Transaction entries

Menu iTSe QUESTION 15 Not yet answered Marked out of 34.75 Fag question Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for june: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends, Service Fees Earned:; Rent Expense; Utilities Expense; and Salaries Expense. a. Using the accounting equation, record each of the transactions in columnar format b. Use journal entries to record the following transactions for June in the general journal. June 1 Lisa Ryan invested $18,000 cash to begin the business; she received common stock for her investment. 2 Paid rent for june, $1.550 3 Purchased office equipment on account, $7,000 6 Purchased art materials and other supplies costing $4.400 paid $2.400 down with the remainder due within 30 days 11 Billed clients for services, $8.400 17 Collected $3,850 from clients on account 19 Paid $3,600 on account to office equipment company (see june 3 transaction) 25 Lisa Ryan received a $2,600 diidend 30 Paid utility bill for june, $950 30 Paid salaries for june, $3,100 . Accounts Payable Stock Receivable SuppliesOffice Equipment june 1 s MacBook Air -W 0 97 FS F2 E Menu 30 Paid salaries for june, $3,100. Accounts Supplies Receivable Equipment Accounts Payable Common Stock Cash +Supplies + Retalr Earnir 17 19 25 30 30 Debit Credit Description MacBook Air 880 Fa ourse Meru Date Description Debit Credit June 1 Owner purchased common stock for cash. Paid June rent Purchased office equipment on account Cash Purchased supplies paid down payment with balance due in 30 days 25 MacBook Air Billed clients for services. 17 Collections from clients on account. 19 Payment on account 25 Dividend paid to shareholders. 30 25 MacBook Air E Menu Dividend paid to shareholders 30 Paid utilities bill for June 30 Paid salaries for June. Save Answers Previous page ness PublishersAll Rights Reserved | Terms of Use | Privacy Poli opyright O2019 Cambridge Business Publishers, All Rights Reserved | Terms of Use 25 MacBook Air