Prepare a balance sheet based on the following: June 1: Owner contributed $50,000 in...

70.2K

Verified Solution

Question

Accounting

Prepare a balance sheet based on the following: June 1: Owner contributed $50,000 in cash to the business.
June 1: Owner purchased a company vehicle in the amount of $15,000.
June 3: Owner took out a small business loan in the amount of $25,000.
June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month.
June 5: Owner paid business license fees in the amount of $250 to the county.
June 5: Owner ordered office supplies, on account, in the amount of $750.00.
June 6: Owner performed service for client on account in the amount of $1,000.
June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.
June 10: Owner paid $250 in advertising costs to the local paper.
June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.
June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month.
June 20: Owner paid wages due to part-time employee from period ending June 15.
June 21: Owner paid for plumbing repairs in the office in the amount of $210.
June 22: Owner withdrew $1,000 cash for personal use.
June 23: Customer paid balance due from June 6 service in the amount of $1,000.
June 25: Owner provided service to client in the amount of $800. Client paid at time of service.
June 28: Owner paid balance due for office supplies purchase on June 5.
June 29: Owner performed service for client on account in the amount of $2,225.00.
June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.
June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.
June 30: Record depreciation on vehicle at $250.

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!
Become a Member

Other questions asked by students