9) Following are the transactions of Planning Services Company. Prepare General Journal Entries and a Trial Balance T. James, owner, invested $21,000 cash in Planning Services Company in exchange for common stock. The company purchased $8,000 of equipment on credit. The company paid $6,000 cash for a 12-month prepaid insurance policy. June 1 June 2 June 3 June 4 June 12 June 20 June 30 The company billed a customer $6,000 for planning services provided. The company paid $2,000 cash toward the payable from the June 2 equipment purchase. The company collected $6,000 cash for services billed on June 4. The company received $10,000 cash in advance of providing planning services to a customer.

9) Following are the transactions of Planning Services Company. Prepare General Journal Entries and a Trial Balance T. James, owner, invested $21,000 cash in Planning Services Company in exchange for common stock. The company purchased $8,000 of equipment on credit. The company paid $6,000 cash for a 12-month prepaid insurance policy. June 1 June 2 June 3 June 4 June 12 June 20 June 30 The company billed a customer $6,000 for planning services provided. The company paid $2,000 cash toward the payable from the June 2 equipment purchase. The company collected $6,000 cash for services billed on June 4. The company received $10,000 cash in advance of providing planning services to a customer.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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