Journalizing Transactions in Template, Journal Entry Form, and T-Accounts Creative Designs, a firm p

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Journalizing Transactions in Template, Journal Entry Form, and T-Accounts
Creative Designs, a firm providing art services for advertisers, began business on June 1,2015. The following transactions occurred during the month of June.

a. Record the below transactions for June using the financial statement effects template. Balance Sheet Income Statement Cash Noncash Contrib. Earned Net Transaction Assets + Assets = Liabilities + Capital + Capital Revenues – Expenses = Income June 1 Anne Clem invested $18,000 cash to begin the business in exchange for common stock. June 2 Paid $1,425 cash for June rent. June 3 Purchased $9,600 of office equipment on account. June 6 Purchased $5,700 of art materials and other supplies; paid $2,700 cash with the remainder due within 30 days. June 11 Billed clients $7,050 for services rendered. June 17 Collected $4,875 cash from clients on their accounts. June 19 Paid $4,500 cash toward the account for office equipment suppliers (see June 3) June 25 Paid $1,350 cash for dividends. June 30 Paid $525 cash for June utilities. June 30 Paid $3,750 cash for June salaries.

b. Record the transactions for June in journal entry form.

June 1 Anne Clem invested $18,000 cash to begin the business in exchange for common stock. General Journal Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 2 Paid $1,425 cash for June rent. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 3 Purchased $9,600 of office equipment on account. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 6 Purchased $5,700 of art materials and other supplies; paid $2,700 cash with the remainder due within 30 days. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense Cash CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 11 Billed clients $7,050 for services rendered. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 17 Collected $4,875 cash from clients on their accounts. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 19 Paid $4,500 cash toward the account for office equipment suppliers (see June 3). Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 25 Paid $1,350 cash for dividends. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 30 Paid $525 cash for June utilities. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

June 30 Paid $3,750 cash for June salaries. Description Debit Credit CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense CashCommon stockRent expenseOffice equipmentAccounts payableSuppliesAccounts receivableRetained earningsService fees earnedUtilities expenseSalaries expense

c. Post the transactions to the appropriate T-accounts. (For each T-account, enter answers in the in the first available space debit or credit space, as appropriate.)
June 1 Anne Clem invested $18,000 cash to begin the business in exchange for common stock.
June 2 Paid $1,425 cash for June rent.  
June 3 Purchased $9,600 of office equipment on account.  
June 6 Purchased $5,700 of art materials and other supplies; paid $2,700 cash with the remainder due within 30 days.  
June 11 Billed clients $7,050 for services rendered.  
June 17 Collected $4,875 cash from clients on their accounts.  
June 19 Paid $4,500 cash toward the account for office equipment suppliers (see June 3).
June 25 Paid $1,350 cash for dividends.  
June 30 Paid $525 cash for June utilities.  
June 30 Paid $3,750 cash for June salaries. Cash Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Office equipment Answer Answer Accounts payable Answer Answer Answer Answer Retained Earnings Answer Answer Rent Expense Answer Answer Accounts Receivable Answer Answer Supplies Answer Answer Common Stock Answer Answer Service Fees Earned Answer Answer Utilities Expense Answer Answer Salaries Expense Answer Answer