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Homework answers / question archive / Post each transaction to the appropriate ledger accounts using a running balance format
Post each transaction to the appropriate ledger accounts using a running balance format. then prepare a trial balance dated june 30, 2005. using the figures from the trial balance, compute total assets, total liabilities, and owners equity. are these the figures that the company will report in its june 30 balance sheet? why?
Transactions:
june 1st: the corporation issued 60,000 shares of capital stock to wendy winger in exchange for $60,000 cash.
june 2: purchased a plane from utility aircraft for $220,000. made a $40,000 cash down payment and issued a note payable for the remaining balance.
june 4: paid woodrow airport $2,500 to rent office and hangar space for the month.
june 15: billed customers $8,320 for aerial photographs take during the first half of june.
june 15: paid $5,880 in salaries earned by employees during the first half of june.
june 18: paid hannigans hangar $1,890 for maintenace and repair services on the company plane.
june 25: collected $4,910 of the amounts billed to customers on june 15.
june 30: billed customers $16,450 for aerial photographs taken during the second half of the month.
june 30: paid $6,000 in salaries earned by employees during the second half of the month.
june 30: received a $2,510 bill from peatree petroleum for aircraft fuel purchased in june. the entire amount is due july 10th.
june 30: declared a $2,000 dividend payable on july 15.
