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Homework answers / question archive / post the June journal entries to the ledger account? June 1
post the June journal entries to the ledger account?
June 1. Began business by depositing $20,000 in a bank account in the name of the company.
June 1. Paid the rent for the store for current month, $1,700.
June 1. Paid the premium on a one-year insurance policy, $1,920.
June 2. Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due June 1.
June 5. Purchased repair supplies from Rusin Company on credit, $1,872.
June 8. Paid cash for an advertisement in a local newspaper, $240.
June 15. Received cash repair revenue for the first half of the month, $1,600.
June 21. Paid Rusin Company on account, $900.
June 30. Received cash repair revenue for the last half of June, $3,900.
June 30. Made a withdrawal, $1,200.
| Journal Entries: | ||||
| Date | Account Title and Explanation | Post Reference | Debit | Credit |
| 2018 | Cash | $20,000.00 | ||
| 1-Jun | Lutz, Capital | $20,000.00 | ||
| Business commenced | ||||
| 1 | Rent Expense | $1,700.00 | ||
| Cash | $1,700.00 | |||
| Rent paid for store | ||||
| 1 | Prepaid Insurance | $1,920.00 | ||
| Cash | $1,920.00 | |||
| Ins. Premium paid in advance | ||||
| 2 | Repair Equipment | $16,800.00 | ||
| Cash | $ 2,400 | |||
| Account Payable | $14,400.00 | |||
| Equipment Purchased | ||||
| 5 | Repair Supplies | $ 1,872 | ||
| Account Payable | $ 1,872 | |||
| Supply purchase on account | ||||
| 8 | Advertisement Expense | $ 240 | ||
| Cash | $ 240 | |||
| Adv. Exp. Paid | ||||
| 15 | Cash | $ 1,600 | ||
| Repair Revenue | $ 1,600 | |||
| Cash received from repair | ||||
| 21 | Account Payable | $ 900 | ||
| Cash | $ 900 | |||
| Paid to Rusin Company | ||||
| 30 | Cash | $ 3,900 | ||
| Repair Revenue | $ 3,900 | |||
| Cash received from repair | ||||
| 30 | Lutz, Withdrawals | $ 1,200 | ||
| Cash | $ 1,200 | |||
| for drawings made | ||||
| Adjusting Entries | ||||
| 30 | Insurance Expense | $ 160 | ||
| Prepaid Insurance | $ 160 | |||
| Repair Supplies Expense | $ 1,196 | |||
| Repair Supplies | $ 1,196 | |||
| Depreciation Expense | $ 280 | |||
| Accumulated Depreciation | $ 280 | |||
| Cash | ||||
| 1-Jun | Lutz Capital | $20,000 | ||
| 1-Jun | Rent Expense | $ 1,700 | ||
| 1-Jun | Prepaid Insurance | $ 1,920 | ||
| 2-Jun | Repair Equipment | $ 2,400 | ||
| 8-Jun | Adv. Expense | $ 240 | ||
| 15-Jun | Repair Revenue | $ 1,600 | ||
| 21-Jan | Account Payable | $ 900 | ||
| 30-Jan | Repair Revenue | $ 3,900 | ||
| 30-Jan | Lutz, Wthdrawals | $ 1,200 | ||
| 30-Jun | Balance | $17,140 | ||
| Prepaid Insurance | ||||
| 1-Jun | Cash | $ 1,920 | ||
| 30-Jun | Insurance Expense | $160 | ||
| 30-Jun | Balance | $1,760 | ||
| Repair Supplies | ||||
| 5-Jun | Account Payable | $ 1,872 | ||
| 30-Jun | Supplies Expense | $1,196 | ||
| 30-Ju | Balance | $676 | ||
| Repair Equipment | ||||
| 2-Jun | Cash | $ 2,400 | ||
| Account Payable | $14,400 | |||
| 30-Jun | Balance | $16,800 | ||
| Accumulated Depreciation | ||||
| 30-Jun | Depreciation Expense | $280 | ||
| 30-Jun | Balance | $280 | ||
| Account Payable | ||||
| 2-Jun | Repair Equipment | $14,400 | ||
| 5 | Repair Supplies | $ 1,872 | ||
| 21 | Cash | $ 900 | ||
| 30 | Balance | $15,372 | ||
| Lutz Capital | ||||
| 1-Jun | Cash | $20,000 | ||
| 30 | Balance | $20,000 | ||
| Lutz Withdrawals | ||||
| 30-Jun | Cash | $ 1,200 | ||
| 30 | Balance | $ 1,200 | ||
| Repair Revenue | ||||
| 15-Jun | Cash | $ 1,600 | ||
| 30 | Cash | $ 3,900 | ||
| 30 | Balance | $ 5,500 | ||
| Rent Expense | ||||
| 1-Jun | Cash | 1700 | ||
| 30 | Balance | 1700 | ||
| Advertising Expense | ||||
| 8-Jun | Cash | $ 240 | ||
| 30 | Balance | $ 240 | ||
| Insurance Expense | ||||
| 30 | Prepaid Insurance | $ 160 | ||
| 30 | Balance | $ 160 | ||
| Repair Supplies Expense | ||||
| 30 | Repair Supplies | $ 1,196 | ||
| 30 | Balance | $ 1,196 | ||
| Depreciation Expense | ||||
| 30 | Accumulated Dep. | $ 280 | ||
| 30 | Balance | $ 280 | ||
