Sunday 10 November 2019

Assessing Financial Statement Effects of Transactions K. Daniels started Daniels Services, a firm providing

Assessing Financial Statement Effects of Transactions K. Daniels started Daniels Services, a firm providing art services for advertisers, 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.)
une 1 K. Daniels invested $12,000 cash to begin the business in exchange for common stock.

2 Paid $950 cash for June rent.

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.
Balance Sheet
Transaction. Cash Assets+ Non Cash Assets= Liabilities+ Contributed capital+earned capital
June


























































Income statement
Revenue minus expenses = net income

























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