Question: Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the

Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template.

Transactions

June

1st

ABC Company receives $50,000 cash from the owner as a contribution.

June

3rd

ABC Company pays $32,000 cash for equipment.

June

5th

ABC Company purchases $15,000 of merchandise inventory on credit from a supplier.

June

8th

ABC Company pays $ 800 in cash for employee salary.

June

11th

ABC Company pays $15,000 cash to settle the account payable created on June 5th.

June

15th

The owner withdraws $1,000 cash from ABC Company for personal use.

June

19th

ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries).

June

24th

ABC Company pays $560 cash for this month's utilities.

June

27th

ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st.

June

30th

ABC Company pays $2,000 cash for rent.

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