Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There

image text in transcribed
This chart of accounts should help you identify the
appropriate accounts to record to as you are
analyzing and journaling transactions for this
workbook. There is nothing to complete on this page;The following events occurred in June:
June 1: Owner contributed $50,000 in cash to the business.
June 1: Owner purchased a company vehicle in the amount of $15,000.
June 3: Owner took out a small business loan in the amount of $25,000.
June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July
through December at $1,195 per month.
June 5: Owner paid business license fees in the amount of $250 to the county.
June 5: Owner ordered office supplies, on account, in the amount of $750.00.
June 6: Owner performed service for client on account in the amount of $1,000.
June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at
time of service. Client will be billed for the balance due.
June 10: Owner paid $250 in advertising costs to the local paper.
June 15: Owner recorded wages due to the part-time employee in the amount of $325. This
will be paid on June 20.
June 15: Owner prepaid business insurance to cover July through December at the rate of
$125 per month.
June 20: Owner paid wages due to part-time employee from period ending June 15.
June 21: Owner paid for plumbing repairs in the office in the amount of $210.
June 22: Owner withdrew $1,000 cash for personal use.
June 23: Customer paid balance due from June 6 service in the amount of $1,000.
June 25: Owner provided service to client in the amount of $800. Client paid at time of
service.
June 28: Owner paid balance due for office supplies purchase on June 5.
June 29: Owner performed service for client on account in the amount of $2,225.00.
June 30: Owner received telephone bill for month of June in the amount of $155 and
recorded the expense. This bill will not be paid until July.
June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through
June 30 pay period. This will be paid on July 5.
June 30: Record depreciation on vehicle at $250.|
can you create a ledger accounts sheet for this data? ive provided template and important information. thank you!
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

7th Canadian Edition Volume 2

1119048478, 978-1119048473

More Books

Students also viewed these Accounting questions