Question

Transactions for Oriole Company for the month of June are presented below. Issues common stock to investors in exchange for $5.090 cash Buys equipment on account for $1.650. Pays $880 to landlord for June rent. 12 Sends Wil Wheaton a bill for $570 after completing welding work June 1 2 3 Journalize the transactions. ( no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date < <

Answer 1

1)

Journal Entries

Date	Accounts title and Explanation	Debit	Credit
June 1	Cash	5,090
	Common Stock		5,090
	[Common stock issued in against of cash ]
June 2	Equipment	1,650
	Accounts Payable		1,650
	[Equipment purchased on account ]
June 3	Rent Expense	880
	Cash		880
	[Rent Expense paid ]
June 12	Accounts Receivable	570
	Service Revenue		570
	[Service performed on account ]

2)

Journal Entries

Date	Accounts title and explanation	Debit	Credit
March 1	Rent Expense	1,490
	Cash		1,490
	[Rent expense paid ]
March 3	Accounts receivable	170
	Service Revenue		170
	[Service performed on account ]
March 5	Cash	95
	Service Revenue		95
	[Service revenue performed in against of cash ]
March 8	Equipment	745
	Cash		100
	Accounts Payable		645
	[Equipment purchased for cash and credit ]
March 12	Cash	170
	Accounts Receivable		170
	[Collection received from debtors ]
March 14	Wages Expense	650
	Cash		650
	[Wages Expense paid ]
March 22	Utilities Expense	90
	Cash		90
	[Utilities expenses paid ]
March 24	Cash	1,860
	Notes Payable		1,860
	[Cash received after issuing note payable ]
March 27	Repairing Expenses	270
	Cash		270
	[Repairing charges paid ]
March 28	Accounts Payable	645
	Cash		645
	[Payment made to creditor for equipment ]
March 30	Prepaid Insurance	2,230
	Cash		2,230
	[Insurance expenses paid in advance for next 6 months ]

3)Preparation of ledger :

Cash

Aug 1	8,100	Aug 12	1,210
Aug 10	1,100
Aug 31	670
Aug 31[Balance]	8,660

Accounts Receivable

Aug 25	3,320	Aug 31	670
Aug 31[Balance]	2,650

Equipment

Aug 12	5,750
Aug 31[Balance]	5,750

Common Stock

		Aug 1	8,100
		Aug 31[Balance]	8,100

Note Payable

		Aug 12	4,540
		Aug 31[Balance]	4,540

Service Revenue

		Aug 10	1,100
		Aug 25	3,320
		Aug 31[Balance]	4,420

4)

Journal Entries

Date	Accounts title and explanation	Debit	Credit
April 1	Cash	24,210
	Common Stock		24,210
	[Common stock issued in against of cash ]
April 1	No Entry
April 2	Office Rent / Rent Expense	1,210
	Cash		1,210
	[Office rent paid ]
April 3	Supplies	1,748
	Accounts Payable		1,748
	[Architectural supplies purchased on account ]
April 10	Accounts Receivable	2,555
	Service Revenue		2,555
	[Service performed on account ]
April 11	Cash	941
	Unearned Revenue		941
	[Unearned revenue received in advance ]
April 20	Cash	3,766
	Service Revenue		3,766
	[Service revenue performed in against of instant cash receipts ]
April 30	Salaries Expense	2,016
	Cash		2,016
	[Salaries paid to secretory receptionist ]
April 30	Accounts Payable	403
	Cash		403
	[Partiality Paid to creditor for previously purchased architectural supplies ]

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