Assessing Financial Statement Effects of Transactions Services, a firm providing art services for advertisers, began business 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.

JuneIM. DeFond invested $12.000 cash to begin the business in exchange for common stock.
2Paid $950 cash for June rent.
3Purchased $6,400 of office equipment on credit.
6Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.
11Billed clients $4,700 for services rendered.
17Collected $3,250 cash from clients on their accounts billed on June
19Paid $5,000 cash toward the account for office equipment (sec June 3)
25Paid $900 cash for dividends.
30Paid $350 cash for June utilities.
30Paid $2,500 cash for June wages.

June 1

Cash $12.000 (debit)

Common Stock $12.000 (credit)

June 2

Rent Expense $950 (debit)

Cash $950 (credit)

June 3

Office Equipment $6,400 (debit)

Account Payable $6,400 (credit)

June 6

Supplies $3,800 (debit)

Cash $1,800 (debit)

Account Payable $2,000 (credit)

June 11

Accounts Receivable $4,700 (debit)

Service Fees Earned $4,700 (credit)

June 17

Cash $3,250 (debit)

Accounts Receivable $3,250 (credit)

June 19

Account Payable $5,000 (debit))

Cash $5,000 (credit)

June 25

Dividends $900 (debit)

Cash $900 (credit)

June 30. Utilities

Utilities Expense  $350 (debit)

Cash  $350 (credit)

June 30. Wages

Wages  $2,500 (debit)

Cash $2,500 (credit)

Explanation:

Use the Account titles provided for guidance in respect to an account to be debited or credited.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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