The following transactions pertain to Klein Corporation for the month of June.

1) Provide journal entries for each transaction.

2) Prepare T-accounts for each account used.

3) Prepare a trial balance for Klein assuming that no previous account balances exist.

a. Klein sold capital stock for $760,000.

b. Klein paid for insurance of $45,000 in advance.

c. Klein purchased a piece of equipment for $56,000.

d. Klein distributed dividends of $7,000.