Transaction Entries

Unique 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.

WHAT I HAD WAS MOSTLY INCORRECT.

Transaction Entries Unique 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. June 1 Emily Holmes invested $8,000 cash to begin the business, she received common stock for her investment. 2 Paid rent for June, $375. 3 Purchased office equipment on account, $2,800. 6 Purchased art materials and other supplies costing $2,500; paid $900 down with the remainder due within 30 days. 11 Billed clients for services, $4,750. 17 Collected $2,600 from clients on account. 19 Paid $2,000 on account to office equipment company (see June 3 transaction). 25 Emily Holmes received a $750 dividend. 30 Paid utility bill for June, $525. 30 Paid salaries for June, $2,750. Using the accounting equation, record each of the transactions in columnar format. Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings June 1 $ 8000 $ $ $ $ 2 7625 3 7625 2800 2800 6 6725 2500 2800 4400 11 6725 4750 2500 2800 4400 17 9325 2150 2500 2800 4400 19 7325 2150 2500 2800 2400 25 6575 2150 2500 2800 2400 30 2150 2500 2800 2400 30 3300 2150 2500 2800 2,400 6050 $ + $ $ + $ = $ + $ + $