Reference no: EM132624107

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 (ID x 500)

June 2

Borrowed (ID x 50) + $100,000 in the form of a note payable.

June 2

Purchased land with cash for (ID x 12).

June 2

Purchased building with cash for (ID x 150).

June 3

Purchased equipment on account for (ID x 50).

June 4

Purchased a 12-month insurance policy for $24,000.

June 5

Purchased $10,000 of Inventory on account.

June 5

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:

Problem 1. Prepare journal entries in good form for the transactions above.

Problem 2. 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.

Problem 3. Make a trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.