Reference no: EM132743639
The following is a list of transactions that have occurred during the month of June.
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. Prepare 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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