70.2K

Verified Solution

Link Copied!

Journalize the June transactions. use the perpetual inventory system for inventory transactions. Use good form but omit explanations.

4 On June 1. 2022, Blossom Company had the following account balances. 5 Debit Credit 6 Cash $16,500 Accumulated Depreciation $3,050 7 Accounts Receivable 5,600 Accounts Payable 4,700 8 Inventory 12,500 Salaries and Wages Payable 1.000 9 Supplies 1,600 Interest Payable 300 10 Prepaid Ins 1,470 Unearned Revenue 9,500 11 Equipment 36,600 Note Payable 20,000 12 Owner's Capital 35,720 13 Total Debits $74.270 Total Credits $74,270 15 During June, the company completed the following summary transactions. 16 June 3 Paid $2,500 for salaries and wages due employees, of which $1,500 is for June and $1,000 is for May 17 salaries and wages payable. 18 5 Billed customers for $2,100 for landscaping services. 19 8 Received $1,800 cash from customers in payment of account (no discount allowed) 20 10 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4.100. 21 13 Purchased merchandise on account from Crane Co. $9,000, terms 2/10, 1/30. 22 15 Purchased supplies for cash $400. 23 16 Received payment for services billed on June 5. 24 18 Sold merchandise on account $15,000, terms 3/10, 1/30. The cost of the merchandise sold was 88,200. 25 20 Paid salaries and wages $2,500. 26 23 Paid Crane Co. in full, less discount. 27 27 Received collections in full, less discounts, from customers billed on June 18, 29 Adjustment Information: exam facts General Journal accounts Trial Balance 29 Adjustment Information: 30 1.) The Note Payable is due January 31, 2023 and charges 6% interest. 31 2.) Supplies on hand at June 30 was $510. 32 3.) The insurance policy expires at a rate of $120 per month. 33 4.) The company performed $2,750 of landscape services by the end of the month, but the customers had not been billed. 5.) Depreciation is calculated at $7,320 per year. 36 6.) The company performed $1,700 of services on the Uneamed Revenue. 7.) Weekly payroll is $2,500 and paid every Friday, June 30th falls on a Monday this year. 34 35 37 28

Answer & Explanation Solved by verified expert

See Answer