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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The following balances are opening balances for the 1st june for SanLucas Itd.
BALANCES ON 1ST JUNE
USD
USD
CASH
5,100
2,600
ACCOUNTS RECEIVABLE
Inspection SUPPLIES
ACCOUNTS PPAYABLE
800
850
NOTES PAYABLE
2,000
DIVIDENDS
600
CAPITAL STOCK
3,000
RETAINED EARNINGS
1,800
REVENUE
8,350
SALARIES EXPENSE
4,900
300
ADVERTISING EXPENSE
TESTING EXPENSE
1,700
The following transactions took place during month of June, all transactions in USD,
June 4
Borrowed cash from bank by issuing a note payable, 1,500
June 9 Collected 1,600 from a client on account,
June10 Purchased inspection supplies on account, 150
June 17 Billed homeowners (clients) 1,650 on account,
June 25 Paid radio for ads to be aired June27, 200
June 28 Paid for June testing expenses, 1,300
June 30 Paid June salaries, 1,100
Required ;
1- Prepare Journal entries for the above transactions,
2- Post them to Taccounts, T accounts SHOULD SHOW THE OPENING BALANCES TOO
3- Prepare the TRIAL BALANCE for SanLucas Ltd
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