Required Using Journal entries prepare journal entries to summarize the transact

Question

Required

Using Journal entries prepare journal entries to summarize the transactions entered into by Garjan Corporation during its first month of business. State any assumptions you believe are necessary in reconstructing the transactions.

Income Statement

For the month ended June 30, 2007

Service revenue ________________________________ 93600

Expenses:

Rent ________________   $9000

Salaries and Wages _____ 27,900

Utilities ______________ 13,800    50,700

Net Income $42,900

Balance Sheet

June 30, 2007

Assets Liabilities and Stakeholders

Explanation / Answer

service revenue...Dr 93600

To Rent ac 9000

To salaries and wages 27900

To Utilities used 13800

To profit and loss a/c 42900

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