Determine and post journal entries into t-accounts

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Reference no: EM132472247

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 (2134 x 500)

June 2

Borrowed (2134 x 50) + $100,000 in the form of a note payable.

June 2

Purchased land with cash for (2134 x 12).

June 2

Purchased building with cash for (2134 x 150).

June 3

Purchased equipment on account for (2134 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.

Required:

Question 1: Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.

Reference no: EM132472247

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