Question

- ZOOM + logo Business - Homework #1 Part A Prepare in good form the following curnal entries 1 The company received cash of $35,000 and issued common stock to the shareholders. Borrowed $20.000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short term note payable for $10,000 9 Rendered services billedet $3,000 and received cash of $3,000 10 Performed services for a client on account. $6.500. 12 Employees worked two weeks and were paid salaries of $1,000 15 Paid the short-term note payable from the June 3 purchase 22 Purchased office supplies on account for $7,000. 30 Paid amount due for office supplies. 30 Paid monthly rent of $500, due on the last day of the month for the month of June 30 Paid the monthly income taxes of $2.200 30 The Board of Directors declared and paid dividends of $1.000. Part B: Prepare a trial balance Part B: Prepare a trial balance Part A: Prepare in good form the following journal entries GENERAL JOURNAL TRANSACTIONS Preclosing Trial Balance June 30, 2019 Account Name DEBIT CREDIT REF # Account Name DEBIT CREDIT

Answer 1

Credit $ 35,000 $ 20,000 $ 10,000 Trail Balance Accounts Title Debit Credit Account receivable $ 6,500 Cash $36,300 Supplies $ 7,000 Equipment $10,000 Bank Loan $ 20,000 Common stock $35.000 Dividend $ 1.000 Salaries Expenses $ 1,000 Service Revnue $ 9,500 Rent Expenses $ 500 Income tax Expenses $ 2,200 $64,500 $64,500 $ 3,000 $ Date Accounts Title Debit Jun-01 Cash $ 35,000 Common stock Jun-02 Cash $ 20,000 Bank Loan Jun-08 Equipment $ 10,000 Note payable Jun-09 Cash $ 3,000 Service Revnue Jun-10 Account receivable $ 6,500 Service Revnue Jun-12 Salaries Expenses $ 1,000 Cash Jun-15 Note payable $ 10,000 Cash Jun-22 Supplies $ 7,000 Account payable Jun-30 Account payable $ 7,000 Cash Jun-30 Rent Expenses $ 500 Cash Jun-30 Income tax Expenses $ 2.200 Cash Jun-30 Dividend $ 1,000 Cash 6,500 $ 1,000 $ 10,000 $ 7,000 $ 7,000 $ 500 | $ 2.200 $ 1,000