Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June...

  
   
 

Transcribed Image Text:

Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1 Obtain a loan of $53,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $23.000. June 7 Purchase car wash equipment for $58.000 cash. June 10 Purchase cleaning supplies of $6,300 on account. June 12 Wash 330 cars for $10 each. All customers pay cash. June 16 Pay employees $730 for work performed. June 19 Pay for advertising in a local newspaper, costing $330. June 23 Wash 430 cars for $10 each on account. June 29 Pay employees $780 for work performed. June 30 A utility bill of $1,230 for the current month is paid. June 30 Pay dividends of $430 to stockholders. Required: 1. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 6 7 > 1 2 3 4 11 Obtain a loan of $53,000 from the bank by signing a note. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journal Problem 2-7B Part 2 and 3 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Notes Payable Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1 Obtain a loan of $53,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $23.000. June 7 Purchase car wash equipment for $58.000 cash. June 10 Purchase cleaning supplies of $6,300 on account. June 12 Wash 330 cars for $10 each. All customers pay cash. June 16 Pay employees $730 for work performed. June 19 Pay for advertising in a local newspaper, costing $330. June 23 Wash 430 cars for $10 each on account. June 29 Pay employees $780 for work performed. June 30 A utility bill of $1,230 for the current month is paid. June 30 Pay dividends of $430 to stockholders. Required: 1. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 6 7 > 1 2 3 4 11 Obtain a loan of $53,000 from the bank by signing a note. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journal Problem 2-7B Part 2 and 3 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Notes Payable

Answer rating: 100% (QA)

Journal Entry Date Particulars Amount Amount 1 Bank 5300000 Notes Payable 5300000 2 Cash 2300000 Common Stock 2300000 7 Equipment 5800000 Cash 5800000 ... View the full answer