G ENERAL I NSTRUCTIONS FOR JUNE Journalize the transactions listed below. Prepar
ID: 2492654 • Letter: G
Question
GENERAL INSTRUCTIONS FOR JUNE
Journalize the transactions listed below.
Prepare an unadjusted trial balance.
Prepare an adjusted trial balance.
Prepare a schedule of accounts receivable.
Prepare an income statement
Prepare a retained earnings statement
Prepare a balance sheet as of June 30, 20--.
General Entries
Jun. 3 Issued Check No. 141 for $18,500 for one month’s advertising.
Issued Check No. 142 to make the first payment on the note, including interest of $142.
Received cash on account from Romi Architect, P.A. from May sale. The customer paid within the discount period.
Issued Check No. 143 for $3,000 for June office rent.
Issued Check No. 144 for $18,000 to pay Golden Antiques on account.
7 Received $25,000 from Supreme Hotel for decorating services.
7 Issued Check No. 145 for $3,200 to pay A & D Inc. on account.
10 Purchased merchandise on account from Golden Antiques for $45,000 (net 60).
10 Performed services on account for Fiona’s Fashion Co. for $21,700 (net 30).
14 Received $26,500 cash from the sale of an antique chest. The cost of the merchandise was
$16,560.
Received $19,000 cash on account from Athena & Co. for services performed on April 19.
Received $18,000 cash on account from La Epoca Beauty Boutique for services performed on March 20.
19 Received $35,000 from Innovational Ways, Inc. for decorating its entire office building.
19 Sold an antique mirror and lamp on account to Dino’s Special Moments for $26,000 (net 30). The cost of the merchandise was $16,250.
21 Performed decorating services on account for Rodriguez & Associates for $17,000 (net 60).
21 Received back $8,000 worth of the merchandise that was purchased by Dino’s Special Moments on June 19. The cost of the merchandise was $5,000.
25 Received $32,000 cash on account from Blue Ocean Resort for services performed on April 26.
27 Issued Check No. 146 as a 30% down payment on land with a purchase price of $31,000. Financed the remaining balance with a 12% long-term loan.
29 Issued Check No. 147 for $325 to pay the utilities bill for the month.
29 Issued Check No. 148 for $350 in payment of the telephone bill for the month.
29 Issued Check No. 149 for $450 for postage.
29 Issued Check No. 150 for $775 for business automobile expenses.
29 Issued Check No. 151 to Sophia LeBron for salary: gross amount $7,500, withholding income tax of $1,500, and FICA (Medicare and Social Security) at 7.5%.
29 Recorded the payroll tax expenses, FICA at 7.5% (employer), SUTA at 3%, and FUTA at 0.8%. (Ignore the salary limit amount for SUTA and FUTA.)
Explanation / Answer
Journal Date Particulars Debit Credit 3-Jun Prepaid Advertising expense 18500 cash 18500 check issued for advertising in advance for month 3-Jun Notes Payable Interest Expense 142 Cash Amount of notes payable has not been provided 3-Jun Cash Sales Discount Accounts Receivable Amounts have not been provided 3-Jun Prepaid Rent expense 3000 Cash 3000 check issued for office rent in advance for month 3-Jun Accounts Payable 18000 Cash 18000 Amount Paid on account 7-Jun Cash 25000 Service Revenue 25000 Amount received for services performed 7-Jun Accounts Payable 3200 Cash 3200 Amount Paid on account 10-Jun Merchandise Inventory 45000 Accounts Payable 45000 Merchandise Inventory purchased on account 10-Jun Accounts Receivables 21700 Service Revenue 21700 services performed on account 14-Jun Cash 26500 Sale 26500 Cash received on account of sale Cost of Goods Sold 16560 Merchandise Inventory 16560 Cost of merchandise sold transferred to COGS 14-Jun Cash 19000 Accounts Receivables 19000 Amount received on account 14-Jun Cash 18000 Accounts Receivables 18000 Amount received on account 19-Jun Cash 35000 Service Revenue 35000 Amount received for services performed 19-Jun Accounts Receivables 26000 Sale 26000 Cash received on account of sale Cost of Goods Sold 16250 Merchandise Inventory 16250 Cost of merchandise sold transferred to COGS 21-Jun Accounts Receivables 17000 Service Revenue 170000 services performed on account 21-Jun Sales Return And allowance 8000 Accounts Receivables 8000 Goods returned by customer Merchandise Inventory 5000 Cost of Goods Sold 5000 Cost of goods sold reversed on goods returned 25-Jun Cash 32000 Accounts Receivables 32000 Amount received on account 27-Jun Land 31000 Cash 9300 12 % long term loan 21700 Land purchased , payment made partly by check and partly by loan 29-Jun Utility expense 325 Cash 325 check issued for Utilities bill 29-Jun Telephone expense 350 Cash 350 check issued for Telephome Bill 29-Jun Postage expense 450 Cash 450 check issued for Postage 29-Jun Business automobile expenses 775 Cash 775 check issued for automobile expense 29-Jun Salaries expense 7500 Witholding income tax 1500 Fica Payable 562.5 Accrued Salary 5437.5 Salary accrued but not paid 29-Jun Payroll Tax expense 847.5 Fica Payable 562.5 Suta Payable 225 Futa Payable 60 Payroll tax expense share of employer recorded all % are calculated on gross salary
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