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June 1 ABC, Inc. sold 50,000 shares of $2 par value common stock for $100,000. 1 Found the perfect building in which to locate the business. Negotiated a price of $225,000: ABC Inc paid $45,000 in cash and signed a promissory note for the $180,000 remainder to Sierra Bank. 2 Purchased equipment for the business for $10, 920 on account (credit) from ABC Inc 2 Paid the $2, 100 premium for a 1-year insurance policy. 3 Paid $700 for advertising in the Tree Tops Press Newspaper to run throughout the month. 5 Purchased $1, 150 of supplies on account. 13 Paid $5,000 on account to Granite Equipment Company for the equipment purchased on June 2. 13 Employee wages are paid bi-weekly on the Monday following the payroll period (Monday-Friday workweek), Paid employee wages of $2, 880 for the payroll period ending June 10. 14 Gear transport services provided to customers on account totaled $3, 475. 16 Gear transport services provided to customers for cash during the first half of June totaled $4, 750. 17 Received $1, 825 cash in advance (deposits) from customers for services to be performed in late June and early July. 23 Paid utility bills (water, electric, telephone) for the month totaling $460. 24 Received $1, 700 from customers for payments on their accounts. 27 Paid employee wages of $3, 600 for the payroll period ending June 24. 30 Gear transport services provided to customers for cash during the second half of June totaled $5, 300. 30 Declared and paid cash dividends to the stockholders, $1, 025

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