50.1K

Verified Solution

Link Copied!

[JournalLedgerTrial Cary Boswell obtained a corporate charter from the state of New York and started a counseling service. During the first month of operations (June 2023), the business completed the following transactions. June 1 Chapter 2 Practice Question Balance] June 2 payable. June 5 June 8 June 15 June 16 client, $2,100. June 18 June 20 Boswell began the business with an investment of $3,000 cash and a building valued at $60,000. The corporation issued common stock to Boswell in return for the total value of these assets. Borrowed $30,000 from the bank; signed a note June 24 June 30 June 30 Purchased office supplies on account, $1,300. Paid $18,000 for office furniture. Paid employees' salaries, $2,200. Performed counseling services on account for a June 23 received cash, $1,100. Paid $800 of the account payable created on June 5. Received a $600 bill for advertising expense that will be paid in the near future. [So, the advertising expense has been incurred, but just not yet paid for] Performed counseling service for clients and Received cash on account, $1,200. Paid the following cash expenses: (1) Rent, $700 Paid dividends of $3,500 (2) Utilities, $400 Required: 1. Record the preceding transactions in the Journal of Cary Boswell. [Make debit and credit entries for each date/transaction] 2. Post the preceding transactions to Cary Boswell's Ledger. [Take each debit and credit from part 1 and "post" (i.e. record) it in the appropriate T-Account. 3. Prepare a Trial Balance for Cary Boswell.

Chapter 2 Practice Question |Journal Ledger Trial Balance] Cary Boswell obtained a corporate charter from the state of New York and started a counseling service. During the first month of operations (June 2023), the business completed the following transactions. June 1 Boswell began the business with an investment of $3,000 cash and a building valued at $60,000. The corporation issued common stock to Boswell in return for the total value of these assets. June 2 payable. June 5 June 8 June 15 June 16 client, $2,100. June 18 Paid $800 of the account payable created on June 5. June 20 Received a $600 bill for advertising expense that will be paid in the near future. [So, the advertising expense has been incurred, but just not yet paid forl June 23 Performed counseling service for clients and received cash, $1,100. June 24 Received cash on account, $1,200. June 30 Paid the following cash expenses: (1) Rent, $700 (2) Utilities, $400 Paid dividends of $3,500 Required: 1. Record the preceding transactions in the Journal of Cary Boswell. [Make debit and credit entries for each date/transaction] 2. Post the preceding transactions to Cary Boswell's Ledger. [Take each debit and credit from part 1 and "post" (i.e. record) it in the appropriate T-Account. 3. Prepare a Trial Balance for Cary Boswell

Answer & Explanation Solved by verified expert

See Answer