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24 April, 09:26

June 1 Stockholders invested $21,800 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,200. Nancy paid $4,000 cash and signed a note payable for the remaining balance. 3 Paid $400 for office rent for the month. 5 Performed $5,200 of services on account. 9 Declared and paid $300 in cash dividends. 12 Purchased supplies for $200 on account. 15 Received a cash payment of $1,400 for services performed on June 5. 17 Purchased gasoline for $200 on account. 20 Received $1,300 cash for services performed. 23 Made a cash payment of $600 on the note payable. 26 Paid $350 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,730 for employee salaries.

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  1. 24 April, 12:00
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    June 1st

    Cash 21,800 debit

    Common Stock 21,800 credit

    June 2nd

    Van-automobile 14,200 debit

    Cash 4,000 credit

    Note payable 10,200 credit

    June 3rd

    Rent expense 400 debit

    Cash 400 credit

    June 5th

    Accounts receivables 5,200 debit

    Sales Revenue 5,200 credit

    June 9th

    Dividends 300 debit

    Cash 300 credit

    June 12th

    Supplies 200 debit

    Accounts Payable 200 credit

    June 15th

    Cash 1,400 debit

    Accounts receivables 1,400

    June 17th

    Gasoline expense 200 debit

    Accounts Payable 200 credit

    June 20th

    Cash 1,300 debit

    Service Revenue 1,300 credit

    June 23th

    Note payable 600 debit

    Cash 600 credit

    June 26th

    utilities expense 350 debit

    cash 350 credit

    June 29th

    accounts payable 200 debit

    cash 200 credit

    June 30th

    salaries expense 1,730 debit

    cash 1,730 credit

    Explanation:

    Rules to perform journal entries:

    credit = debit

    also there should be at lease one account on debit and one in credit.

    We must also remember that debits must be enter first.

    Also, each acount must represent a single event or stuff. It cannot represent both stuff.
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