Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable: Supplies: Office Equipment: Accounts Payable: Common Stock: Dividends: Service Fees Earned: Rent Expense: Utilities Expense: and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $12.000 cash to begin the business in exchange for common stock. 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit. 6 Purchased $3.800 of art materials and other supplies: the company paid $1,800 cash with the remainder due within 30 days. 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $5,000 cash toward the account for office equipment (see June 3). 25 Paid $900 cash for dividends. June 30 Paid $350 cash for June utilities. 30 Paid $2,500 cash for June wages. Transaction 1 2 3 6 11 17 19 25 30 30 Cash Asset + Noncash Assets Balance Sheet - Liabilities + Contributed Capital Earned Capital Income Statement Expenses - Net Income Revenue Expenses
Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable: Supplies: Office Equipment: Accounts Payable: Common Stock: Dividends: Service Fees Earned: Rent Expense: Utilities Expense: and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $12.000 cash to begin the business in exchange for common stock. 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit. 6 Purchased $3.800 of art materials and other supplies: the company paid $1,800 cash with the remainder due within 30 days. 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $5,000 cash toward the account for office equipment (see June 3). 25 Paid $900 cash for dividends. June 30 Paid $350 cash for June utilities. 30 Paid $2,500 cash for June wages. Transaction 1 2 3 6 11 17 19 25 30 30 Cash Asset + Noncash Assets Balance Sheet - Liabilities + Contributed Capital Earned Capital Income Statement Expenses - Net Income Revenue Expenses
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter9: Database Management Systems
Section: Chapter Questions
Problem 18P
Related questions
Question
![Assessing Financial Statement Effects of Transactions
DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service
Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.)
June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock.
2 Paid $950 cash for June rent.Hint: Record rent expense on June 2.
3 Purchased $6,400 of office equipment on credit.
6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.
11 Billed clients $4,700 for services rendered.
17 Collected $3,250 cash from clients on their accounts billed on June 11.
19 Paid $5,000 cash toward the account for office equipment (see June 3).
25 Paid $900 cash for dividends.
30 Paid $350 cash for June utilities.
30 Paid $2,500 cash for June wages.
Transaction
June
1
2
3
6
11
17
19
25
30
30
Cash
Asset
+
Noncash
Assets
Balance Sheet
Contributed
Liabilities + Capital +
Earned
Capital
Revenue
Income Statement
Expenses = Net Income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9024359e-1dca-402f-ac0c-2c98677e9b92%2Fee9859b1-5241-4c02-8a11-20c6990fd00e%2F0lvgxm8_processed.png&w=3840&q=75)
Transcribed Image Text:Assessing Financial Statement Effects of Transactions
DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service
Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.)
June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock.
2 Paid $950 cash for June rent.Hint: Record rent expense on June 2.
3 Purchased $6,400 of office equipment on credit.
6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.
11 Billed clients $4,700 for services rendered.
17 Collected $3,250 cash from clients on their accounts billed on June 11.
19 Paid $5,000 cash toward the account for office equipment (see June 3).
25 Paid $900 cash for dividends.
30 Paid $350 cash for June utilities.
30 Paid $2,500 cash for June wages.
Transaction
June
1
2
3
6
11
17
19
25
30
30
Cash
Asset
+
Noncash
Assets
Balance Sheet
Contributed
Liabilities + Capital +
Earned
Capital
Revenue
Income Statement
Expenses = Net Income
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning