FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Professor Quark opens his own company, Electronic Tutorial
Services, and completes the following transactions in June:
6/1 Quark invests 24,000 into the business.
6/3 Purchased 2,100 of equipment on account.
6/4 Paid 400 premium for a two-year insurance policy.
6/6 Purchased office supplies for cash, 220.
6/9 Purchased a new computer for 6,000. Paid 30% cash agreed
to pay the remainder in 30 days.
6/10 Billed student Rashid Ali 30 for tutorial services that were
performed.
6/14 Paid for the equipment purchased on June 3rd.
6/15 the owner suggested to purchased new building for his
company by 10,000
6/25 Received $35 cash from student Mohammed Nasir for
tutorial services performed.
6/30 Student billed on June 10 pays the amount due to Quark.
6/30 Quark withdraws 200 for personal use.
Required: Prepare the _journal entries to
transactions.
record
these
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Transcribed Image Text:Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
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