Question
Required information Problem 4-5B Record transactions, post to the Cash T-account, and prepare the statement of cash flows (LO4-7) Skip to question [The following information
Required information
Problem 4-5B Record transactions, post to the Cash T-account, and prepare the statement of cash flows (LO4-7)
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[The following information applies to the questions displayed below.]
Peter loves dogs and cats. For the past several years, he has owned and operated Homeward Bound, which temporarily houses pets while their owners go on vacation. For the month of June, the company has the following transactions:
1. | June | 2 | Obtain cash by borrowing $19,000 from the bank by signing a note. | |||
2. | June | 3 | Pay rent for the current month, $1,200. | |||
3. | June | 7 | Provide services to customers, $3,600 for cash and $1,900 on account. | |||
4. | June | 11 | Purchase cages and equipment necessary to maintain the animals, $6,800 cash. | |||
5. | June | 17 | Pay employees salaries for the first half of the month, $4,900. | |||
6. | June | 22 | Pay dividends to stockholders, $1,150. | |||
7. | June | 25 | Receive cash in advance from a customer who wants to house his two dogs (Chance and Shadow) and cat (Sassy) while he goes on vacation the month of July, $1,300. | |||
8. | June | 28 | Pay utilities for the month, $1,700. | |||
9. | June | 30 | Record salaries earned by employees for the second half of the month, $4,900. Payment will be made on July 2. |
Problem 4-5B Part 1
Required:
1. Record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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