5 Rendered design services and collected from cash customers 1200 6 Paid 1400

5 rendered design services and collected from cash

This preview shows page 7 - 13 out of 24 pages.

5 Rendered design services and collected from cash customers, $1,200. 6 Paid $1,400 to creditors on account. 7 Collected $12,750 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $650. 9 Paid July salaries, $4,600. 10 Received invoice for July advertising expense, to be paid in August, $600. 11 Paid utilities for July, $250. 12 Paid stockholders a dividend of $2,000 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,260. 14 Purchased computer for $6,300 cash to be used in business starting next month Continue onto the next page to see transactions…
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General Journal Date Description Debit Credit 07/01/18 Rent Expense 510 0 Cash 0 510 07/02/18 Cash 7,100 0 Accounts Receivable 0 7,100 07/03/18 Notes Payable 1,800 0 Cash 0 1,800 07/04/18 Accounts Receivable 16,550 0 Service Fees Earned 0 16,550 07/05/18 Cash 1,200 0 Service Fees Earned 0 1,200 07/06/18 Accounts Payable 1,400 0 Cash 0 1,400 07/07/18 Cash 12,750 0 Accounts Receivable 0 12,750 07/08/18 Delivery Expense 650 0 Cash 0 650 07/09/18 Salaries Expense 4,600 0 Cash 0 4,600 07/10/18 Advertising Expense 600 0 Accounts Payable 0 600 07/11/18 Utilities Expense 250 0 Cash 0 250 07/12/18 Dividends 2,000 0 Accounts Payable 0 2,000 07/13/18 Supplies Expense 2,260 0 Accounts Payable 0 2,260 07/14/18 Equipment 6,300 0 Cash 0 6,300 Cash
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Beginning Bal. 6,800 0 1 0 510 2 7,100 0 3 0 1,800 5 1,200 0 6 0 1,400 7 12,750 0 8 0 650 9 0 4,600 11 0 250 12 0 2,000 14 0 6,300 Balance 10,340 Accounts Receivable Equipment Notes Payable Beginning Bal. 0 3,300 3 1,800 0 Balance 0 1,500 Accounts Payable Beginning Bal. 9,800 0 2 0 7,100 4 16,550 0 7 0 12,750 Balance 6,500 0 14 6,300 0 Balance 6,300 0
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Beginning Balance 0 2,100 6 1,400 0 10 0 600 13 0 2,260 Balance 0 3,560 Common Stock Beginning Bal. 0 2,000 Balance 0 2,000 Retained Earnings Beginning Balance 0 9,200 Balance 0 9,200 Dividends Service Fees Earned 4 0 16,550 5 0 1,200 Balance 0 17,750 Rent Expense 1 510 0 Balance 510 0 Salaries Expense 9 4,600 0 Balance 510 0 Delivery Expense 8 650 0 12 2,000 0 Balance 2,000 0
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Balance 650 0 Advertising Expense 10 650 0 Balance 650 0 Utilities Expense 11 250 0 Balance 250 0 Supplies Expense 13 2,260 0 Balance 2,260 0 Account Debit Credit Cash 10,340 0 Account Receivable 6,500 0 Equipment 6,300 0 Accounts Payable 0 3,560 Notes Payable 0 1,500 Common Stock 0 2,000 Retained Earnings 0 9,200 Dividends 2,000 0 Service Fees Earned 0 17,750 Rent Expense 510 0 Salaries Expense 4,600 0 Delivery Expense 650 0 Advertising Expense 600 0 Utilities Expense 250 0 Supplies Expense 2,260 0 Totals 34,010 34,010 Trial Balance Chapter 1: Quiz
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Question 1: In the accounting cycle, preparing financial statements comes before which of the following steps? Answer: Prepare a post-closing trial balance Question 2: The Schultz Corporation purchased equipment costing $5,000 by taking out a bank loan. What would be the effect on the accounting equation? Answer: Question 3: The Inventory account has a normal balance of ________ and is increased via a _______ . Answer: Debit; Debit Question 4: A journal entry that contains more than just two accounts is called? Answer: A compound journal entry Question 5: Which of the following statements is true regarding the general ledger? Answer: The general ledger is a collection of all of the accounts in the accounting system.
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