Accounting Theory and Application

   

Added on  2022-11-15

16 Pages1751 Words348 Views
Running head: ACCOUNTING THEORY AND APPLICATION
Accounting Theory and Application
Name of the Student:
Name of the University:
Author’s Note:
Accounting Theory and Application_1
1ACCOUNTING THEORY AND APPLICATION
Table of Contents
1. Journal entries for June transactions:.....................................................................................2
2. Adjusting entries for the end of June:....................................................................................3
3. T Ledger:................................................................................................................................4
4. Profit and Loss Statement:...................................................................................................11
5. Balance Sheet:......................................................................................................................12
Bibliography:............................................................................................................................14
Appendix:.................................................................................................................................15
Accounting Theory and Application_2
2ACCOUNTING THEORY AND APPLICATION
1. Journal entries for June transactions:
Perfect Landscaping
Journal
Date Particulars Debit Credit
01-Jun-
19 Bank 16,400
Accounts Receivables 16,400
(To record receipts of cash from the customers)
15-Jun-
19 Bank 8,540
Accounts Receivables 8,540
(To record receipts of cash from the customers)
22-Jun-
19 Electricity Expense 1,582
GST Paid 158
Bank 1,740
(To record payment of electricity bill for the month)
24-Jun-
19 Salaries Expense 8,340
Bank 8,340
(To record payment of salaried for the month of June)
29-Jun-
19 Bank 11,320
Accounts Receivables 11,320
(To record receipts of cash from the customers)
30-Jun-
19 Accounts Receivables 21,350
Fees Revenue
Accounting Theory and Application_3
3ACCOUNTING THEORY AND APPLICATION
19,409
GST Collected 1,941
(To record credit sales for the month of June)
30-Jun-
19 Bank 135
Interest Income 135
(To record interest receipts on bank deposit)
30-Jun-
19 Motor Vehicle 41,500
Bank 16,500
Bank Loan 25,000
(To record purchase of Motor Vehicle for cash and bank
loan)
30-Jun-
19 Bad Debt Expense 3,750
Provision for Bad Debt 3,750
(To record bad debt Expense)
2. Adjusting entries for the end of June:
Perfect Landscaping
Journal
Date Particulars Debit Credit
30-Jun-19 Interest Expense 210
Interest Payable 210
(To record interest payable on bank loan)
30-Jun-19 Landscaping Supplies Expenses 1970
Landscaping Supplies 1970
(To record consumption of landscaping supplies)
30-Jun-19 Depreciation Expense-Landscaping Equipment 10240
Accumulated Depreciation-Landscaping Equipment 10240
(To record depreciation on Landscaping Equipment)
30-Jun-19 Unearned Fees 785
Accounting Theory and Application_4

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