Question

T-ACCOUNTS CASH Date Debit Credit .June1 $            1,500,000.00 ? .June2 ? $               100,000.00 .June3 ? $&n

T-ACCOUNTS
CASH
Date Debit Credit
.June1 $            1,500,000.00 ?
.June2 ? $               100,000.00
.June3 ? $               240,000.00
.June14 ? $                82,500.00
.June2 ? $                  2,000.00
.June3 ? $                    500.00
.June8 ? $                  6,000.00
.June8 ? $                  8,000.00
.June8 ? $                  3,000.00
.June12 ? $                  3,000.00
.June15 ? $                  1,500.00
.June15 ? $               162,000.00
.June20 ? $                  1,000.00
.June24 $               150,000.00 ?
Balance $           1,040,500.00 ?
? ? ?
NOTES RECEIVABLE
Date Debit Credit
.June24 $               100,000.00 ?
Balance $             100,000.00 ?
? ? ?
ACCOUNTS RECEIVABLE
Date Debit Credit
? ? ?
RAW MATERIALS INVENTORY
Date Debit Credit
.June2 $               300,000.00 ?
.June4 ? $               105,000.00
.June4 ? $                  4,500.00
Balance $             190,500.00 ?
? ? ?
WORK IN PROCESS INVENTORY
Date Debit Credit
.June4 $                50,000.00 ?
.June4 $                30,000.00 ?
.June4 $                25,000.00 ?
June14. $                33,000.00 ?
June14. $                27,000.00 ?
June14. $                22,500.00 ?
.June21 $                  7,700.00 ?
.June21 ? $                90,700.00
.June30 $                  6,300.00 ?
.June30 $                  5,250.00 ?
Balance $             116,050.00 ?
? ? ?
JOBS COMPLETED (FINISHED GOODS INVENTORY)
Date Debit Credit
.June21 $                90,700.00 ?
.June24 ? $                90,700.00
Balance $                         -   ?
? ? ?
CONSTRUCTION EQUIPMENT
Date Debit Credit
.June3 $               240,000.00 ?
Balance $             240,000.00 ?
? ? ?
LAND AND BUILDING
Date Debit Credit
.June15 $               162,000.00 ?
Balance $             162,000.00 ?
? ? ?
ACCUMULATED DEPRECIATION
Date Debit Credit
.June30 ? $                  2,500.00
.June30 ? $                  2,000.00
Balance ? $                4,500.00
? ? ?
WORKS OVERHEAD
Date Debit Credit
.June 4 $                  4,500.00 ?
.June 21 ? $                  7,700.00
.June 2 $                  2,000.00 ?
.June 8 $                  6,000.00 ?
.June12 $                  3,000.00 ?
.June 15 $                  1,500.00 ?
.June 30 $                  2,000.00 ?
.June 30 ? $                  6,300.00
.June 30 ? $                  5,250.00
.June 30 $                  3,250.00 ?
Balance $                3,000.00 ?
? ? ?
ACCOUNTS PAYABLE
Date Debit Credit
.June2 ? $               200,000.00
Balance ? $             200,000.00
? ? ?
DIVIDEND PAYABLE
Date Debit Credit
.June23 ? $                  5,000.00
Balance ? $                5,000.00
? ? ?
COMMON STOCK
Date Debit Credit
.June1 ? $            1,500,000.00
Balance ? $           1,500,000.00
? ? ?
COST OF JOBS SOLD
Date Debit Credit
.June24 $                90,700.00 ?
.June30 ? $                  3,250.00
Balance $               87,450.00 ?
? ? ?
SALES REVENUE
Date Debit Credit
.June24 ? $               250,000.00
Balance ? $             250,000.00
? ? ?
SALES & ADMINISTRATION EXPENSES
Date Debit Credit
.June8 $                  8,000.00 ?
.June8 $                  3,000.00 ?
Balance $               11,000.00 ?
? ? ?
RETAINED EARNINGS
Date Debit Credit
.June23 $                  5,000.00 ?
Balance $                5,000.00 ?
? ? ?
PREPAID INSURANCE
.June3 $                    500.00 ?
Balance $                   500.00 ?
? ? ?
INSURANCE EXPENSE
.June20 $                  1,000.00 ?
Balance $                1,000.00 ?
DEPRECIATION EXPENSES
.June30 $                  2,500.00 ?
Balance $                2,500.00 ?
ACCUMULATED DEPRECIATION
.June30 ? $                  2,500.00
.June30 ? $                  2,000.00
Balance ? $                4,500.00
INTEREST RECEIVABLE
.June30 $                    150.00 ?
Balance $                   150.00 ?
? ? ?
INTEREST REVENUE
.June30 ? $                    150.00
Balance ? $                   150.00
? ?

1) Prepare Journal Entries

2) Post Journal Entries

3) Prepare Unadjusted Trial balance

4) Prepare Adjusting Journal Entries

5) Post Adjusting Journal Entries

6) Prepare Adjusted Trial Balance

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