GENERAL LEDGER IN LAST 3 PHOTOS

Post the transactions for June 1 - 30 to the General Ledger. Opening balances have been provided above. Be sure to keep running balance in each account.

Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The opening balances for the month of June are as follows: Sports R Us Balance Sheet As at May 31, 2019 Assets Liabilities Cash $37,000 Accounts Payable $9,800 Accounts Receivable 12,500 Unearned Revenue 4,200 Prepaid Insurance 9,250 Bank Loan 25,000 Office Supplies 5,000 Merchandise Inventory 8,750 Total Liabilities 39,000 Property, Plant & Equipment 95,000 Stockholder's Equity Accumulated Depreciation (23,000) Common Stock 70,000 Retained Earnings 35,500 Total Stockholder's Equity 105,500 Total Assets $144,500 Total Liabilities & Owners' Equity $144,500 Jun 1 Jun 12 Transactions for the month of June: Purchased sports equipment on account from Modern Furniture (to be recorded i Jun 7 Received cash from customers for various sports camps completed this week Jun 8 Paid rent for the month of June Jun 10 Prepaid insurance for one year Paid utility bill from May Jun 15 Paid bi-weekly wages to employees Paid interest on bank loan Jun 20 Received telephone bill to be paid next month Purchased office supplies from Office Barn on account Jun 25 Made principal payment on bank loan Paid cash dividends to stockholder's Jun 27 Purchased Inventory for the store on account from Sports World Record monthly cash sales for the store Jun 30 Record COGS for monthly sales Jun 15 $11,000 $24,250 $2,900 $2,400 $1,900 $5,750 $300 $650 $1,700 $4,000 $2,500 $11,500 $13,500 $8,750 Jun 22 Jun 26 Jun 30 Account # 400 410 The Chart of Accounts (GL no.) is shown below: Account Description Account # ASSETS Cash 101 Accounts Receivable 105 Prepaid Insurance 110 Office Supplies 115 Merchandise Inventory 120 Property, Plant & Equipment 130 Accumulated Depreciation 140 LIABILITIES Accounts Payable 200 Salaries Payable 205 Interest Payable 210 Unearned Revenue 215 Bank Loan 220 Account Description REVENUE Service Revenue Sales Revenue EXPENSES Advertising Expense COGS Insurance Expense Maintenance Expense Rent Expense Telephone Expense Salaries Expense Office Supplies Expense Depreciation Expense Interest Expense 500 505 510 515 520 530 540 550 555 560 STOCKHOLDER'S EQUITY Common Stock Retained Earnings Dividends Income Summary 300 310 315 320 Date Accounts titles and explanation PR Debit Credit June 15 Interest expense June 1 $300 $11,000 Property, plant and equipment Cash Accounts payable $11,000 $300 To record interest expense paid.) (To record purchase of equipment on account.) June 20 Telephone expense S650 Cash June 7 $24,250 Accounts payable Service revenue $24,250 S650 (To record service revenue on cash.) (To record telephone bill with paid in future) June 22 Office supplies Rent expense June 8 $1.700 $2.900 Cash Accounts payable $1,700 $2.900 (To record rent expense paid.) (To record purchase of office supplies on account) Bank loan Prepaid insurance June 25 $2.400 June 10 $4,000 Cash Cash $4,000 $2,400 (To record payment made in advance for prepaid.) (To record principal of bank loan paid.) June 26 Dividends June 12 Account payable $1.900 $2.500 Cash Cash $1.900 $2.500 (To record payment made to accrued utilities) (To record dividends paid) June 15 Merchandise Inventory June 27 Salaries expense $11,500 $5,750 Accounts payable Cash S11,500 $5,750 (To record salaries expense paid.) (To record purchase of inventory on account.) June 30 Interest expense Cash $13,500 June 15 $300 Sales revenue Cash $300 $13,500 (To record interest expense paid.) (To record sales revenue on cash.) Telephone expense June 30 Cost of goods sold June 20 $650 $8,750 Accounts payable Merchandise Inventory $650 $8,750 (To record telephone bill with paid in future) (To record cost of goods sold.) b) General Ledger Account: Cash Date: 2019 Description Opening Balance DR CR GL No: 101 Balance (DR or $37,000 DR $ 55,000 Check Figure Account Accounts Receivable Date: 2019 Description Opening Balance DR CR GL No: 105 Balance (DR or $12,500 DR Account: Prepaid Insurance Date: 2019 Description Opening Balance DR CR GL No: 110 Balance (DR or $9,250 DR Account: Office Supplies Date: 2015 Description Opening Balance DR CR GL No: 115 Balance (DR or $5,000 DR Account: Merchandise Inventor Date: 2019 Description Opening Balance DR CR GL No: 120 Balance (OR or $8,750 DR Account: Property. Plant & Equipment Date: 2019 Description Opening Balance DR CR GL No: 130 Balance (OR or $95,000 DR Account: Accumulated Depreciation Date: 2019 Description Opening Balance DR CR GL NO: 140 Balance (OR or $23,000 CR Account Accounts Payable GL No: 200 DR CR Date: 2019 Description Opening Balance Balance (OR or $9,800 CR DR CR Date: 2019 Description Opening Balance Balance (DR or $9,800 CR $ 32,750 Check figure Account: Unearned Revenue Date: 2019 Description Opening Balance DR CR GL No: 215 Balance (DR or $4,200 CR Account: Bank Loan Date: 2019 Description Opening Balance DR CR GL No: 220 Balance (DR or $25,000 CR Account: Common Stock Date: 2019 Description Opening Balance DR CR GL No: 300 Balance (OR or $70,000 CR Account: Retained Earnings Date: 2019 Description DR CR GL No: 310 Balance (OR or $35,500 CR Account: Dividends Date: 2019 Description DR CR GL No: 315 Balance (DR or $0 DR Account: Service Revenue GL No: 400 Date: 2019 Description DR CR Balance (DR or CR Account: Sales Revenue Date: 2019 Description DR CR GL No: 410 Balance (OR or CR Account: COGS Date: 2019 Description DR CR GL No: 505 Balance (DR or DR Account: Insurance Expense Pate: 2019 Description DR CR GL No: 510 Balance (DR or DR Date: 2019 Description DR CR Balance (DR or DR Account: Insurance Expense Date: 2019 Description DR CR GL No: 510 Balance (DR or DR Account: Rent Expense Date: 2019 Description DR CR GL No: 520 Balance (DR or DR Account: Telephone Expense Date: 2015 Description DR CR GL No: 530 Balance (DR or DR Account: Salaries Expense Date: 2019 Description DR CR GL No: 540 Balance (DR or DR Account: Office Supplies Expense GL No: 550 Date: 2019 Description DR CR Balance (DR or DR Account: Depreciation Expense Date: 2019 Description GL No: 555 Balance (DR or DR CR 560 Account: Interest Expense Date: 2019 Description DR CR GL No: Balance (DR or $0 DR 10T