08 Mar On June 1, 2008, Brooks Dodd established an interi
On June 1, 2008, Brooks Dodd established an interior decorating business, Coordinated Designs. During the month, Brooks completed the following transactions related to the business:June 1. Brooks transferred cash from a personal bank account to an account to be used for the business, $18,000.5. Paid rent for period of June 5 to end of month, $2,150.6. Purchased office equipment on account, $8,500.8. Purchased a used truck for $18,000, paying $10,000 cash and giving a note payable for the remainder.10. Purchased supplies for cash, $1,200.12. Received cash for job completed, $10,500.15. Paid annual premiums on property and casualty insurance, $2,400.23. Recorded jobs completed on account and sent invoices to customers, $5,950.24. Received an invoice for truck expenses, to be paid in July, $1,000.29. Paid utilities expense, $1,200.29. Paid miscellaneous expenses, $400.30. Received cash from customers on account, $3,200.30. Paid wages of employees, $2,900.30. Paid creditor a portion of the amount owed for equipment purchased on June 6, $2,125.30. Withdrew cash for personal use, $1,750.Instructions1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 11 Cash 31 Brooks Dodd, Capital 12 Accounts Receivable 32 Brooks Dodd, Drawing 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense 16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.3. Prepare an unadjusted trial balance for Coordinated Designs as of June 30, 2008.
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