Question: This problem continues with the business of Aqua Elite Inc

This problem continues with the business of Aqua Elite, Inc. begun in the Continuing Problem in Chapter 1. Here you will account for Aqua Elite, Inc.’s transactions using formal accounting practices. The trial balance for Aqua Elite, Inc. as of May 31, 2013, is presented below.
During June the following transactions occurred:
Jun 1 Paid receptionist’s salary, $675.
2 Paid cash to acquire land for a future office site, $15,000.
3 Moved into a new location for the business and paid the first month’s rent, $1,800
4 Performed service for a customer and received cash, $1,700.
5 Received $500 on account.
8 Purchased $750 of supplies on account.
11 Billed customers for services performed, $3,800.
13 Sold an additional $10,000 of common shares to Mike Hanson.
16 Paid receptionist’s salary, $675.
17 Received $1,350 cash for services performed.
18 Received $1,500 from customers on account.
19 Paid $325 to be listed in the Yellow Pages telephone directory.
21 Paid $1,000 on account.
22 Purchased office furniture on account, $3,300.
24 Paid miscellaneous expenses, $275.
26 Billed customers for services provided, $1,100.
28 Received $300 from customers on account.
30 Paid utility bill, $745.
30 Paid receptionist’s salary, $675.
30 Paid $1,800 of dividends.
1. Journalize the transactions that occurred in June. Omit explanations.
2. Open the ledger accounts listed in the trial balance together with their beginning balances at May 31. Use the four-column account format illustrated in the chapter. Enter “Bal” for the previous balance in the Item column. Post the transactions to the ledger creating new ledger accounts as necessary, omitting posting references. Calculate the new account balances.
3. Prepare the trial balance for Aqua Elite, Inc. at the end of June.

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