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Journal Entry

The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

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Mary Jho Gacilan Pascua
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40 views1 page

Journal Entry

The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

Uploaded by

Mary Jho Gacilan Pascua
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The company started business on June 6, 2013.

The business was started


with $300,000. The transactions they engaged in during their first month of
business are below:

Date Transaction
June 8 An amount of $50,000 was paid for six months of rent.
Equipment costing $100,000 was purchased using $40,000 cash.
The remaining amount of $60,000 is a one year note with an interest
June 9 rate of 3.4%
June 10 Office supplies were purchased totaling $25,000 on account.
June 16 Received $39,400 in cash for services rendered to customers.
June 16 Paid the account for office supplies purchased June 10.
$63,900 worth of services were given to customers. Received cash
amount of $43,700. Customers promised to pay remaining amount
June 20 of $20,200.
June 21 Paid employees wages for June 8-June 21. Wages totaled $23,500.
Received $20,200 in cash for services rendered to customers on June
June 21 20.
June 22 Received $6,300 in cash as advanced payment from customers.
June 27 Office supplies were purchased totaling $3,500 on account.
June 28 Electricity bill received totaling $1,850.
June 28 Phone bill received totaling $2,650.
June 28 Miscellaneous expenses totaled $4,320.

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