Module 2 Checkpoint #1 Name 2. 4. 5. Following are the June transactons for Advantage Corporations: 1. Shareholders invested $18,000 cash in exchange for shares of stock. Paid rent for the month of June $1,900. 3. Purchased tennis supplies for $1,300 on account from Sportstore, Inc. Purchased tennis equipment for $10,000; paid $3,500 cash and signed a promissory note for the balance due. Received $3,200 cash from a large tennis organization for tennis lessons given. Purchased a one-year property insurance policy for $1,500 cash. Received $1,400 cash in advance from a senior citizen's group for three months of tennis lessons to be given to the group beginning in July. Made a payment on account to Sportstore, Inc. for $1,300. 9. Billed a local tennis club for tennis lessons given, 54,100. 10. Received a bill for equipment repairs, $900--the bill will be paid in July. 11. Received $2,800 cash on account from the previously billed tennis club. 12. $700 of cash dividends were declared and paid to shareholders. 13. Paid the salary to the office assistant, $1,100. 6. 7. 8. Instructions: A. Post the effect of the transactions to the appropriate T-accounts. B. Balance the accounts and enter the balances on the appropriate side of each T-account. C. Prepare a trial balance: ADVANTAGE CORPORATION TRIAL BALANCE JUNE 30 DR CR Cash Accounts Receivable Tennis Supplies Prepaid Insurance Tennis Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Declared Service Revenue Salaries Expense Rent Expense Repairs Expense Totals Module 2 Checkpoint Problem 0 Workpaper GENERAL LEDGER OF ACCOUNTS LIABILITIES ASSETS STOCKHOLDERS' EQUITY Service Revenue DR CR Cash DR CR Tennis Supplies DR CR Accounts Payable CR Common Stock DR CR Salaries Expense DR CR DR Prepaid Insurance DR CR Notes Payable DR CR Retained Earnings DR CR Rent Expense DR CR Accounts Receivable DR CR Tennis Equipment DR CR Unearned Service Revenue DR CR Dividends Declared DR CR Repair Expense DR CR