Journalizing Transactions in Template, Journal Entry Form, and T-Accounts: Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash, Accounts receivable, supplies, office equipment, accounts payable, common stock, dividends, service fees earned, rent expense, utilizes expense, and salaries expense. Use journal entries to record the following transactions for June.
A) Using Financial statement effects template
B) In Journal Entry Form
C) Set up T-Accouns for each of the ledger accounts and post the entries to them (key numbers in T-Account by date)
1 Lisa Ryan invested $12,000 cash to begin the business; she received common stock for her investment.
2 Paid rent for June, $950.
3 Purchased office equipment on account, $6,400.
6 Purchased art materials and other supplies costing $3,800; paid $1,800 cash with the remainder due within 30 days.
11 Billed clients for services rendered, $4,700.
17 Collected $3,250 from clients on their account.
19 Paid $3,000 on account to office equipment company (see June 3 transaction)
25 Paid $900 cash for dividens
30 Paid $350 cash for June Utility
30 Paid $2500 cash for June Salaries