The following data for June 2012 are for Rusk Companys first month of operations:

June

1 Rusk Company was organized, and the stockholders invested $1,008,000 cash, $336,000 of merchandise inventory, and a $288,000 plot of land in exchange for capital stock.

4 Merchandise was purchased for cash, $432,000; FOB shipping point, freight collect.

9 Cash of $10,080 was paid to a trucking company for delivery of the merchandise purchased June 4.

13 The company sold merchandise on account, $288,000; terms 2/10, n/30.

15 The company sold merchandise on account, $230,400; terms 2/10, n/30.

16 Of the merchandise sold June 13, $31,680 was returned for credit.

20 Salaries for services received were paid as follows: to office employees, $31,680; to salespersons, $83,520.

22 The company collected the amount due on the remaining $256,320 of accounts receivable arising from the sale of June 13.

24 The company purchased merchandise on account at a cost of $345,600; terms 2/10, n/30, FOB shipping point, freight collect.

26 The company returned $57,600 of the merchandise purchased June 24 to the vendor for credit.

27 A trucking company was paid $7,200 for delivery to Rusk Company of the goods purchased June 24.

29 The company sold merchandise on account, $384,000; terms 2/10, n/30.

30 Sold merchandise for cash, $172,800.

30 Payment was rece ived for the sale of June 15.

30 Paid store rent fo r June, $43,200.

30 Paid the amount d ue on the purchase of June 24.

ADDITIONAL DATA The inventory on hand at the close of business June 30 was $672,000 at cost. REQUIRELD Prepare journal entries for the transactions. Post the journal entries to the proper ledger accounts. Use the account numbers in the chart of accounts shown in a separate file at the end of the text. Assume that all postings are from page 20 of the general journal. a. b. c. Prepare a trial balance as of June 30, 2012 d. Prepare a classified income statement for the month ended June 30, 2012. No adjusting entries are needed