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 sullivan’s 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 cash - investment

When the owner invests cash, we debit the Cash account and credit the Owner's Capital account.

Date	Account Title	Doc. No.	Post Ref.	General Debit	General Credit	Sales Credit	Cash Debit	Cash Credit
Jun. 2	Owner's Capital	R1		3200

Step2: Record cash - payment for supplies

When paying cash for supplies, we debit the Supplies account and credit the Cash account.

Date	Account Title	Doc. No.	Post Ref.	General Debit	General Credit	Sales Credit	Cash Debit	Cash Credit
Jun. 3	Cash	C1			600

Answer:

Date	Account Title	Doc. No.	Post Ref.	General Debit	General Credit	Sales Credit	Cash Debit	Cash Credit
Jun. 2	Owner's Capital	R1		3200
Jun. 3	Supplies	C1		600				600
Jun. 3	Cash	C1			600