Solution-Determine and post journal entries into t-accounts

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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Determine and post journal entries into t-accounts

Reference no: EM132472247

Reference no: EM132472247

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