Question: Tesla Inc. had the following transactions in June 2024: June 1: Issued 1,000 shares of common stock for $100,000. June 5: Purchased raw materials on

Tesla Inc. had the following transactions in June 2024:

  • June 1: Issued 1,000 shares of common stock for $100,000.
  • June 5: Purchased raw materials on account for $30,000.
  • June 10: Paid utilities expense of $2,000.
  • June 15: Made a cash sale of $20,000.
  • June 25: Declared and paid dividends of $5,000.

Requirements:

  1. Record the transactions in the journal.
  2. Post the journal entries to the T-accounts.
  3. Prepare an adjusted trial balance.
  4. Prepare the income statement for June 2024.
  5. Calculate the retained earnings as of June 30, 2024.

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