Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Smith completed the following transactions during June (the first month of business): June 1 Smith deposited exist10,000 in a bank account in the name of
Smith completed the following transactions during June (the first month of business): June 1 Smith deposited exist10,000 in a bank account in the name of the business. 3 Sold financial services on account to W. Johnson, exist3, 050, Inv. No. 001. 8 Paid a bill for advertising, exist100, Ck. No. 200. 9 Bought supplies on account from Jones Supply, exist75, Inv. No. 405. 13 Performed financial services for clients for cash, exist3, 200. 17 Received and paid the bill for utilities, exist104, Ck. No. 201. 19 Bought a desk and chair from Davis Furniture, exist600, paying exist50 in cash and the balance on account, Ck. No. 202. 20 Bought liability insurance for one year, exist600, Ck. No. 203. 23 Paid the rent for the current month, exist400, Ck. No. 204. 27 Paid on account to Jones Supply, exist75, for supplies purchased on June 9, Ck. 29 Received exist3, 030 from W. Johnson for services performed on June 3. 29 Received and paid the telephone bill for the month, exist80, Ck. No. 206. 30 Paid the salary of the office assistant, 600, Ck. No. 207. 30 Smith withdrew cash for her personal use, exist800, Ck. No. 208. Required Journalize the transactions for June in the general journal, beginning on page 1. Post the entries to the general ledger accounts. Prepare a trial balance as of June 30, 20. Prepare an income statement for the month ended June 30, 20
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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