Step 1: Journalize the following transactions.
Enter the following on page 1 of the general journal.
June 1
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J. Harris contributes cash of $50,000 and accounts receivable of $20,000 to a new partnership, Top Tier Interior Design. S. Grant contributes $12,000 cash and $1,000 of supplies to the partnership. The partners agree that $1,500 is a reasonable amount for the allowance for doubtful accounts for the contributed accounts receivable.
Paid rent for the June through August, $3,000.
Purchased equipment paying cash, $5,000.
Purchased a used van for $30,000. The partnership paid $10,000 cash as a down payment and signed a note for the remainder.
Received an advance payment of $9,000 for services to be provided in the future.
Purchased supplies on credit, $700.
Received cash for job completed, $15,550.
Recorded jobs completed on account and sent invoices to customers, $12,200.
Received an invoice in the mail for van-related expenses, to be paid in September $1,200.
Paid miscellaneous expenses, $200.
Paid utilities expense, $300.
Step 1:Journalize the following transactions.
Enter the following on page 1 of the general journal.
June
J. Harris contributes cash of $50,000 and accounts receivable of $20,000 to a new partnership. Top Tier Interior Design. S. Grant contributes $12,000 cash and $1,000 of supplies to the
doubtful accounts for the contributed accounts receivable. Paid rent for the June through August, $3,000. Purchased equipment paying cash, $5,000. Purchased a used van for $30,000. The partnership paid $10,000 cash as a down payment and signed a note for the remainder Received an advance payment of $9,000 for services to be provided in the future Purchased supplies on credit, $700. Received cash for job completed,$15,550 Recorded jobs completed on account and sent invoices to customers, $12,200. Received an invoice in the mail for van-related expenses, to be paid in September $1,200 Paid miscellaneous expenses, $200 Paid utilities expense, $300.
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