For accounts payable cash if multiple bank accounts

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Unformatted text preview: date. June 15 Paid $2,400 for travel costs associated with consultation work. June 16 Provided services on account to Amalga for $6,000. June 17 Paid $3,000 to administrative assistant for salary. June 23 Billed Wheel for $8,000 consulting engagement performed. June 25 The company paid Sudipta Gumm a $2,000 dividend. June 26 Collected 50% of the amount due for the billing on June 23. June 27 Purchased computer furniture for $8,000, paying $2,000 down. June 27 Paid $1,500 on the open account relating to the June 8 purchase. June 28 Completed the Bangalore job and billed the remaining amount. June 30 Paid $3,000 to administrative assistant for salary. June 30 Paid rent for June, $2,000. Pryor consulting uses the following accounts: Cash Accounts Receivable Equipment Accounts Payable Capital Stock Revenues Salary Expense Rent Expense Travel Expense Supplies Expense Dividends a) Journalize the listed transactions. b) Post the transactions to the appropriate general ledger accounts. c) Prepare a trial balance as of June 30. Download free eBooks at bookboon.com 26 Accounting Cycle Exercises II Problem 6: Worksheet Worksheet 6 (a) GENERAL JOURNAL Date June 2 Accounts Debit Credit Cash Capital Stock Sudipta Gumm invested $50,000 cash in the capital stock of the newly formed corporation. Purchased (and immediately used) office supplies on account for $1,500. Received $5,000 from Bangalore for work performed to date. Paid $2,400 for travel costs associated with consultation work. Provided services on account to Amalga for $6,000. Paid $3,000 to administrative assistant for salary. Billed Wheel for $8,000 consulting engagement performed. The company paid Sudipta Gumm $2,000 dividend. Download free eBooks at bookboon.com 27 Accounting Cycle Exercises II Problem 6: Worksheet Collected 50% of the amount due for the billing on June 23. Purchased computer furniture for $8,000, paying $2,000 down. Paid $1,500 on the open account relating to the June 8 purchase. Completed the Bangalore job and billed the remaining amount. Paid $3,000 to administrative assistant for salary. Paid rent for June, $2,000. Download free eBooks at bookboon.com 28 Accounting Cycle Exercises II Problem 6: Worksheet Worksheet 6 (b) CASH Date June 1 Description Debit Balance forward Credit Balance - - - 50,000 Journal Page 1 - 50,000 ACCOUNTS RECEIVABLE Date Please click the advert June 1 Description Debit Balance forward Credit - Balance - - Find your next education here! Click here bookboon.com/blog/subsites/stafford Download free eBooks at bookboon.com 29 Accounting Cycle Exercises II Problem 6: Worksheet EQUIPMENT Date June 1 Description Debit Balance forward Credit - Balance - - ACCOUNTS PAYABLE Date June 1 Description Debit Balance forward Credit - Balance - - CAPITAL STOCK Date June 1 Description Debit Credit Balance Balance forward - - - Journal Page 1 - 50,000 50,000 DIVIDENDS Date Description Debit June 1 Credit - Balance - - REVENUES Date Description Debit June 1 Credit - Balance -...
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This document was uploaded on 09/24/2013.

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