David Dogg is the sole stockholder in Dogg, the Beauty Hunter, Inc., a modeling agency....
90.2K
Verified Solution
Link Copied!
Question
Accounting
David Dogg is the sole stockholder in Dogg, the Beauty Hunter, Inc., a modeling agency. Below are transactions which occurred in the operation of the company during the month of June. Record each transaction on the worksheet that has been supplied for this purpose. Remember to include descriptions for any entry that impacts Retained Earnings. There is no need to total all of the columns. (30 points)
June 1 Paid rent for office, $5,000.
June 8 Purchased supplies on account, $900.
June 12 Received payment from a client on account for services provided
during May, $5,000
June 18 Paid $1,300 to the bank. Of that amount, $300 was interest and
$1,000 was a repayment of the loan.
June 20 David Dogg, the stockholder, invested $8,000 cash in the business in
exchange for capital stock
June 25 Performed services for a client on account, $10,000
June 28 Paid a vendor (supplier) on account, $2,000
June 30 Supplies on hand amounted to $200. Made the adjustment for
supplies
June 30 The equipment has an estimated life of 5 years (60 months).
Calculate the amount of depreciation for the month of June and
record the depreciation adjustment on you spreadsheet.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
