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journalize each transaction in a two column journal referring to the following chart 665483

On June 1, 2008, Brooks Dodd established an interior decorating business, Coordinated Designs. During the month, Brooks completed the following transactions related to the business:

June 1. Brooks transferred cash from a personal bank account to an account to be used for the business, $18,000.

5. Paid rent for period of June 5 to end of month, $2,150.

6. Purchased office equipment on account, $8,500.

8. Purchased a used truck for $18,000, paying $10,000 cash and giving a note payable for the remainder.

10. Purchased supplies for cash, $1,200.

12. Received cash for job completed, $10,500.

15. Paid annual premiums on property and casualty insurance, $2,400.

23. Recorded jobs completed on account and sent invoices to customers, $5,950.

24. Received an invoice for truck expenses, to be paid in July, $1,000.

29. Paid utilities expense, $1,200.

29. Paid miscellaneous expenses, $400.

30. Received cash from customers on account, $3,200.

30. Paid wages of employees, $2,900.

30. Paid creditor a portion of the amount owed for equipment purchased on June 6, $2,125.

30. Withdrew cash for personal use, $1,750.

Instructions

1. Journalize each transaction in a two column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted.

11

Cash

31

Brooks Dodd, Capital

12

Accounts Receivable

32

Brooks Dodd, Drawing

13

Supplies

41

Fees Earned

14

Prepaid Insurance

51

Wages Expense

16

Equipment

53

Rent Expense

18

Truck

54

Utilities Expense

21

Notes Payable

55

Truck Expense

22

Accounts Payable

59

Miscellaneous Expense

2. Post the journal to a ledger of four column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.

3. Prepare an unadjusted trial balance for Coordinated Designs as of June 30, 2008.

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