Reference no: EM132708002
Question - The opening balances for the month of June are as follows:
Beta Services Balance Sheet As at May 31, 2020
Assets;
Cash $20,000,
Accounts Receivable 9,500,
Prepaid Insurance 0,
Supplies on hand 800,
Equipment 10,000,
Accumulated Depreciation (4,000),
Total Assets $36,300.
Liabilities;
Accounts Payable $11,000
Unearned Revenue 5,200
Note Payable 6,300
Total Liabilities 22,500
Owner's Equity Deaville, Capital 13,800
Total Liabilities & Owners' Equity $36,300
Transactions for the month of June:
Jun 1 Stephanie transferred personal equipment into the business. The equipment had a fair value of $40,000. $8,000
Jun 4 Received $100,000 cash for services provided. $20,000
Jun 7 Received $6,000 cash for services to be provided next year. $1,200
Jun 10 Paid insurance of $12,000 for the upcoming year. $2,400
Jun 12 Paid $11,500 cash to reduce the balance of accounts payable. $2,300
Jun 15 Paid payroll worth $39,000. $7,800
Jun 18 Paid $1750 interest on the note payable. $350
Jun 23 Received telephone bill for $2750 which will be paid next month. $550
Jun 25 Recorded business travel expenses worth $21,500 which will be paid next month. $4,300
Jun 30 Purchased $1600 of supplies for cash. $320
REQUIRED -
1. Journalize the transactions using proper bookkeeping format.
2. Post only the cash transactions to the general ledger.
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