Info
Warning
Danger
/ Homework Answers / Accounting / Please help me with journal entries for the following:

Question

Please help me with journal entries for the following:

For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2013, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June: The following assets were received from Dustin Larkin: cash, June 1 $10,000, accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received. June 1 Paid three months' rent on a lease rental contract, $4,500. June 2 Paid the premiums on property and casualty insurance policies, $1,800. June 4 Received cash from clients as an advance payment for services to be provided (Record it as unearned fees), $3,000. June 5 Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10 Paid cash for a newspaper advertisement to run during June, $120 June 12 Paid Crawford Company for part of the debt incurred on June 5, $800. June 12 Recorded services provided on account for the period June 1 to June 12, $2,250. June 14 Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax or withholdings) June 17 Recorded cash from cash clients for fees earned during the period June 1-16, $3,175. June 18 Paid cash for supplies, $750 June 20. Recorded services provided on account for the period June 13-20, $1,100 June 24 Recorded cash from cash clients for fees earned for the period June 17-24, $1,850. June 26 Received cash from clients on account, $1,600

 

Solution
5 (1 Ratings )

Solved
Accounting 3 Months Ago 136 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
124312 Accounting Questions Answered!
Post a Question

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

Let us boost your grade together!