On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency. DATE TRANSAC

Question

On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency. DATE TRANSACTION June Jenna Davis invested $40,000 cash to start the business 2 Issued Check 201 for $2,000 to pay the June rent for the office 3 Purchased desk and other office furniture for $12,000 from Lowe' s Office Supply, Invoice 5103; issued Check 202 for a $2,000 down payment with the balance due in 30 days 4 Issued Check 203 for $1,700 for supplies 6 Performed services for $7,000 in cash 7 Issued Check 204 for $3,000 to pay for advertising expense 8 Purchased recording equipment for $15,000 from Special Hoves, Inc., Invoice 2122; issued Check 205 for a down payment of $5,000 with the balance due in 30 days 10 Performed services for $5,500 on account 11 Issued Check 206 tor $3,000 to Lowe's office Supply as payment on account 12 Performed services for $10,000 in cash 15 Issued Check 207 for $6,200 to pay an employee's salary 18 Received payments of $4,000 from credit clients on account 20 Issued Check 208 tor $6,000 to Special Moves,Inc, as payment on account 25 Issued Check 209 in the amount of $375 for the monthly telephone bi11 27 Issued Check 210 in the amount of $980 for the monthly electric bill 28 Issued Check 211 to Jenna Davis for $5, 000 for personal living expenses 30 Issued Check 212 lor $6,200 to pay the salary of an employee

Explanation / Answer

Cash Account No 101 Accounts Receivable Account No 111 Date Debit Credit Balance Date Debit Credit Balance 1-Jun    40,000.00    40,000.00 Dr. 10-Jun     5,500.00      5,500.00 Dr. 2-Jun      2,000.00    38,000.00 Dr. 18-Jun      4,000.00      1,500.00 Dr. 3-Jun      2,000.00    36,000.00 Dr. 4-Jun      1,700.00    34,300.00 Dr. 6-Jun      7,000.00    41,300.00 Dr. 7-Jun      3,000.00    38,300.00 Dr. 8-Jun      5,000.00    33,300.00 Dr. 11-Jun      3,000.00    30,300.00 Dr. 12-Jun    10,000.00    40,300.00 Dr. 15-Jun      6,200.00    34,100.00 Dr. 18-Jun      4,000.00    38,100.00 Dr. 20-Jun      6,000.00    32,100.00 Dr. 25-Jun          375.00    31,725.00 Dr. 27-Jun          980.00    30,745.00 Dr. 28-Jun      5,000.00    25,745.00 Dr. 30-Jun      6,200.00    19,545.00 Dr. Supplies Account No 121 Office Furniture Account No 141 Date Debit Credit Balance Date Debit Credit Balance 4-Jun      1,700.00      1,700.00 Dr. 3-Jun 12,000.00    12,000.00 Dr. 11-Jun      3,000.00      4,700.00 Dr. Recording Equipment Account No 151 Accounts Payable Account No 202 Date Debit Credit Balance Date Debit Credit Balance 8-Jun    15,000.00    15,000.00 Dr. 3-Jun    10,000.00    10,000.00 Cr. 8-Jun    10,000.00    20,000.00 Cr. 20-Jun     6,000.00    14,000.00 Cr. Jenna Davis, Capital Account No 301 Jenna Davis, Drawing Account No 302 Date Debit Credit Balance Date Debit Credit Balance 1-Jun    40,000.00    40,000.00 Cr. 28-Jun     5,000.00      5,000.00 Dr. Fees Income Account No 401 Advertising Expenses Account No 511 Date Debit Credit Balance Date Debit Credit Balance 6-Jun      7,000.00      7,000.00 Cr. 7-Jun     3,000.00      3,000.00 Dr. 10-Jun      5,500.00    12,500.00 Cr. 12-Jun    10,000.00    22,500.00 Cr. Rent Expenses Account No 514 Salaries Expenses Account No 517 Date Debit Credit Balance Date Debit Credit Balance 2-Jun      2,000.00      2,000.00 Dr. 15-Jun     6,200.00      6,200.00 Dr. 30-Jun     6,200.00    12,400.00 Dr. Telephone Expenses Account No 520 Utilities Expenses Account No 523 Date Debit Credit Balance Date Debit Credit Balance 25-Jun          375.00          375.00 Dr. 27-Jun         980.00          980.00 Dr.

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