ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st.

ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. A B C D E F G H J K L M N 1 Transactions 2 3. June 1st ABC Company receives $50,000 cash from the owner as a contribution. 4 5 June 3rd ABC Company pays $32,000 cash for equipment. 6 7 June 5th 8 9 June 8th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier ABC Company pays $ 800 in cash for employee salary 10 11 June 11th ABC Company pays $15,000 cash to ttle the account payable created on June 5th 12 13 June 15th The owner withdraws $1.000 cash from ABC Company for personal use 14 15 June 19th 16 17 18 19 June 27th 20 June 24th ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). ABC Company pays $560 cash for this month's utilities ABC Company pays $6.000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st 21 June. 30th ABC Company pays $2.000 cash for rent. 22 23