Reference no: EM132927961
Question - The company closes accounts and prepares financial statements at the end of each month during June the company entered into the following transactions
June 1 HASF deposited $250,000 cash in a bank account in the name of the business, Friend With A Truck.
June 1 Purchased for $240,000 all the equipment formerly owned by Rent-All. Paid $100,000 cash and issued a one-year note payable for $140,000.
June 1 Paid $100,000 to Morrison Realty as four months advance rent on the rental yard and office formerly occupied by Rent-All.
June 3 received $12,000 cash as advance payment on equipment rental from McBryan Construction Company. (Credit Unearned Rental Fees)
June 5 Purchased office supplies on account from Newport Office Company, $1,850. Payment due in 30 days.
June 9 purchased on account from Foley Parts Distributor $290 in parts needed to repair a rental tractor. Payment is due in 10 days.
June 12 Paid salaries for the first two weeks in June, $3,200.
June 15 excluding the advance payment from the McBryan Construction Company, equipment rental fees earned during the first 15 days of June amounted to $8,900, of which $7,200 was received in cash.
June 18 Paid the account payable to Foley Parts Distributor, $290.
June 19 Collected $800 of the account receivable recorded on June 15.
June 23 Rented a backhoe to Mission Landscaping at a price of $110 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks.
June 26 Paid biweekly salaries, $3,200.
June 29 Anthony Ferrara withdrew $3,000 each from the business to make a mortgage payment for his personal residence.
June 30 Equipment rental fees earned during the second half of June and received in cash amounted to $7,850.
June 30 received a bill from Western Utilities for the month of June. $340. Payment is due in 30days.
Required -
1. Journalize the above transactions.
2. Post to ledger accounts.
3. Prepare trial balance.
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