Wood, Corp was created on June 1. The company owns and operates a shoe store. Complete...

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Wood, Corp was created on June 1. The company owns and operates a shoe store. Complete the following transactions. June 1--Issued 100,000 shares of common stock in exchange for $250,000 cash. June 2--Purchased fixtures (asset) at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. June 4--Paid $14,000 in rent on the building for the month of June. June 7--Purchased inventory on account at a cost of $200,000. The company uses the periodic method. June 10--Credit sales (on account) for the month totaled $280,000. June 15--Paid $120,000 on account for merchandise purchased in transaction 4. June 20--Collected $55,000 from customers on account billed in transaction 5. June 22--Paid $2,500 for utilities expense. June 25--Paid $24,000 for 12 months of insurance. June 28--Paid $3,000 for advertising expense. June 30--Paid dividends of $4,750. Complete the following adjusting entries. June 30--At the end of the month, the inventory was counted and had a value of $125,000. Make the necessary adjusting journal entry to close the purchases account and calculate the cost of goods sold. June 30--Adjust the prepaid insurance account for the amount used during the month. June 30--All employees are paid once a month and receive their paycheck on the tenth of each month. Payroll Expense for the month was $150,000. The following items need to be completed to use in Unit 02.01. Journal Entr tries T-Accounts Trial Balance (Unadjusted, Adjusted, Closing) Income Statement Balance Sheet Wood, Corp was created on June 1. The company owns and operates a shoe store. Complete the following transactions. June 1--Issued 100,000 shares of common stock in exchange for $250,000 cash. June 2--Purchased fixtures (asset) at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. June 4--Paid $14,000 in rent on the building for the month of June. June 7--Purchased inventory on account at a cost of $200,000. The company uses the periodic method. June 10--Credit sales (on account) for the month totaled $280,000. June 15--Paid $120,000 on account for merchandise purchased in transaction 4. June 20--Collected $55,000 from customers on account billed in transaction 5. June 22--Paid $2,500 for utilities expense. June 25--Paid $24,000 for 12 months of insurance. June 28--Paid $3,000 for advertising expense. June 30--Paid dividends of $4,750. Complete the following adjusting entries. June 30--At the end of the month, the inventory was counted and had a value of $125,000. Make the necessary adjusting journal entry to close the purchases account and calculate the cost of goods sold. June 30--Adjust the prepaid insurance account for the amount used during the month. June 30--All employees are paid once a month and receive their paycheck on the tenth of each month. Payroll Expense for the month was $150,000. The following items need to be completed to use in Unit 02.01. Journal Entr tries T-Accounts Trial Balance (Unadjusted, Adjusted, Closing) Income Statement Balance Sheet

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Journal Entries 1 June 1 Common Stock 250000 Cash 250000 2 June 2 Fixtures Asset 100000 Cash 40000 N... View the full answer