Question
(1) createjournal entriesfor your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template. June 1st
(1) createjournal entriesfor your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template.
June 1st ABC Company receives $50,000 cash from the owner as a contribution.
June 3rd ABC Company pays $32,000 cash for equipment.
June 5th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier.
June 8th ABC Company pays $ 800 in cash for employee salary.
June 11th ABC Company pays $15,000 cash to settle the account payable created on June 5th.
June 15th The owner withdraws $1,000 cash from ABC Company for personal use.
June 19th ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note:This transaction will require two journal entries).
June 24th ABC Company pays $560 cash for this month's utilities.
June 27th ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy.Coverage begins July 1st.
June 30th ABC Company pays $2,000 cash for rent.
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
