Reference no: EM132844411

Problem 1: Post the June journal entries to the ledger account?

June 1. Began business by depositing $20,000 in a bank account in the name of the company.

June 1. Paid the rent for the store for current month, $1,700.

June 1. Paid the premium on a one-year insurance policy, $1,920.

June 2. Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due June 1.

June 5. Purchased repair supplies from Rusin Company on credit, $1,872.

June 8. Paid cash for an advertisement in a local newspaper, $240.

June 15. Received cash repair revenue for the first half of the month, $1,600.

June 21. Paid Rusin Company on account, $900.

June 30. Received cash repair revenue for the last half of June, $3,900.

June 30. Made a withdrawal, $1,200.