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1) The general journal records transactions from June 1-30 that involve cash payments and receipts as well as adjustments to various accounts like supplies, equipment, insurance, and fees. 2) The general ledger summarizes the debits and credits for each account, showing a running balance for assets like cash, accounts receivable, supplies, and equipment as well as expenses and equity. 3) Key transactions include Emily Page contributing capital of $38,000 on June 1, payments for supplies, equipment, insurance and rent being recorded as assets, and adjustments for depreciation, expenses and unearned fees at month end.

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Masresha Tasew
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23 views

Assignment Edit

1) The general journal records transactions from June 1-30 that involve cash payments and receipts as well as adjustments to various accounts like supplies, equipment, insurance, and fees. 2) The general ledger summarizes the debits and credits for each account, showing a running balance for assets like cash, accounts receivable, supplies, and equipment as well as expenses and equity. 3) Key transactions include Emily Page contributing capital of $38,000 on June 1, payments for supplies, equipment, insurance and rent being recorded as assets, and adjustments for depreciation, expenses and unearned fees at month end.

Uploaded by

Masresha Tasew
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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General Journal J1

Date Account Title and Explanation Ref. Debit in $ Credit In $


1-Jun Cach 11 20,000.00
Accounts receivable 12 4,500.00
Supplies 14 2,000.00
Office equipment 18 11,500.00
Emily Page, capital 31 38,000.00

1-Jun Prepaid rent (3M) 15 6,000.00


Cash 11 6,000.00

2-Jun Pre paid Insurance 16 2,400.00


Cash 11 2,400.00

4-Jun Cash 11 2,700.00


Unearned fees 23 2,700.00

5-Jun Office Equipment 18 3,500.00


Account Payable 21 3,500.00

6-Jun Cash 11 3,000.00


Account Recivable 12 3,000.00

10-Jun Advertising Expense 60 200.00


Cash 11 200.00

12-Jun Account Payable 21 750.00


Cash 11 750.00

12-Jun Account Recivable 12 5,100.00


Fees earned 41 5,100.00

14-Jun Salary Expense 51 1,100.00


Cash 11 1,100.00

17-Jun Cash 11 6,500.00


Fees earned 41 6,500.00

18-Jun Supplies Expense 53 750.00


Cash 11 750.00

20-Jun Account Recivable 12 3,100.00


Fees earned 53 3,100.00

24-Jun Cash 11 5,150.00


Fees earned 53 5,150.00

General Journal J2
Date Account Title and Explanation Ref. Debit in $ Credit In $
26-Jun Cash 11 6,900.00
Account Recivable 12 6,900.00

27-Jun Salary Expense 51 1,100.00


Cash 11 1,100.00

29-Jun Miscellaneous (Teleohone) Expense 59 150.00


Cash 11 150.00

29-Jun Miscellaneous (Elec)Expense 59 400.00


Cash 11 400.00

30-Jun Cash 11 2,500.00


Fees earned 53 2,500.00

30-Jun Account Recivable 12 1,000.00


Fees earned 53 1,000.00

30-Jun Emily Page, Drawing 32 5,000.00


Cash 11 5,000.00

30-Jun Insurance Expense 55 200.00


Prepaid Insurance 16 200.00

30-Jun Supplies Expense 53 1,350.00


Supplies 1,350.00

30-Jun Depreciation Expense 54 250.00


Office equipment 18 250.00

30-Jun Salary Expense 51 220.00


Salaries Payable 22 220.00

30-Jun Rent Expense 52 2,000.00


Prepaid rent (3M) 15 2,000.00

30-Jun Unearned Fees 23 825.00


Fees Earned 825.00
General ledger
Account: Cash Account :11
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 20,000.00 20,000.00
1-Jun J1 6,000.00 14,000.00
2-Jun J1 2,400.00 11,600.00
4-Jun J1 2,700.00 14,300.00
6-Jun J1 3,000.00 17,300.00
10-Jun J1 200.00 17,100.00
12-Jun J1 750.00 16,350.00
14-Jun J1 1,100.00 15,250.00
17-Jun J1 6,500.00 21,750.00
18-Jun J1 750.00 21,000.00
24-Jun J1 5,150.00 26,150.00
26-Jun J2 6,900.00 33,050.00
27-Jun J2 1,100.00 31,950.00
29-Jun J2 150.00 31,800.00
29-Jun J2 400.00 31,400.00
30-Jun J2 2,500.00 33,900.00
30-Jun J2 5,000.00 28,900.00

General ledger
Account: Accounts receivable Account :12
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 4,500.00 4,500.00
6-Jun J1 3,000.00 1,500.00
12-Jun J1 5,100.00 6,600.00
20-Jun J1 3,100.00 9,700.00
26-Jun J2 6,900.00 2,800.00
30-Jun J2 1,000.00 3,800.00

General ledger
Account: Supplies Account :14
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 2,000.00 2,000.00
30-Jun J2 1,350.00 650.00
General ledger
Account: Office equipment Account :18
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 11,500.00 11,500.00
5-Jun J1 3,500.00 15,000.00
30-Jun J2 250.00 14,750.00

General ledger
Account: Emily Page, capital Account :31
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 38,000.00 38,000.00

General ledger
Account: Prepaid rent (3M) Account :15
Balance
Date Explanation Ref Debit Credit Debit Credit
1-Jun J1 6,000.00 6,000.00
30-Jun J2 2,000.00 4,000.00

General ledger
Account: Pre paid Insurance Account :16
Balance
Date Explanation Ref Debit Credit Debit Credit
2-Jun J1 2,400.00 2,400.00
30-Jun J2 200.00 2,200.00

General ledger
Account: unearned fees Account :23
Balance
Date Explanation Ref Debit Credit Debit Credit
4-Jun J1 2,700.00 2,700.00
30-Jun J2 825.00 1,875.00

General ledger
Account: Account Payable Account :21
Balance
Date Explanation Ref Debit Credit Debit Credit
5-Jun J1 3,500.00 3,500.00
12-Jun J1 750.00 2,750.00

General ledger
Account: Advertising Expense Account :60
Balance
Date Explanation Ref Debit Credit Debit Credit
10-Jun J1 200.00 200.00

General ledger
Account: Fees earned Account :41
Balance
Date Explanation Ref Debit Credit Debit Credit
12-Jun J1 5,100.00 5,100.00
17-Jun J1 6,500.00 11,600.00
20-Jun J1 3,100.00 14,700.00
24-Jun J1 5,150.00 19,850.00
30-Jun J2 2,500.00 22,350.00
30-Jun J2 1,000.00 23,350.00
30-Jun J2 825.00 24,175.00

General ledger
Account: Salary Expense Account : 51
Balance
Date Explanation Ref Debit Credit Debit Credit
14-Jun J1 1,100.00 1,100.00
27-Jun J2 1,100.00 2,200.00
30-Jun J2 220.00 2,200.00

General ledger
Account: Supplies Expence Account : 53
Balance
Date Explanation Ref Debit Credit Debit Credit
18-Jun J1 750.00 750.00
30-Jun J2 1,350.00 2,100.00
General ledger
Account: Miscellaneous Expence Account : 59
Balance
Date Explanation Ref Debit Credit Debit Credit
29-Jun J2 150.00 150.00
29-Jun J2 400.00 550.00

General ledger
Account: Emily Page, Drawing Account : 32
Balance
Date Explanation Ref Debit Credit Debit Credit
30-Jun J2 5,000.00 5,000.00

General ledger
Account: Insurance Expense Account : 55
Balance
Date Explanation Ref Debit Credit Debit Credit
30-Jun J2 200.00 200.00

General ledger
Account: Depreciation Expense Account : 54
Balance
Date Explanation Ref Debit Credit Debit Credit
30-Jun J2 250.00 250.00

General ledger
Account: Salaries Payable Account : 22
Balance
Date Explanation Ref Debit Credit Debit Credit
30-Jun J2 220.00 220.00

General ledger
Account: Rent Expense Account : 52
Balance
Date Explanation Ref Debit Credit Debit Credit
30-Jun J2 2,000.00 2,000.00
Bottom Line Consulting
Trial Balance(Unadjusted)
June 30, 210

Account Title Debit in $ Credit in $


Cash 28,900.00
Accounts Receivable 3,800.00
Supplies 2,000.00
Office equipment 15,000.00
Prepaid rent (3M) 6,000.00
Pre paid Insurance 2,400.00
Fees earned 23,350.00
Account Payable 2,750.00
unearned fees 2,700.00
Advertising Expense 200.00
Salary Expense 2,200.00
Supplies Expence 750.00
Miscellaneous Expence 550.00
Emily Page, capital 38,000.00
Emily Page, Drawing 5,000.00
66,800.00 66,800.00
Bottom Line Consulting
End-of-Period Spreadsheet (Work sheet)
For the June 30, 2010.
Adjustments
Unadjusted Trial Balance Adjusted Trial Balance
Account Title Dr. in $ Cr. in $ Dr. in $ Cr. in $ Dr. in $
Cash 28,900.00 28,900.00
Accounts Receivable 3,800.00 3,800.00
Supplies 2,000.00 1,350.00 650.00
Office equipment 15,000.00 250.00 14,750.00
Prepaid rent (3M) 6,000.00 2,000.00 4,000.00
Pre paid Insurance 2,400.00 200.00 2,200.00
Fees earned 23,350.00 825.00
Account Payable 2,750.00
Salary Payable 220.00
unearned fees 2,700.00 825
Advertising Expense 200.00 200.00
Salary Expense 2,200.00 220 2,420.00
Supplies Expence 750.00 1,350.00 2,100.00
Miscellaneous Expence 550.00 550.00
Insurance Expence 200.00 200.00
Depreciation Expence 250.00 250.00
Rent Expense 2,000.00 2,000.00
Emily Page, capital 38,000.00
Emily Page, Drawing 5,000.00 5,000.00
4,845.00 4,845.00 67,020.00
Adjusted Trial Balance
Cr. in $

24,175.00
2,750.00
220.00
1,875.00

38,000.00

67,020.00

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