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The following is a list of transactions that have occurred during the month of June.
Date
Transaction
June 1
Invested cash into the company for stock (2134 x 500)
June 2
Borrowed (2134 x 50) + $100,000 in the form of a note payable.
Purchased land with cash for (2134 x 12).
Purchased building with cash for (2134 x 150).
June 3
Purchased equipment on account for (2134 x 50).
June 4
Purchased a 12-month insurance policy for $24,000.
June 5
Purchased $10,000 of Inventory on account.
Generated $20,000 in revenues. This was paid in cash.
June 6
Generated $10,000 in revenues on account.
June 10
Paid $1,500 in cash for advertising.
June 15
Paid a utility bill of $2,000 in cash.
June 18
Received a $500 cash deposit for a future services.
June 22
Paid $1,800 in cash to repair an elevator.
June 28
Paid $4,000 in wages in cash.
June 30
$500 in dividends were paid in cash.
Required:
Question 1: Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.
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