unique ID# 2183

1.Create closing journal entries to "close out"allrequired accounts.(Part 1 & 2 entries are not required and should not be turned in)

2.Post the journal entries into T-accounts (make sure you have a total amount for each account).Remember t-accounts do not go away.Any T-account from Part 1 & 2 whether it was affected or not needs to be included.

3.Complete the Income Statement for June 20xx.

4.Create a final Balance Sheet as of June 30, 20xx.This includes subtotals and totals for all categories we discussed in class.

5.create a post-closing trial balance.

Part 1 The following is a list of transactions that have occurred during the month of June. Date Transaction June 1 Invested cash into the company for stock (ID x 500) June 2 Borrowed (ID x 50) + $100,000 in the form of a note payable. June 2 Purchased land with cash for (ID x 12). June 2 Purchased building with cash for (ID x 150) June 3 Purchased equipment on account for (ID x 50) June 4 Purchased a 12-month insurance policy for $24,000. June 5 Purchased $10,000 of Inventory on account. June 5 Generated $20,000 in revenues. This was paid in cash. June 6 Generated $10,000 in revenues on account. June 10 Paid $1,500 in cash for advertising. June 15 Paid a utility bill of $2,000 in cash. June 18 Received a $500 cash deposit for a future services. June 22 Paid $1,800 in cash to repair an elevator. June 28 Paid $4,000 in wages in cash June 30 $500 in dividends were paid in cash