FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question
Please provide me with answers for 1-3 ... This is the 3rd time I'm submitting this ... I'm only seeing a blank message
June 21.
Received $8000 cash from June 06 transaction
June 30.
Paid utilities expense of $600 and salary expense $2,500
Requirements:
1. State the effect each transaction from June 1st 30th will have on the accounting
equation. For example, the transaction increased asset and increased capital the
transaction increased expenses and decreased cash, the transaction increased
asset and decreased asset, etc.
2. Prepare the journal entries with narrations to record the transactions for "June"
3. Post the transactions recorded in your journal to their respective "T" accounts and
balance off each account at June 30th 2020.
4. Having determined the account balances, represent this information using the
accounting equation.
expand button
Transcribed Image Text:June 21. Received $8000 cash from June 06 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1st 30th will have on the accounting equation. For example, the transaction increased asset and increased capital the transaction increased expenses and decreased cash, the transaction increased asset and decreased asset, etc. 2. Prepare the journal entries with narrations to record the transactions for "June" 3. Post the transactions recorded in your journal to their respective "T" accounts and balance off each account at June 30th 2020. 4. Having determined the account balances, represent this information using the accounting equation.
ting. Avoid interruption and keep your files safe with genuine Office today,
Quality Service Inc. has the following accounts balances in their charts of
accounts balances as at June 1, 2020:
Cash $138,000, Accounts receivable $0, Land $ 30,000, Building $0, Supplies $0,
Accounts payable $0, Notes payable $0, Quality-capital $70,000, Service revenue
$98,000, Utilities, salary expense $0.
The company also presented the following transactions for the month:
June 1.
Purchased supplies for $1000 on account
June 4.
Purchased a building for, $62,100 cash
June 6.
Performed service for a client on account, $12,000
June 10.
Borrowed $7,000 cash, signing a note payable
June 13.
Paid the liability from June 1
June 17.
Sold for $15,000 land that had cost this same amount
June 21.
Received $8000 cash from June 06 transaction
June 30,
Paid utilities expense of $600 and salary expense $2,500
Requirements:
1. State the effect each transaction from June 1s-30th will have on the accounting
equation. For example, the transaction increased asset and increased capital; the
transaction increased exnenses and decreased cash: the
expand button
Transcribed Image Text:ting. Avoid interruption and keep your files safe with genuine Office today, Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000, Accounts receivable $0, Land $ 30,000, Building $0, Supplies $0, Accounts payable $0, Notes payable $0, Quality-capital $70,000, Service revenue $98,000, Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 06 transaction June 30, Paid utilities expense of $600 and salary expense $2,500 Requirements: 1. State the effect each transaction from June 1s-30th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction increased exnenses and decreased cash: the
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education