Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests $12,000 into the business.
6/3 Purchased $1,800 of equipment on account.
6/4 Paid $360 for a two-year insurance policy.
6/6 Purchased office supplies for cash, $300.
6/9 Purchased a new computer for $7,500. Paid $1,500 cash agreed to pay the remainder in 30 days.
6/10 Billed student Fiona Smith $40 for tutorial services that were performed.
6/14 Paid for the equipment purchased on June 3rd.
6/25 Received $35 cash from student Bert Bantrum for tutorial services performed.
6/30 Student billed on June 10 pays the amount due to Quark.
6/30 Quark withdraws $500 for personal use.
Required: Prepare the journal entries to record these transactions. How much cash did Professor Quark have at the end of June?

Required 1 : Journal Entries

6/1

Cash $12,000 (debit)

Capital $12,000 (credit)

6/3

Equipment $1,800 (debit)

Accounts Payable $1,800 (credit)

6/4

Insurance Prepaid $360 (debit)

Cash $360 (credit)

6/6

Office Supplies $300 (debit)

Cash $300 (credit)

6/9

Computer $7,500 (debit)

Cash $1,500 (credit)

Account Payable $6,000 (credit)

6/10

Trade Receivable : Fiona Smith $40 (debit)

Service Revenue $40 (credit)

6/14

Accounts Payable $1,800 (debit)

Cash $1,800 (credit)

6/25

Cash $35 (debit)

Service Revenue $35 (credit)

6/30

Cash (debit)

Trade Receivable : Fiona Smith $40 (credit)

6/30

Drawings $500 (debit)

Cash $500 (credit)

Required 2

Professor Quark have $7,615 at the end of June in his Cash Account

Explanation:

For determination of cash on hand at end of June, prepare a Cash Book.

Cash Book - Cash Columns Only

Debit :

Capital                                                 $12,000

Trade Receivable : Fiona Smith               $40

Service Revenue                                       $35

Totals                                                   $12,075

Credit :

Insurance Prepaid                                  $360

Office Supplies                                       $300

Computer                                             $1,500

Accounts Payable                                $1,800

Drawings                                                $500

Balance c/d (Balancing figure)            $7,615

Totals                                                   $12,075

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