The Accounting Cycle: Journalizing, Posting, and Preparing a Trial BalanceIn June 2011, We...

June 1

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 taken 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 Hannigan’s Hangar $1 ,890 for maintenance and repair services on the company plane.

June 25

Collected $4,910 of the amounts billed to customers on June 15.

June30

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 10.

June 30

Declared a $2,000 dividend payable on July 15.

Cash

Retained Earnings

Accounts Receivable

Dividends

Aircraft

Aerial Photography Revenue

Notes Payable

Maintenance Expense

Accounts Payable

Fuel Expense

Dividends Payable

Salaries Expense

Capital Stock

Rent Expense