Question
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
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.... June 4..... Purchased furniture for $10,000. Made a $4,000 cash payment. Paid $2,500 to rent office and storeroom for the month. June 7........... Purchased office equipment on account, $6,000, due in 30 days. June 11........ Bought supplies costing $2,100, paying cash. June 13....... Paid $5,000 to supplier for the purchase made on June 2. June 15......... Billed customers $2,250 for services rendered during the first half of the month. June 18.... Paid $1,250 for maintenance and repair services. June 25. Collected $1,250 of the amounts billed to customers on June 15. June 30.... June 30...... 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. June 30 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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