2. Post Journal Entries to the General Ledger. Use General Ledger account numbers as per the Chart of Accounts and fill in the beginning balances before posting the June transactions. ASSET ACCOUNTS 1000 TO 1999 1060 1200 1205 Subtotal 1300 1301 1350 1400 Total 1820 1825 1880 Subtotal Total GRAND TOTAL Cash Accounts receivable Allowance for doubtful accounts Accounts receivable: Net Prepaid insurance Prepaid rent Inventory Held for trading investments Current Assets Store equipment Accumulated Depreciation - Store equipment Land Property and Equipment: Net Long-Term Assets ASSETS LIABILITIES ACCOUNTS 2000 to 2999 2100 2140 2150 2160 2170 2180 2215 2220 2225 Subtotal 2380 2385 Subtotal 2400 Total Total GRAND TOTAL Accounts payable Notes payable Short-term Bank loan Corporate income taxes payable Worksafe BC payable PST payable El payable CPP payable Employee Income tax payable Payroll deductions GST collected on sales GST paid on purchases GST payable Interest payable Current Liabilities Long-Term Liabilities LIABILITIES EQUITY ACCOUNTS 3000 to 3999 3350 Total 3500 Total GRAND TOTAL Common shares Common shares Retained earnings, previous year Retained earnings SHAREHOLDER'S EQUITY REVENUE ACCOUNTS 4000 TO 4999 4210 4220 Subtotal 4300 4460 Subtotal GRAND TOTAL Sales revenue Sales returns Net Sales Dividend revenue Gain on sale assets Other Revenue REVENUE EXPENSE ACCOUNTS 5000 TO 5999 5010 5020 5030 5040 Subtotal 5620 5660 5685 5740 5750 5760 5770 5780 Subtotal 5800 Subtotal GRAND TOTAL Purchases Purchases returns Purchase discounts Cost of goods sold Cost of Goods Sold Bad debts expense Depreciation expense Insurance expense Interest expense Rent expense Salaries and benefits expense Worksafe BC expense Corporate Income tax expense General & Operating Expenses Impairment loss Other Expenses EXPENSES Date Accounts Title and Explanation Debit Serial Number Credit 1 June 2 Accounts Receivable - East Robson 20,000 Sales Revenue 20,000 [Goods sold on account ] N June 3 Purchases 4,000 Accounts Payable - Everest Company 4,000 [Goods purchased on account ] 3 June 4 Accounts Receivable - West Rupert Co 3,000 Sales Revenue 3,000 [Goods sold on account] 4 June 5 Purchases 3,000 Accounts Payable - Kathmandu Ltd 3,000 [Goods purchased on account ] 5 5 June 6 Cash 10,000 Sales Revenue 10,000 [Goods sold for cash ] 6 June 7 Purchases 2,000 Cash 2,000 [Goods purchased for cash ] 7 June 8 Store Equipment 15,000 Notes Payable 15,000 [Store equipment purchased by singing a note payable ] June 9 Cash 35,000 Land 30,000 Gain on sale of land 5,000 [Land sold at a gain] ON June 10 Cash 3,000 Accounts Receivable - West Rupert Co 3,000 [Collection received from AR] 10 June 11 Prepaid Insurance 2,000 Cash 2,000 [Insurance premium paid for an year in advance ] 11 June 11 Cash 5,000 Bank Loan 5,000 [Bank loan obtained ] 12 June 12 Cash 3,000 Accounts Payable - Kathmandu Ltd 3,000 Cash paid to creditor ] 13 June 13 Rent Expense 5,000 Cash 5,000 [Rent expense paid ] 14 June 14 Cash 2,000 Sales Revenue 2,000 [Goods sold for cash ] 15 June 15 Purchases 4,000 cash 4,000 [Goods purchased on account] 16 June 16 Accounts Receivable - Purdon Co 5,000 Sales Revenue 5,000 [Goods sold on account] 17 June 17 Purchases 8,000 Accounts Receivable - Mountain Co-op 8,000 [Goods purchased on account ] 18 June 18 Cash 20,000 Accounts Receivable - East Robson 20,000 [Cash collected from debtor] 19 June 19 Accounts Payable - Everest Company 4,000 Cash 4,000 (Cash paid to creditor] 20 June 20 Cash 4000 Purchases returns 4000 21 June 30 salaries expense 10000 cash 10000 June 7 - The Transactions for June June 2 Sold merchandise to East Robson Inc. at invoice price of $20,000 on credit; Invoice No. 1001 June 3 Received merchandise from Everest Company at invoice cost of $4,000 on credit; Purchase Order No. 5001. June 4 Sold merchandise to West Rupert Co. for $3,000 on credit terms; Invoice No. 1002 June 5 - Received merchandise from Katmandu Ltd. at an invoice cost of $3,000 on credit; Purchase Order No. 5002 June 6 - Sold merchandise for cash to Tabor Equipment for $10,000 Received merchandise from Colton Manufacturing Company at a cost of $2,000; paid cash. June 8 - Purchased a capital asset (store equipment) from MerchCo at a cost of $15,000. The note is 90-day, 6 percent, interest-bearing note payable for the full amount owed. Assume date was June 1, 2019 for interest and depreciation calculations (at adjustments stage) June 9 - Sold a tract of vacant land for $35,000 which originally cost $30,000. Collected sale amount in cash. June 10 Collected the account receivable from West Rupert Co., Invoice No. 1002 June 11 Paid $2,000 for a one-year insurance policy on property, plant and equipment starting June 1 June 11 - Obtained a $5,000 bank loan; signed a one-year, 7 percent, interest-bearing bank loan agreement. Assume date was June 1 for interest calculation (at adjustments stage) June 12 Paid the account payable to Katmandu Ltd. Purchase Order No. 5002 June 13 Paid monthly rent in cash $5,000. June 14 Sold merchandise for cash, $2,000. Purchased merchandise from Logan Ltd. for cash, $4,000. INV 10021 Sold merchandise on credit to Purdon Co. for $5,000; Invoice No. 1003 June 17 Received merchandise on credit from Mountain Co-Op at an invoice cost of $8,000 Purchase Order No. 5003 June 18 Collected the account receivable from East Robson Inc. Invoice No. 1001 June 19 Paid the account payable to Everest Company. Purchase Order No. 5001 June 15- June 16- 5 June 20- Returned merchandise purchased on account from Logan Ltd.; amount $4,000 invoice 10021. June 30- Paid monthly salaries: gross earnings $10,000