Recording Transactions in a General Journal
Journal Entries and Account Analysis
Yevin Company completed the following transactions during June 2010, the first month of business.
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.
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.