Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter9: Database Management Systems
Section: Chapter Questions
Problem 18P
See similar textbooks
icon
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
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
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
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…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS