During the month of June, John Trent organized and began to operate an air taxi service to provide air transportation from a major city to a number of small towns not served by scheduled airlines. Transactions during the month of June were as follows: LO8 June 1 John Trent deposited $480,000 cash in a bank account in the name of the business, Trent Air Service.

June 2 Purchased an aircraft for $356,400 and spare parts for $42,000, paying cash.

June 4 Paid $540 cash to rent a building for June.

June 10 Cash receipts from passenger fares revenue for the first 10 days amounted to $10,320.

June 14 Paid $750 to Motor Maintenance Service for maintenance and repair serv¬

ice for June.

June 15 Paid $2,880 salaries to employees for services rendered during first half of June.

June 20 Cash receipts from passenger fares revenue for the second 10 days amounted to $12,250.

June 30 Cash receipts from passenger fares revenue for the last 10 days of June amounted to $20,000.

June 30 Paid $3,000 salaries to employees for services rendered during the second half of June.

June 30 Trent withdrew $2,000 from business for personal use.

June 30 Received a fuel bill from Phillips Oil Company amounting to $4,548 to be paid before July 10.

The account titles and numbers used by Trent Air Service are as follows:

Instructions Based on the foregoing transactions a Prepare journal entries. (Number journal pages to permit cross reference to ledger )
b Post to ledger accounts. (Number ledger accounts to permit cross reference to journal.) Enter ledger account numbers in the LP column of the journal as the posting work is done.
c Prepare a trial balance at June 30, 19 -

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11 Cash Spare parts Aircraft. Passenger fares revenue. 14 Maintenance expense. 21 Fuel expense Accounts payable 31 Salaries expense. John Trent, capital. 41 Rent expense. John Trent, drawing 42 51 61 62 63 64