Homework Practice

Chapter 6: Recording Transactions in a General Journal

Homework Practice

Journal Entries and Account Analysis

Yevin Company completed the following transactions during June 2010, the first month of business.

June 1

Bernie Yevin invested $5,500 in the business.

Paid June rent, $600.

Purchased office equipment on account, $1,700.

Performed services on account, $3,000.

Paid creditor on account, $900.

Withdrew cash for personal use, $350.

Fees earned and billed to customers during the month $1,100.

Paid electricity bill for the month, $400.

Received $1,600 on account.

Instructions

1. Journalize the transactions. Download the general journal form by clicking on Accounting Forms from the Student Center. Use the following account titles: Cash in Bank; Accounts Receivable; Office Equipment; Accounts Payable; Bernie Yevin, Capital; Bernie Yevin, Withdrawals; Service Revenue; Rent Expense; and Utilities Expense.

2. Determine the total revenue for the month.

3. Determine the total expenses for the month.