Journalize the transactions for june in a two-column journal

Assignment Help Financial Accounting

Reference no: EM13899993

Socket Realty acts as an agent in buying, selling, renting, and managing real estate. The account balances at the end of May 2007 of the current year are as shown below.

	Debit Balances	Credit Balances
Cash	4,920
Accounts Receivable	15,000
Prepaid Insurance	1,440
Office Supplies	960
Land	0
Office Equipment Accumulated Depreciation	10,480	2,880
Accounts Payable		640
Salary and Commissions Payable		0
Unearned Fees		1,440
Notes Payable		0
Capital Stock		20,000
Retained Earnings Dividends Fees Earned	0	7,840
Salary and Commission Expense	0	0
Rent Expense	0
Office Supplies Expense	0
Advertising Expense	0
Automobile Expense	0
Insurance Expense	0
Depreciation Expense	0
Miscellaneous Expense	0
	32,800	32,800

The following business transactions were completed by Socket Realty during June 2007:

June 1 Paid rent on office for June, $2,000.

2 Purchased office supplies on account, $1,100.

5 Paid annual insurance premiums, $1,920.

8 Received cash from clients on account, $13,040.

10 Purchased land for a future building site for $48,000, paying $4,800 in cash and giving a non-interest-bearing note payable due in 2009 for the remainder.

16 Paid creditors on account, $640.

18 Returned a portion of the office supplies purchased on June 2, receiving full credit for their cost, $140.

24 Paid advertising expense, $680.

25 Billed clients for fees earned, $18,800.

27 Paid salaries and commissions, $6,000

28 Paid automobile expense (including rental charges for an automobile), $600.

29 Paid miscellaneous expenses, $200.

30 Received cash from client for fees earned, $2,400.

30 Paid dividends, $800.

Instructions

1. Record the June 1 balance of each account in the appropriate column of a T account. Write Balance to identify the opening amounts.

2. Journalize the transactions for June in a two-column journal.

3. Post the journal entries to the T accounts, placing the date to the left of each amount to identify the transaction. Determine the balances for all accounts with more than one posting.

4. Prepare an unadjusted trial balance of the ledger as of June 30, 2007.

Reference no: EM13899993

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