PROBLEM #$1$ for Questions $1$ to $7-$ On June $30,20$XX$,$ Jay's Electric Company had the above listed account balances.

Accounts payable $ $71,500$

Accounts receivable $138,100$

Cash $218,300$

Dividends $180,000$

Fees earned $1,579,200$

Land $150,000$

Miscellaneous expense $16,000$

Rent expense $226,800$

Salary expense $790,200$

Supplies $20,100$

Supplies expense $42,600$

Taxes expense $33,600$

Utilities expense $135,000$

Capital stock $90,000$

Retained earnings, June $1210,000$