Wimberley Glass, Inc. has shops in the shopping malls of a major metropolitan area. The business completed the following transactions:

Wimberley Glass, Inc. uses the following accounts: Cash, Supplies, Land, Accounts Payable, Note Payable, Share Capital, Dividends, Sales Revenue, Salary Expense, Rent Expense, and Advertising Expense.
{Requirements}
1. Journalize each transaction. Explanations are not required.
2. Prepare T-accounts for Cash, Accounts Payable, and Notes Payable. Post to these three accounts.
3. After these transactions, how much cash does the business have? How much does it owe in total?

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June 1 2 7 10 Received cash of $25,000, and issued common shares to a shareholder. Paid $10,000 cash, and signed a $30,000 note payable to purchase land for a new glassworks site. Received $20,000 cash from sales, and deposited that amount in the bank. Purchased supplies on account, $1,000. 15 Paid employees' salaries, $2,800, and rent on a shop, $1,800. 15 Paid advertising expense, $1,100. 16 Paid $1,000 on account. 17 Declared and paid a cash dividend of $2,000.