purchased office equipment. 0 0 0 0 0 0 0 0 0 6/06 Purchased art materials. 0 0 0 0 0 0 0 0 0 6/11 Billed clients for services. 0 0 0 0 0 0 0 0 0 6/17 Collected from clients on account. 0 0 0 0 0 0 0 0 0 6/19 Paid on account for office equipment. 0 0 0 0 0 0 0 0 0 6/25 Paid dividend. 0 0 0 0 0 0 0 0 0 6/30 Paid utility bill. 0 0 0 0 0 0 0 0 0 6/30 Paid salaries. 0 0 0 0 0 0 0 0 0 TOTALS 0 0 0 0 0 0 0 0 0 Stockholders' Assets Liabilities Equity 0 $ 0 $ 0 Check
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