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Complete Part A and B Part A: Journalize the following transactions for June Dean Winchester opened Ghost Cleaners on June 1, 2017. He is the
Complete Part A and B
Part A: Journalize the following transactions for June Dean Winchester opened Ghost Cleaners on June 1, 2017. He is the sole owner of the corporation. During Junethe following transactions were completed by Dean. 1-Jun 1-Jun -Jun 1-Jun 1-Jun 5-Jun 1-Jun 8-Jun Cashed in a $50,000 insurance policy that was left to Dean by his father who died in March 2017 Invested $15,000 in exchange for common stock in Ghost Cleaners, Inc. Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest. He plans to pay off the remaining balance on the van by June 1, 2018. The note has a 10% APR with interest being payable at the end of every month. No principle payments are due until August 1, 2012 Paid $1,800 cash on a 12-month insurance policy effective June 1, 2017. Hired his brotherSam, to help with the corporation. He will be paid $1,000 per month for now. Purchased cleaning supplies for $1,500 on account. Billed a client, F. Crowley, for services performed on June 7 in the amount of $3,000. Paid $100 for gasoline for the van. Paid $200 for maintenance on the van. Incurred wages expense of $2,000. Received payment of $3,000 for services performed on June 7. Paid $1,500 of accounts payable off for cleaning supplies. Billed a client, J. Mills, for services performed on June 20 in the amount of $8,000. Received payment of $4,000 for services performed on June 20. Paid employee wages incurred on June 15 in full. Paid interest on the van note payable for June in the amount of $75. 12-Jun 15-Jun 16-Jun 18-Jun 20-Jun 26-Jun 30-Jun 30-Jun Part B: Post the above transactions to the appropriate general ledger accounts and find balancesStep by Step Solution
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