Question
Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the
Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template.
| Transactions | ||||||||||||||
| June | 1st | ABC Company receives $50,000 cash from the owner as a contribution. | ||||||||||||
| June | 3rd | ABC Company pays $32,000 cash for equipment. | ||||||||||||
| June | 5th | ABC Company purchases $15,000 of merchandise inventory on credit from a supplier. | ||||||||||||
| June | 8th | ABC Company pays $ 800 in cash for employee salary. | ||||||||||||
| June | 11th | ABC Company pays $15,000 cash to settle the account payable created on June 5th. | ||||||||||||
| June | 15th | The owner withdraws $1,000 cash from ABC Company for personal use. | ||||||||||||
| June | 19th | ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). | ||||||||||||
| June | 24th | ABC Company pays $560 cash for this month's utilities. | ||||||||||||
| June | 27th | ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. | ||||||||||||
| June | 30th | ABC Company pays $2,000 cash for rent. | ||||||||||||
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Risk Based Management Led Audit Driven Safety Management Systems
Authors: Ron C. McKinnon
1st Edition
1498767923, 978-1498767927
