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(04 Question 01: Marks) The year 1999 marked the establishment of Johns & Sons, The Company engaged in the following transactions during the month of
(04 Question 01: Marks) The year 1999 marked the establishment of Johns & Sons, The Company engaged in the following transactions during the month of June: June 1 Issued $500,000 capital stock in exchange for cash. June 2 Purchased Equipment from coach Enterprises for $300,000. Made a $100,000 cash down payment and issued a note payable for the rest. June 4 Paid $10,000 to rent office and showroom space for the month of June. Billed clients $45,000 for the services provided. June 25 Collected $25,500 of the amounts billed to customers on June 15 June 30 Paid $40,000 in salaries to employees in the month of June. June Required: 1. Based on the above mentioned information, prepare the general journal of above transactions 2. Prepare T-accounts for Cash, Account Receivable. 3. Evaluate the statement "Accounting is all about numbers", using the accounting definition justify your
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