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Please answer question 2-60A Cincinnati Painting Service Inc. specializes in painting houses. During June, its first month of operations, Cincinnati Painting engaged in the following
Please answer question 2-60A
Cincinnati Painting Service Inc. specializes in painting houses. During June, its first month of operations, Cincinnati Painting engaged in the following transactions: Issued common stock for $25,000. Purchased painting supplies from River City Supply for $1, 675 on credit. Purchased a used truck from Hamilton Used Car Sales for $13, 700, paying $1, 500 down and agreeing to pay the balance in 6 months. Paid $4, 230 to hourly employees for work performed in June. Billed various customers a total of $10, 340 for June painting jobs. Received $6, 100 cash from James Eaton for a house painting job completed and previously billed. Collected $520 from Albert Montgomery on completion of a 1-day painting job. This amount is not included in the June 22 bills. Prepare a journal entry for each transaction. Post the journal entries to the appropriate T-accountsStep by Step Solution
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