Galaxy Company has following balances from previous month-May: Cash: $900.000 debit balance, Bank: $800.000 debit balance,...

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Galaxy Company has following balances from previous month-May: Cash: $900.000 debit balance, Bank: $800.000 debit balance, Goods: $400.000 debit balance A) General Journal Entries (85 pts) Galaxy Company's June transactions are as follows. Please record necessary General Journal Entries (10 entries, each is 6 pts) and post to General Ledger (10 pts), and prepare your Trial Balance (15 pts) 1. July 3: Galaxy Company borrows $50,000 from the bank for expansion purposes. 2. June 5: Galaxy Company purchases raw materials on account for $40,000. 3. June 8: Galaxy Company receives an advance payment of $15,000 from a customer for services to be provided in the future. 4. June 10: Galaxy Company makes a sale of goods to Comet Corporation for $75,000. The cost of goods sold is $30,000, and the customer pays $15,000 in cash, with the rest on account. 5. June 12: Galaxy Company acquires a patent for $80,000 in cash. 6. June 18: Galaxy Company pays $10,000 for utilities. 7. June 21: Galaxy Company issues a dividend of $8,000 to its shareholders. 8. June 25: Galaxy Company receives payment of $25,000 in cash related to 4th transactions on June 10th 9. June 28: Galaxy Company purchases a new delivery truck for $20.000 cash, and spends an additional $1,500 for registration and insurance 10. June 29: Galaxy Company's employees earned wages of $60.000 during June. Withholdings related to these wages were $11.000 payroll tax. All June wages will be paid in July. B) Galaxy Company acquires real estate at a cash cost of $100,000. The property contains an old warehouse that is razed at a net cost of $6,000 ($7,500 in demolition costs less $1,500 proceeds from salvaged materials). Additional expenditures are the attorney's fee, $1,000, and the real estate broker's commission, $8,000. Determine the amount to be reported as the cost of the land (15 pts). GOOD LUCK. Galaxy Company has following balances from previous month-May: Cash: $900.000 debit balance, Bank: $800.000 debit balance, Goods: $400.000 debit balance A) General Journal Entries (85 pts) Galaxy Company's June transactions are as follows. Please record necessary General Journal Entries (10 entries, each is 6 pts) and post to General Ledger (10 pts), and prepare your Trial Balance (15 pts) 1. July 3: Galaxy Company borrows $50,000 from the bank for expansion purposes. 2. June 5: Galaxy Company purchases raw materials on account for $40,000. 3. June 8: Galaxy Company receives an advance payment of $15,000 from a customer for services to be provided in the future. 4. June 10: Galaxy Company makes a sale of goods to Comet Corporation for $75,000. The cost of goods sold is $30,000, and the customer pays $15,000 in cash, with the rest on account. 5. June 12: Galaxy Company acquires a patent for $80,000 in cash. 6. June 18: Galaxy Company pays $10,000 for utilities. 7. June 21: Galaxy Company issues a dividend of $8,000 to its shareholders. 8. June 25: Galaxy Company receives payment of $25,000 in cash related to 4th transactions on June 10th 9. June 28: Galaxy Company purchases a new delivery truck for $20.000 cash, and spends an additional $1,500 for registration and insurance 10. June 29: Galaxy Company's employees earned wages of $60.000 during June. Withholdings related to these wages were $11.000 payroll tax. All June wages will be paid in July. B) Galaxy Company acquires real estate at a cash cost of $100,000. The property contains an old warehouse that is razed at a net cost of $6,000 ($7,500 in demolition costs less $1,500 proceeds from salvaged materials). Additional expenditures are the attorney's fee, $1,000, and the real estate broker's commission, $8,000. Determine the amount to be reported as the cost of the land (15 pts). GOOD LUCK.

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Galaxy Company June Transactions A General Journal Entries and Trial Balance Heres a breakdown of th... View the full answer