Question
The following journal entries are extracted from Shawn Inc. during the period 30 th June, 2021 Journal Entries: Date Details Debit Credit 1-Jun Cash 185,000
The following journal entries are extracted from Shawn Inc. during the period 30th June, 2021
Journal Entries:
Date |
| Details | Debit | Credit | |
1-Jun | Cash | 185,000 |
| ||
|
| Capital Stock |
| 185,000 | |
2-Jun | Equipment | 75,000 |
| ||
|
| Cash |
| 75,000 | |
3-Jun | Rent Expense | 4000 |
| ||
|
| Cash |
| 4000 | |
5-Jun | Cash | 9000 |
| ||
|
| Fees Earned | 9000 | ||
7-Jun | Accounts Receivable | 12,500 |
| ||
|
| Fees Earned | 12,500 | ||
9-Jun | Supplies | 8700 |
| ||
|
| Accounts Payable | 8700 | ||
11-Jun | Wages Expense | 42000 |
| ||
|
| Cash | 42000 | ||
13-Jun | Prepaid Insurance | 19,400 |
| ||
|
| Cash | 19,400 | ||
15-Jun | Cash | 26,000 |
| ||
|
| Fees Earned | 26,000 | ||
17-Jun | Miscellaneous Expense | 5000 |
| ||
|
| Cash | 5000 | ||
29-Jun | Dividends | 3500 |
| ||
|
| Cash | 3500 | ||
Required:
- Preparation of Ledger Accounts
- Prepare the Trial Balance for the period 30th June 2021.
- Prepare the Income Statement for the period 30th June 2021.
- Prepare Retained Earnings Statement for the period 30th June 2021.
- Prepare the Balance Sheet for the period 30th June 2021.
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