Reference no: EM132837925

Question - John Stockton opened Jazz Co. Below are the transactions for the company's first month of operations.

1. Journalize the transactions using proper bookkeeping format.

2. Post only the cash transactions to the general ledger.

Transactions for the month of June:

Jun 1 - John invested $25,000 cash and a personal vehicle with a fair value of $40,000 into the business.

Jun 4 - Received $50,000 cash for services provided.

Jun 7 - Received $6,000 cash for services to be provided next year.

Jun 10 - Paid a subscription fee of $12,000 for the upcoming year.

Jun 12 - Paid $11,500 cash to reduce the balance of accounts payable.

Jun 15 - Paid employees' wages of $39,000.

Jun 18 - Paid $1,750 interest on the note payable

Jun 23 - Received a telephone bill for $2,750 which will be paid next month.

Jun 25 - Recorded business travel expenses worth $21,500 which will be paid next month.

Jun 30 - Purchased $1600 of supplies for cash.