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Below are the transactions for Salukis Car Cleaning for June the first month of operations June 1 Obtain a loan of $60,000 from the bank by signing a note June

Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1 ................Obtain a loan of $60,000 from the bank by signing a note. June 2 ................Issue common stock in exchange for cash of $30,000. June 7 ................Purchase car wash equipment for $65,000 cash. June 10 ...............Purchase cleaning supplies of $7,000 on account. June 12 ...............Wash 400 cars for $10 each. All customers pay cash. June 16 ...............Pay employees $800 for work performed. June 19 ...............Pay for advertising in a local newspaper, costing $400. June 23 ...............Wash 500 cars for $10 each on account. June 29 ...............Pay employees $850 for work performed. June 30 ...............A utility bill of $1,300 for the current month is paid. June 30 ...............Pay dividends of $500 to stockholders. Required: 1. Record each transaction. 2. Post each transaction to the appropriate T-accounts. 3. Calculate the balance of each account. 4. Prepare a trial balance for June. Salukis uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, Advertising Expense, and Utilities Expense.

May 18 2020 View more View Less

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