For 8000 paying 2000 down june 27 accounts receivable

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Unformatted text preview: Balance - - 8,000 Journal Page 2 - 8,000 ACCOUNTS PAYABLE Date Description Debit Credit Balance June 1 Balance forward - - - June 8 Journal Page 1 - 1,500 1,500 June 27 Journal Page 2 - 6,000 7,500 June 27 Journal Page 2 1,500 - 6,000 Download free eBooks at bookboon.com 34 Accounting Cycle Exercises II Problem 6: Solution CAPITAL STOCK Date Description Debit Credit Balance June 1 Balance forward - - - June 2 Journal Page 1 - 50,000 50,000 DIVIDENDS Date Description Debit June 1 June 25 Credit Balance - - - 2,000 Journal Page 2 - 2,000 REVENUES Date Description Debit June 1 Credit Balance - - - June 9 Journal Page 1 - 5,000 5,000 June 16 Journal Page 1 - 6,000 11,000 June 23 Journal Page 2 - 8,000 19,000 June 28 Journal Page 2 - 10,000 29,000 your chance Please click the advert to change the world Here at Ericsson we have a deep rooted belief that the innovations we make on a daily basis can have a profound effect on making the world a better place for people, business and society. Join us. In Germany we are especially looking for graduates as Integration Engineers for • Radio Access and IP Networks • IMS and IPTV We are looking forward to getting your application! To apply and for all current job openings please visit our web page: www.ericsson.com/careers Download free eBooks at bookboon.com 35 Accounting Cycle Exercises II Problem 6: Solution SALARY EXPENSE Date Description Debit Credit June 1 Balance - - - June 17 Journal Page 1 3,000 - 3,000 June 30 Journal Page 3 3,000 - 6,000 RENT EXPENSE Date Description Debit Credit June 1 June 30 Balance - - 2,000 Journal Page 3 - 2,000 TRAVEL EXPENSE Date Description Debit Credit June 1 June 15 Balance - - 2,400 Journal Page 1 - 2,400 SUPPLIES EXPENSE Date Description Debit Credit June 1 June 8 Balance - - 1,500 Journal Page 1 - 1,500 Solution 6 (c) STUDIPTA GUMM CONSULTING Trial Balance June 30, 20XX Debits Cash $ Accounts Receivable Credits 43,100 $ - 20,000 - 8,000 - Accounts Payable - 6,000 Capital Stock - 50,000 Revenues - 29,000 Salary Expense 6,000 - Rent Expense 2,000 - Travel Expense 2,400 - Supplies Expense 1,500 - Dividends 2,000 - Equipment $ 85,000 $ 85,000 Download free eBooks at bookboon.com 36 Accounting Cycle Exercises II Problem 7 Problem 7 Hagen Corporation opened the year 20X6, with the following trial balance information: Debits Cash $ Credits 100,000 Accounts Receivable 0 300,000 Land $ 0 600,000 0 Accounts Payable - Loan Payable - 120,000 Capital Stock - 200,000 Retained Earnings - 440,000 Dividends - - Revenues - - Salaries Expense - - Rent Expense - - Supplies Expense - - Interest Expense $ 240,000 $ 1,000,000 $ 1,000,000 January’s transactions are listed below: Jan. 2 Jan. 3 Purchased additional tract of land for $80,000 cash. Jan. 5 Provided services on account to a customer for $60,000. Jan. 7 Borrowed $48,000 on a term loan payable. Jan. 11 Paid salaries of $12,000. Jan. 12 Collected $40,000 on an open account receivable. Provided services to customers for cash, $44,000. J...
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