Nuncio Consulting completed the following transactions during June, Aarmand Nunn
ID: 2456507 • Letter: N
Question
Nuncio Consulting completed the following transactions during June, Aarmand Nunncio, the owner, invested $35,000 cash along with office equipment valued at $11,000 in the new company in exchange for common stock. The company purchased land valued at $7,500 and a building valued at $40,000. The purchase is paid with $15,000 cash and a long-term note payable for $32.500. The company purchased $500 of office supplies on credit. A nuncio invested his personal automobile in the company in exchange for more common stock. The automobile has a value of %8,000 and is to be used exclusively in the business. The company purchased %1,200 of additional office equipment on credit The company paid $1,000 cash salary to an assistant. The company provide services to a client and collected $3,200 cash. The company paid $540 cash for this month's utilities. The company paid 4500 cash to settle the payable credited in transaction c.Explanation / Answer
Requirement 1 Journal Entries of Nuncio Consulting for the month of June a Cash (101) Dr 35000 Office Equipment (163) Dr 11000 To Common Stock (307) 46000 b Land (172) Dr 7500 Building (170) Dr 40000 To Accounts Payable (201) 47500 Accounts Payable (201) Dr 47500 To Cash (101) 15000 To Note Payable (250) 32500 c Office Supplies (108) Dr 500 To Accounts Payable (201) 500 d Automobile (164) Dr 8000 To Common Stock (307) 8000 e Office Equipment (163) Dr 1200 To Accounts Payable (201) 1200 f Salaries Expense (601) Dr 1000 To Cash (101) 1000 g Cash (101) Dr 3200 To Fees Earned (402) 3200 h Utilities Expense (602) Dr 540 To Cash (101) 540 i Accounts Payable (201) Dr 500 To Cash (101) 500 j Office Equipment (163) Dr 3400 To Cash (101) 3400 k Accounts Receivable (106) Dr 4200 To Fees Earned (402) 4200 l Salaries Expense (601) Dr 1000 To Cash (101) 1000 m Cash (101) Dr 2200 To Accounts Receivable (106) 2200 n Dividends (319) Dr 1100 To Cash (101) 1100 Requirement 2 Ledger Accounts of Nuncio Consulting for the month of June Cash (101) Particulars Amount Particulars Amount To Common Stock (307) 35000 By Accounts Payable (201) 15000 To Fees Earned (402) 3200 By Salaries Expense (601) 1000 To Accounts Receivable (106) 2200 By Utilities Expense (602) 540 By Accounts Payable (201) 500 By Office Equipment (163) 3400 By Salaries Expense (601) 1000 By Dividend (319) 1100 By Balance c/d 17860 40400 40400 Accounts Receivable (106) Particulars Amount Particulars Amount To Fees Earned (402) 4200 By Cash (101) 2200 By Balance c/d 2000 4200 4200 Office Supplies (108) Particulars Amount Particulars Amount To Accounts Payable (201) 500 By Balance c/d 500 500 500 Office Equipment (163) Particulars Amount Particulars Amount To Common Stock (307) 11000 To Accounts Payable (201) 1200 To Cash (101) 3400 By Balance c/d 15600 15600 15600 Automobiles (164) Particulars Amount Particulars Amount To Common Stock (307) 8000 By Balance c/d 8000 8000 8000 Building (170) Particulars Amount Particulars Amount To Accounts Payable (201) 40000 By Balance c/d 40000 40000 40000 Land (172) Particulars Amount Particulars Amount To Accounts Payable (201) 7500 By Balance c/d 7500 7500 7500 Accounts Payable (201) Particulars Amount Particulars Amount To Cash (101) 15000 By Building (170) 40000 To Notes Payable (250) 32500 By Land (172) 7500 To Cash (101) 500 By Office Supplies (108) 500 By Office Equipment (163) 1200 To Balance c/d 1200 49200 49200 Notes Payable (250) Particulars Amount Particulars Amount By Accounts Payable (201) 32500 To Balance c/d 32500 32500 32500 Common Stock (307) Particulars Amount Particulars Amount By Cash (101) 46000 By Automobile (164) 8000 To Balance c/d 54000 54000 54000 Dividends (319) Particulars Amount Particulars Amount To Cash (101) 1100 By Balance c/d 1100 1100 1100 Fees Earned (402) Particulars Amount Particulars Amount By Cash (101) 3200 By Accounts Receivable (106) 4200 To Balance c/d 7400 7400 7400 Salaries Expense (601) Particulars Amount Particulars Amount To Cash (101) 1000 To Cash (101) 1000 By Balance c/d 2000 2000 2000 Utilities Expense (602) Particulars Amount Particulars Amount To Cash (101) 540 By Balance c/d 540 540 540 Requirement 3 Trial balance of Nuncio Consulting for the month ending June Particulars Debit Credit Cash (101) 17860 Accounts Receivables (106) 2000 Office Supplies (108) 500 Office Equipment (163) 15600 Automobiles (164) 8000 Building (170) 40000 Land (172) 7500 Accounts Payable (201) 1200 Notes Payables (250) 32500 Common Stock (307) 54000 Dividends (319) 1100 Fees Earned (402) 7400 Salaries Expense (601) 2000 Utilities Expense (602) 540 95100 95100
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