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16 May, 06:07

Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. June 1 Emily Holmes invested $8,000 cash to begin the business; she received common stock for her investment. 2 Paid rent for June, $375. 3 Purchased office equipment on account, $2,800. 6 Purchased art materials and other supplies costing $2,500; paid $900 down with the remainder due within 30 days. 11 Billed clients for services, $4,750. 17 Collected $2,600 from clients on account. 19 Paid $2,000 on account to office equipment company (see June 3 transaction). 25 Emily Holmes received a $750 dividend. 30 Paid utility bill for June, $525. 30 Paid salaries for June, $2,750.

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  1. 16 May, 08:59
    0
    June 1 to record investment

    Debit Cash $8,000

    Credit Common Stock $8,000

    June 2 to record payment of rent

    Debit Rent Expense $375

    Credit Cash $375

    June 3 to record purchase of office equipment on account

    Debit Office Equipment $2,800

    Credit Accounts Payable $2,800

    June 6 to record supplies

    Debit Supplies $2,500

    Credit Cash $900

    Credit Accounts Payable $1,600

    June 11 to record bill of revenue

    Debit Accounts Receivable $4,750

    Credit Service Fees Earned $4,750

    June 17 to record payment received from clients on account

    Debit Cash $2,600

    Credit Accounts Receivable $2,600

    June 19 to record payment on account of office equipment

    Debit Accounts Payable $2,000

    Credit Cash $2,000

    June 25 to record payment of dividend

    Debit Dividends $750

    Credit Cash $750

    June 30 to record payment of utility bill

    Debit Utilities Expense $525

    Credit Cash $525

    June 30 to record payment of salaries

    Debit Salaries Expense $2,750

    Credit Cash $2,750
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