June 1. 10,000 shares of common stock are issued at a par value of $2.00...
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Accounting
June 1. 10,000 shares of common stock are issued at a par value of $2.00 each.
June 3. Cash sales of $3,500 and credit sales of $450 are recorded.
June 10. $2,200 is paid for office rent and $3,500 in salaries.
June 18. Merchandise inventory is purchased for $1,500 cash.
June 25. An invoice is received for accounting services for $3,000.
June 30. $6,500 is borrowed from the bank in exchange for a 5-year promissory note.
June 30. Merchandise is sold for $5,700. The merchandise had a value of $2,200.
Tax Expense $25,000
Notes Payable $90,000
Accounts Receivable $60,000
Cost of Goods Sold $206,250
Notes Receivable $27,500
Salary Expense $23,750
Land $156,250
Bonds Payable $93,750
Rent Expense $18,750
Sales $338,750
Accounts Payable $75,000
Tax Payable $38,750
Cash$42,500
Common Stock $231,250
Buildings, net $262,500
Inventory $45,000
1. Trial balance
2. Income Statement
3. Statement of Owner's Equity
4. Balance sheet
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