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Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations. June 1 Obtain a loan of $55,000 from the bank
Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations. June 1 Obtain a loan of $55,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $25,000. June 7 Purchase car wash equipment for $60,000 cash. June 10 Purchase cleaning supplies of $6,500 on account. June 12 Wash 350 cars for $10 each. All customers pay cash. June 16 Pay employees $750 for work performed. June 19 Pay for advertising in a local newspaper, costing $350. June 23 Wash 450 cars for $10 each on account. June 29 Pay employees $800 for work performed. June 30 A utility bill of $1,250 for the current month is paid. June 30 Pay dividends of $450 to stockholders. Required: 1. Record each transaction. 2. \& 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account. 4. Prepare a trial balance for June. Complete this question by entering your answers in the tabs below
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