A COMPREHENSIVE ACCOUNTING CYCLE PROBLEMA Subject 01 On June 1, 2018, Peter and John Wood formed a corporation called Cedar River. The new corporation was able to begin operations (transport through the Cedar River) immediately. The newly formed corporation uses the following accounts: Cash Office Supplies Land Accumulated Depreciation - Building Accumulated Depreciation - Furniture Utilities Payables Interest Payable Notes Payables Retained earning Income Summary Rent Expense Supplies Expense Depreciation Expense-Building Interest Exp Yase Accounts Receivable Prepaid Rent Building Furniture Accounts Payable Salaries Payables Uneamed Revenue Common stock Dividends Service Revenue Salaries Expense Utilities Expense Depreciation Expense - Furniture The corporation performs adjusting entries monthly. Closing entries are performed each semester on June 30 and December 31. During June, the corporation entered into the following transactions: June 1, issued to Peter and John Wood 5,275 shares of capital stock amounting S80 each in exchange of cash. June 1, Purchase a bulding $120,000 and paid by issuing a one-year note payable lume 1, Pald $16,000 to Pacific River as four months' advance rent for a boat. June 2, Purchase furniture for $22.000 in cash June 3, Received a bil from Universal Utilities for the month of June amounting $300. Payment is due in 45 days June 4, Purchase for $55,000 a land in cash June 9, Factor Tree care paid $22,000 cash for a transport of wood to be performed in August June 14, Sequoia Co. paid $9,000 cash for a transport to be performed in emergency the same day June 15 Declared a dividend of $1500 payable on lune 30 June 24, Purchase office supplies for $950 and paid $750 in cash and the rest on account June 26, Performed a transportation of goods for Yoho Co Sales invoice show an amount of $8,000 due in 30 days June 26, paid 4 weeks alates for $24,000