June 1
Debit cash $60,000
Credit capital stock $60,000
To record the sale of 60,000 shares of capital stock to Wendy Winger

June 2
Debit Aircraft $220,000
Credit Cash $40,000
Note payable $180,000
To record the purchase of the new fixed asset, Aircraft from Utility Aircraft including a note payable for $180,000. Terms of the note are...(normally would be disclosed in the entry). It is important to record the entire purchase price of the plane.

June 4
Debit Rent expense $2500
Credit Cash $2500
To record the payment of rent in full for the month of June. Had this rent payment been for any other accounting period but June, it would have been debited to the asset account, prepaid rent.

June 15
Debit Accounts receivable $8320
Credit Photo Revenue $8320
To record credit sales for the first half of June

June 15
Debit payroll expense $5880
Credit Cash $5880
To record the payment of salaries for the first half of June. We assume the amount is net pay, but what about the employer payroll tax expense? Maybe later

June 18
Debit Repairs and maintenance $1890
Credit Cash $1890
To record the payment of an invoice from Hannigans for work on the aircraft

June 25
Debit Cash $4910
Credit Accounts receivable $4910
To record payments on account received in June

June 30
Debit Accounts receivable $16,450
Credit Photo Revenue $16,450
To record credit sales for the last half of June

June 30
Debit Payroll expense $6000
Credit Cash $6000
To record the payment of salaries for the second half of June. Again no payroll taxes for the employer portion.

June 30
Debit Aircraft fuel $2510
Credit Accounts payable $2510
To record the receipt of fuel invoice from Peachtree due July 10. It is assumed the fuel was consumed during June, but if not, it would be a prepaid asset.

June 30
Debit Dividends Declared $2000
Credit Dividends Payable $2000
To record the declaration of dividends to be paid on July 15. The reason this entry is recorded is that a valid liability was established at the date of declaration. It is like any other liability of the company and must be disclosed as of the date it becomes a debt.