ACC 201 GBC Monthly Financial Statements of Flight Delivery Company Exam Practice.
Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.
Here is the problem:
Flight Delivery Company prepares monthly financial statements. The transactions of the company for June 2020 are as follows:
|June 1||The company was organized and issued capital stock for $600,000 cash.|
Paid $16,000 as the rent for June on a completely furnished building.
Paid cash for a delivery truck, $56,000.
|June 6||Paid $8,200 as the rent for June on a machine.|
|June 10||Paid $1,400 for supplies that were received and used in June.|
|June 11||Performed delivery services for customers who promised to pay $59,000 at a later date.|
|June 18||Collected cash of $7,600 from customers on account (see June 11 entry).|
|June 22||Received a bill for $2,600 for advertising in the local newspaper in June.|
|June 27||Paid cash for gas and oil consumed in June, $1,600.|
|June 30||Paid $6,000 salaries to employees for June.|
|June 30||Received an order for services valued at $20,000. The services will be performed in July.|
|June 30||Paid a cash dividend of $5,000.|
Required: Prepare the journal entries to record these transactions.