Reference no: EM132744763
Question - 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 -
1. Prepare journal entries in good form for the transactions above.
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.
3. Include 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.
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