Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations.

June $1$ Obtain a loan of $$56,000$ from the bank by signing a note.

June $2$ Issue common stock in exchange for cash of $$26,000.$

June $7$ Purchase car wash equipment for $$61,000$ cash.

June $10$ Purchase cleaning supplies of $$6,600$ on account.

June $12$ Wash $360$ cars for $$10$ each. All customers pay cash.

June $16$ Pay employees $$760$ for work performed.

June $19$ Pay for advertising in a local newspaper, costing $$360.$

June $23$ Wash $460$ cars for $$10$ each on account.

June $29$ Pay employees $$810$ for work performed.

June $30$ A utility bill of $$1,260$ for the current month is paid.

June $30$ Pay dividends of $$460$ to stockholders.

Required:

$1.$ Record each transaction.

$2.$ & $3.$ Post each transaction to the appropriate T$-$accounts and calculate the balance of each account.

$4.$ Prepare a trial balance for June.

Answer rating: 100% (QA)

To solve this problem we will follow the steps provided 1 Record each transaction June 1 Obtain a loan of 56000 from the bank by signing a note Cash 5... View the full answer