Question

1. 3 - 1 on your own, p. 64

question assets
transactions coa
june transactions
jun. 2 received cash from owner as an investment, $3,200.00. r1.
3 paid cash for supplies, $600.00. c1.
michelle sullivan owns sullivans service center. using the information provided, journalize each transaction completed during june of the current year. use page 1 of the journal. source documents are abbreviated as follows: check, c; receipt, r.
journal
date account title doc. no. post. ref general debit credit sales credit cash debit credit

Explanation:

Step1: Record investment transaction

Debit Cash $3200$, Credit Owner's Equity $3200$. In journal - Date: Jun. 2, Account Title: Cash (Debit), Owner's Equity (Credit), Doc. No.: R1, General Debit: $3200$, General Credit: $3200$.

Step2: Record supply - purchase transaction

Debit Supplies $600$, Credit Cash $600$. In journal - Date: Jun. 3, Account Title: Supplies (Debit), Cash (Credit), Doc. No.: C1, General Debit: $600$, General Credit: $600$, Cash Debit: $0$, Cash Credit: $600$.

Answer:

DATE	ACCOUNT TITLE	DOC. NO.	POST. REF	GENERAL DEBIT	GENERAL CREDIT	SALES CREDIT	CASH DEBIT	CASH CREDIT
Jun. 2	Owner's Equity	R1			$3200$
Jun. 3	Supplies	C1		$600$				$600$
Jun. 3	Cash	C1			$600$			$600$