Precision Printing incorporated as a new business on June

Last updated: 5/29/2023

Precision Printing incorporated as a new business on June 1st 2022 Here are the transactions for the month of June the first month in o Jun 1 Owners invested 50 000 cash into the business in exchange for common stock Jun 3 Purchased a new printing equipment for 15 000 with 5 000 cash and the rest on a loan from the bank Jun 5 Paid for a 4 month liability insurance upfront for 800 Jun 6 Purchased printing supplies for 550 on account Jun 10 Paid the June rent for 2 500 Jun 15 Performed printing services and billed customer for 3 500 Jun 20 Paid 6 000 on the balance due for the equipment purchased on Jun 3 Jun 25 Performed printing service for 2 300 and collected cash payment Jun 30 Paid employees salaries for 4 800 Jun 30 Received full payment from customer billed on Jun 15 Month end Adjusting information 1 Depreciation on the printing equipment is 125 a month 3 Supplies of 200 are left on hand at the end of June 4 One month of liability insurance has expired 5 Accrued interest on the equipment loan was 250 for the month Instructions 1 Journalize the June transactions 2 Post to ledger T accounts 3 Prepare a Trial Balance as of June 30 2022 before adjustments