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For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:
1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received?​

Sagot :

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Journalizing the transactions of Bottom Line Consulting, entered into on June 1, is as follows:

Journal Entries:

June 1, 2010:

Debit Cash, $20,000

Debit Accounts receivable, $4,500

Debit Supplies, $2,000

Debit Office equipment, $11,500

Credit Owner's Capital, Emily Page $38,000

  • To record the assets received from Emily Page.

Transaction Analysis:

Cash, $20,000 Accounts receivable, $4,500 Supplies, $2,000 Office equipment, $11,500 Owner's Capital, Emily Page $38,000

Question Completion:

Journalize each transaction.

Learn more about journalizing business transactions at https://brainly.com/question/17201601

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