Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020:

Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0.

The company also presented the following transactions for the month:

June 1.             Purchased supplies for $1000 on account

June 4.           Purchased a building for, $62,100 cash

June 6.           Performed service for a client on account, $12,000

June 10.           Borrowed $7,000 cash, signing a note payable

June 13.           Paid the liability from June 1

June 17.           Sold for $15,000 land that had cost this same amount

June 21.           Received $8000 cash from June 10 transaction

June 30.           Paid utilities expense of $600 and salary expense $2,500

1. Having determined the account balances, represent this information using the accounting equation.

Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020:

Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0.

The company also presented the following transactions for the month:

June 1.             Purchased supplies for $1000 on account

June 4.           Purchased a building for, $62,100 cash

June 6.           Performed service for a client on account, $12,000

June 10.           Borrowed $7,000 cash, signing a note payable

June 13.           Paid the liability from June 1

June 17.           Sold for $15,000 land that had cost this same amount

June 21.           Received $8000 cash from June 10 transaction

June 30.           Paid utilities expense of $600 and salary expense $2,500            

Requirements:

1. State the effect each transaction from June 1^st-30^th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction increased expenses and decreased cash; the transaction increased asset and decreased asset; etc.
2. Prepare the journal entries with narrations to record the transactions for “June”
3. Post the transactions recorded in your journal to their respective “T” accounts and balance off each account at June 30^th, 2020.
4. Having determined the account balances, represent this information using the accounting equation.

Quality Service Inc. has the following accounts balances in their charts of 
accounts balances as at June 1, 2020:
Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; 
Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue 
$98,000; Utilities, salary expense $0.
The company also presented the following transactions for the month:
June 1. Purchased supplies for $1000 on account
June 4. Purchased a building for, $62,100 cash
June 6. Performed service for a client on account, $12,000
June 10. Borrowed $7,000 cash, signing a note payable
June 13. Paid the liability from June 1
June 17. Sold for $15,000 land that had cost this same amount
June 21. Received $8000 cash from June 06 transaction
June 30. Paid utilities expense of $600 and salary expense $2,500 
Requirements:
1. State the effect each transaction from June 1st
-30th will have on the accounting 
equation. For example, the transaction increased asset and increased capital; the 
transaction increased expenses and decreased cash; the transaction increased
asset and decreased asset; etc.
2. Prepare the journal entries with narrations to record the transactions for “June”
3. Post the transactions recorded in your journal to their respective “T” accounts and 
balance off each account at June 30th, 2020.
4. Having determined the account balances, represent this information using the 
accounting equation.

Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020:

Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0.

The company also presented the following transactions for the month:

June 1.             Purchased supplies for $1000 on account

June 4.  Purchased a building for, $62,100 cash

June 6. Performed service for a client on account, $12,000

June 10.          Borrowed $7,000 cash, signing a note payable

June 13.           Paid the liability from June 1

June 17.           Sold for $15,000 land that had cost this same amount

June 21.           Received $8000 cash from June 06 transaction

June 30.           Paid utilities expense of $600 and salary expense $2,500            

Requirements:

State the effect each transaction from June 1st -30th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction increased expenses and decreased cash; the transaction increased asset and decreased asset; etc.

Prepare the journal entries with narrations to record the transactions for “June”

Post the transactions recorded in your journal to their respective “T” accounts and balance off each account at June 30th, 2020.

Having determined the account balances, represent this information using the accounting equation.