Question
The opening balances for the month of June are as follows: Beta Services Balance Sheet Assets As at May 31, 2020 Liabilities Cash $20,000 Accounts
The opening balances for the month of June are as follows: Beta Services Balance Sheet
Assets
As at May 31, 2020 Liabilities
Cash $20,000
Accounts Payable Unearned Revenue Note Payable
Total Liabilities Owners Equity
Deaville, Capital
Total Liabilities & Owners Equity
$11,000 5,200 6,300
22,500
13,800 $36,300
Accounts Receivable Prepaid Insurance Supplies on hand Equipment Accumulated Depreciation
Total Assets
Transactions for the month of June:
9,500 0 800 10,000 (4,000)
$36,300
Jun 1
Jun 4
Jun 7 Jun 10 Jun 12 Jun 15 Jun 18 Jun 23 Jun 25 Jun 30
Received $20,000 cash for services provided.
Received $1,200 cash for services to be provided next year.
Paid insurance of $2,400 for the upcoming year. Paid $2,300 cash to reduce the balance of accounts payable. Paid payroll worth $7,800. Paid $350 interest on the note payable. Received telephone bill for $550 which will be paid next month.
$8,0 $20,0 $1,2 $2,4 $2,3 $7,8 $3 $5 $4,3 $3
Stephanie transferred personal equipment into the business. The equipment had a fair value of $8,000.
Recorded business travel expenses worth $4,300 which will be paid next month. Purchased $320 of supplies for cash.
REQUIRED:
-
Journalize the transactions using proper bookkeeping format. Use the general journal on the following
pages. (12 marks)
-
Post only the cash transactions to the general ledger found on page 5. (5 marks)
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