The following data for June 1999 are for Rusk Company's first month of operations:

June 1 Rusk Company was organized, and the stockholders invested \(\$ 1,008,000\) cash, \(\$ 336,000\) of merchandise inventory, and a \(\$ 288,000\) plot of land in exchange for capital stock.

4 Merchandise was purchased for cash, \(\$ 432,000\); FOB shipping point, freight collect.

9 Cash of \(\$ 10,080\) was paid to a trucking company for delivery of the merchandise purchased June 4.

13 The company sold merchandise on account, \(\$ 288,000\); terms \(2 / 10, \mathrm{n} / 30\).

15 The company sold merchandise on account, \(\$ 230,400\); terms \(2 / 10, n / 30\).

16 Of the merchandise sold June 13, \$31,680 was returned for credit.

20 Salaries for services received were paid as follows: to office employees, \(\$ 31,680\); to salespersons, \(\$ 83,520\).

22 The company collected the amount due on the remaining \(\$ 256,320\) of accounts receivable arising from the sale of June 13.

June 24 The company purchased merchandise on account at a cost of \(\$ 345,600\); terms \(2 / 10, n / 30\), FOB shipping point, freight collect.
26 The company returned \(\$ 57,600\) of the merchandise purchased June 24 to the vendor for credit.
27 A trucking company was paid \(\$ 7,200\) for delivery to Rusk Company of the goods purchased June 24.
29 The company sold merchandise on account, \(\$ 384,000\); terms \(2 / 10, \mathrm{n} / 30\).
30 Sold merchandise for cash, \(\$ 172,800\).
30 Payment was received for the sale of June 15.
30 Paid store rent for June, \(\$ 43,200\).
30 Paid the amount due on the purchase of June 24.
The inventory on hand at the close of business June 30 was \(\$ 672,000\) at cost.

a. Prepare journal entries for the transactions.

b. Post the journal entries to the proper ledger accounts. Use the account numbers in the chart of accounts on the inside covers of the text. Assume that all postings are from page 20 of the general journal.

c. Prepare a trial balance as of June 30, 1999.

d. Prepare a classified income statement for the month ended June 30, 1999. No adjusting entries are needed.