I’m studying for my Accounting class and don’t understand how to answer this. Can you help me study?
Prof. Anna with other 10 student investors opened Accounting Counseling Company (ACC), Inc. on June 1,
2020. During the first month of operations, the following transactions occurred:
June 1 Stockholders invested $35,000 cash in the business and received common stock.
June 1 Pre-paid $3,000 cash for June rent.
June 3 Borrowed $50,000 from the bank; signed a note payable.
June 4 Purchased office supplies on account, $2,000.
June 7 Paid cash $26,000 for office furniture.
June 11 Performed counseling service on account for a client, $4,400.
June 14 Paid $900 of the account payable created in the transaction from June 4.
June 23 Received cash on account, $2,200 (related to transaction from June 11).
June 27 Paid the following cash expenses:
(1) Advertising, $500; (2) Utilities, $600.
1. Prepare all journal entries. Use the dates to identify the transactions.
2. Post the transactions to T-accounts. Show ending balances.
3. Prepare the trial balance of ACC, inc., at June 30,2020
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