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    Journal Entry

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    Mary Jho Gacilan Pascua
    The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

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    Journal Entry

    Uploaded by

    Mary Jho Gacilan Pascua
    27 views1 page
    The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

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    The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views1 page

    Journal Entry

    Uploaded by

    Mary Jho Gacilan Pascua
    The company started business on June 6, 2013 with $300,000. During their first month they paid $50,000 for six months of rent, purchased $100,000 of equipment with $40,000 cash and a $60,000 one-year note at 3.4% interest. They received payments totaling $39,400, $43,700 and $20,200 from customers for services on June 16 and June 21. Office supplies, wages, bills and other expenses amounted to over $36,000 during the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    The company started business on June 6, 2013.

    The business was started


    with $300,000. The transactions they engaged in during their first month of
    business are below:

    Date Transaction
    June 8 An amount of $50,000 was paid for six months of rent.
    Equipment costing $100,000 was purchased using $40,000 cash.
    The remaining amount of $60,000 is a one year note with an interest
    June 9 rate of 3.4%
    June 10 Office supplies were purchased totaling $25,000 on account.
    June 16 Received $39,400 in cash for services rendered to customers.
    June 16 Paid the account for office supplies purchased June 10.
    $63,900 worth of services were given to customers. Received cash
    amount of $43,700. Customers promised to pay remaining amount
    June 20 of $20,200.
    June 21 Paid employees wages for June 8-June 21. Wages totaled $23,500.
    Received $20,200 in cash for services rendered to customers on June
    June 21 20.
    June 22 Received $6,300 in cash as advanced payment from customers.
    June 27 Office supplies were purchased totaling $3,500 on account.
    June 28 Electricity bill received totaling $1,850.
    June 28 Phone bill received totaling $2,650.
    June 28 Miscellaneous expenses totaled $4,320.

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