1. Below are several transactions for the Academy Paper Company for the month of June; record the journal entries on page one of the general journals:

June 2 Adam James invested $10,500 in the business.

June 5 Mr. James purchase equipment on account for $3, 200.

June 12 Sold on account for services rendered, $1,800.

June 21 Paid salaries expense, $950.

June 23 Owner withdrew $500 for personal use.

Instruction:

a.Post the journal entries to the general ledger

b. Prepare a partial Chart of Accounts for the following accounts in the general ledger: Cash, 111; Accounts Receivable, 112; Equipment, 121; Accounts Payable, 211; James Adams, Capital, 311; James Adams, Drawing, 312; Fees Earned, 411; Salaries Expense, 511

2. ENTRY CORRECTION

On May 1, a phone expense for $250 was debited to repair expense. Two weeks later, the error was discovered. Prepare the corrected journal entry