What is the van, notes payable, accounts payable & Kris Storey Capital?
Van 18 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2019 June Notes Payable 21 Post Balance Ref. Cr. Date Item Dr. Cr. Dr. 2019 June Enter as a formula calling on amounts in the trial balance. Dr. Accounts Payable 22 Balance Date Item Cr. Dr. Cr. 2019 June Kris Storey, Capital 31 Post Balance Cr. Ref. Cr. Date Item Dr. Dr. 2019 June Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) 2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Eco-Centric Designs as of June 30, 2019. 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 13 Supplies 51 Wages Expense 14 Prepaid Insurance 53 Rent Expense 16 Equipment 54 Utilities Expense 18 Van 55 Van expense 59 Miscellaneous Expense LIABILITIES 21 Notes Payable 22 Accounts Payable EQUITY 31 Kris Storey, Capital 32 Kris Storey, Drawing Enter the following transactions on Page 2 of the two-column journal: Paid utilities expense, $3,100. June 29 Paid miscellaneous expenses, $950. 29 Received cash from customers on account, $7,330. 30 30 Paid wages of employees, $5,070. Paid creditor a portion of the amount owed for equipment purchased on June 6, $6,825. 30 30 Withdrew cash for personal use, $1,600. On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business: June Kris transferred cash from a personal bank account to an account to be used for the business, $35,000. Paid rent for period of June 1 to end of month, $4,750. Purchased office equipment on account, $14,100. Purchased a van for $28,500 paying $4,500 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $2,380. Received cash for job completed, $12,200. 12 15 Paid annual premiums on property and casualty insurance, $3,600. 23 Recorded jobs completed on account and sent invoices to customers, $11,900. 24 Received an invoice for van expenses, to be paid in June, $1,500
