2. In June 2019, XYZ Individual Proprietorship organized a corporation to provide services. The company began...
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2. In June 2019, XYZ Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of June were as follows: June 1...... The owner deposited $100,000 cash in the name of the business. June 2. Purchased furniture for $10,000. Made a $4,000 cash payment. Paid $2,500 to rent office and storeroom for the month. June 4. June 7, June 11 June 13.... June 15. June 18... June 25 June 30... June 30. June 30... Purchased office equipment on account, $6,000, due in 30 days. Bought supplies costing $2,100, paying cash. Paid $5,000 to supplier for the purchase made on June 2. Billed customers $2,250 for services rendered during the first half of the month. Paid $1,250 for maintenance and repair services. Collected $1,250 of the amounts billed to customers on June 15. Billed customers $3,450 for services rendered during the second half of the month, and collected $1,000. Received a fuel bill for $250 of fuel purchased during June. This amount is due by July 10. The owner withdrew $2,000 cash from the business for personal use. Based on the foregoing transactions; 1. Record the transactions to related Ledger Accounts 2. Make the Closings 3. Prepare Post-closing Trial Balance 4. Prepare the Balance Sheet. 2. In June 2019, XYZ Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of June were as follows: June 1...... The owner deposited $100,000 cash in the name of the business. June 2. Purchased furniture for $10,000. Made a $4,000 cash payment. Paid $2,500 to rent office and storeroom for the month. June 4. June 7, June 11 June 13.... June 15. June 18... June 25 June 30... June 30. June 30... Purchased office equipment on account, $6,000, due in 30 days. Bought supplies costing $2,100, paying cash. Paid $5,000 to supplier for the purchase made on June 2. Billed customers $2,250 for services rendered during the first half of the month. Paid $1,250 for maintenance and repair services. Collected $1,250 of the amounts billed to customers on June 15. Billed customers $3,450 for services rendered during the second half of the month, and collected $1,000. Received a fuel bill for $250 of fuel purchased during June. This amount is due by July 10. The owner withdrew $2,000 cash from the business for personal use. Based on the foregoing transactions; 1. Record the transactions to related Ledger Accounts 2. Make the Closings 3. Prepare Post-closing Trial Balance 4. Prepare the Balance Sheet.
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