Accounting Unit 4 Problem

  

Prepare journal entries to record the June transactions in the General Journal below.Date1-Jun1-Jun2-Jun4-Jun5-Jun6-Jun10-Jun12-Jun12-Jun14-Jun17-JunDescription(Account Name)DebitCashAccounts ReceivableSuppliesOffice EquipmentDustin Larkin, Capital$10,000.00$1,500.00$1,250.00$7,500.00Rent ExpenseCash$4,500.00Insurance ExpenseCash$1,800.00CashUnearned Revenue$3,000.00Office EquipmentAccounts PayableCredit$1,800.00$20,250.00$4,500.00$1,800.00$3,000.00$1,800.00CashAccounts receivable$800.00Miscellaneous ExpenseCash$120.00Accounts PayableCash$800.00Accounts ReceivableFees Earned$800.00$120.00$800.00$2,250.00$2,250.00Salary ExpenseCash$400.00CashFees Earned$3,175.00$400.00$3,175.00The Unit 4 Assignment is worth 40 Points.Notes:1) Some of the ratios do NOT have sufficient data to compute a ratio. In those ratios, simply type “Insufficient data to Compute”. The objective is to provide you an opportunity to employ critical thinking. You need to be able to discern whether or not all elements are present.2) In the ratios that require an “Average” – assume that the BEGINNING Account Balance = – 0-.3) Remember, .50% is NOT the same as 50%.4) Use all transactions that include “Sales on Account” as “Net Credit Sales”.5) Be sure to include your formulas in the proper cell. If you simply input an answer, feedback may be limited. If you include your computations, additional feedback will be possible when an incorrect answer is given.6) Complete all ratios in all 3 sections – Parts A, B & C. There are 4 ratios in Part A, 2 in Part B, and 3 in Part C.