PowerPoint Project
Rachesua97
ACG1001_Part3_Rachel_Suarez_1of2.xlsxTransactions
| Transactions | ||
| June | 1st | ABC Company receives $50,000 cash from the owner as a contribution. |
| June | 3rd | ABC Company pays $32,000 cash for equipment. |
| June | 5th | ABC Company purchases $15,000 of merchandise inventory on credit from a supplier. |
| June | 8th | ABC Company pays $ 800 in cash for employee salary. |
| June | 11th | ABC Company pays $15,000 cash to settle the account payable created on June 5th. |
| June | 15th | The owner withdraws $1,000 cash from ABC Company for personal use. |
| June | 19th | ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). |
| June | 24th | ABC Company pays $560 cash for this month's utilities. |
| June | 27th | ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. |
| June | 30th | ABC Company pays $2,000 cash for rent. |
Journal
| Part 3 | ||||
| Required: Enter the journal entries from the transactions found on the Transaction tab | ||||
| Journal Entries | ||||
| Date | Account Number | Account Title | Debit | Credit |
| 1-Jun | 101 | Cash | 50,000.00 | |
| Owner's Capital | 50,000.00 | |||
| 3-Jun | 130 | Equipment | 32,000.00 | |
| Cash | 32,000.00 | |||
| 5-Jun | 110 | Merchandise Inventory | 15,000.00 | |
| Accounts Payable | 15,000.00 | |||
| 8-Jun | 602 | Salaries Expense | 800.00 | |
| Cash | 800.00 | |||
| 11-Jun | 201 | Accounts Payable | 15,000.00 | |
| Cash | 15,000.00 | |||
| 15-Jun | 302 | Owner's Withdrawals | 1,000.00 | |
| Cash | 1,000.00 | |||
| 19-Jun | 101 | Cash | 11,000.00 | |
| Sales Revenue | 11,000.00 | |||
| 19-Jun | 601 | COGS | 8,000.00 | |
| Merchandise Inventory | 8,000.00 | |||
| 24-Jun | 603 | Utilities Expense | 560.00 | |
| Cash | 560.00 | |||
| 27-Jun | 120 | Prepaid Insurance | 6,000.00 | |
| Cash | 6,000.00 | |||
| 30-Jun | 604 | Rent Expense | 2,000.00 | |
| Cash | 2,000.00 | |||
Trial Balance
| Part 3 | ||||
| Required: Complete the Trial Balance as of June 30, 2020 | ||||
| Trial Balance | ||||
| Account Number | Account Title | Debit | Credit | |
| 101 | Checking | 3,640.00 | ||
| 110 | Merchandise Inventory | 7,000.00 | ||
| 120 | Prepaid Insurance | 6,000.00 | ||
| 130 | Equipment | 32,000.00 | ||
| 201 | Accounts Payable | |||
| 301 | Owner's Capital | 50,000.00 | ||
| 302 | Owner's Withdrawals | 1,000.00 | ||
| 401 | Sales Revenue | 11,000.00 | ||
| 601 | COGS | 8,000.00 | ||
| 602 | Salary Expense | 800.00 | ||
| 603 | Utility Expense | 560.00 | ||
| 604 | Rent Expense | 2,000.00 | ||
| 61,000.00 | 61,000.00 | |||
