Reference no: EM132813765

Question - The following transactions took place during the month of June 2021 in the books of Ms. Ruth Charles Wholesale.

Jun 1 Ms. Ruth Charles started her wholesale business with $23,000 cash.

Jun 2 She purchased some equipment costing $16,000 paying a deposit of $6,000 and signing a Note Payable for the remainder.

Jun 4 Bought inventory costing $4,000 on credit.

Jun 6 Received a 10% loan from the Credit Union of $11,000 to purchase a Motor Vehicle.

Jun 7 Sold inventory for $5,400 cash.

Jun 8 Sold inventory on credit for $8,000.

Jun10 Purchased inventory costing $5,000 paying cash to acquire.

Jun 12 Paid Rent for warehouse space $1,000.

Jun 14 Paid Salaries & Wages of $6,000.

Jun 16 Ruth withdrew $3,000 from the bank for her own use.

Jun 18 Paid $1,000 to the Note Payable.

Jun 19 Paid $500 in Interest Expense.

Jun 21 Inventory was returned to Accounts Payable costing $200.

Jun 23 Receive part payment from Accounts Receivables of $3,000.

Jun 25 Paid Accounts Payable $1,000.

Jun 26 Purchased inventory for $2,700 cash.

Jun 28 Cash Sale of inventory $4,300.

Jun 30 Customers returned wrongly ordered inventory costing $100.

Required -

a) Journalize the above transactions.

b) Post the journal entries into the respective ledgers (T-Accounts).

c) Draft up an unadjusted Trial Balance for Ruth Charles Wholesale.