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June 1. 10,000 shares of common stock are issued at a par value of $2.00...

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Accounting

June 1. 10,000 shares of common stock are issued at a par value of $2.00 each.

June 3. Cash sales of $3,500 and credit sales of $450 are recorded.

June 10. $2,200 is paid for office rent and $3,500 in salaries.

June 18. Merchandise inventory is purchased for $1,500 cash.

June 25. An invoice is received for accounting services for $3,000.

June 30. $6,500 is borrowed from the bank in exchange for a 5-year promissory note.

June 30. Merchandise is sold for $5,700. The merchandise had a value of $2,200.
 

Tax Expense $25,000

Notes Payable $90,000

Accounts Receivable $60,000

Cost of Goods Sold $206,250

Notes Receivable $27,500

Salary Expense $23,750

Land $156,250

Bonds Payable $93,750

Rent Expense $18,750

Sales $338,750

Accounts Payable $75,000

Tax Payable $38,750

Cash$42,500

Common Stock $231,250

Buildings, net $262,500

Inventory $45,000


Compute the following:

1. Trial balance

2. Income Statement

3. Statement of Owner's Equity

4. Balance sheet

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