Question: Cooke Consulting completed the following transactions during June. a. Chris Cooke, the owner, invested $80,000 cash along with office equipment valued at $30,000 in the new company. b. The company purchased land valued at $30,000 and a building valued at $170,000. The purchase is paid with $40,000 cash and a long-term note payable for $160,000. c. The company purchased $2,400 of office supplies on credit. d. C. Cooke invested his personal automobile in the company. The automobile has a value of $18,000 and is to be used exclusively in the business. e. The company purchased $6,000 of additional office equipment on credit. f. The company paid $1,500 cash salary to an assistant. g. The company provided services to a client and collected $6,000 cash. h. The company paid $800 cash for this month's utilities. i. The company paid $2,400 cash to settle the payable created in transaction c. j. The company purchased $20,000 of new office equipment by paying $20,000 cash. k. The company completed $5,200 of services for a client, who must pay within 30 days. l. The company paid $1,500 cash salary to an assistant. m. The company received $3,800 cash in partial payment on the receivable created in transaction k. n. C. Cooke withdrew $6,400 cash from the company for personal use.
Required: 1. Prepare general journal entries to record these transactions (use account titles listed in part 2).
2. Open the following ledger accounts-their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); C. Cooke, Capital (301); C. Cooke, Withdrawals (302); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). Post the journal entries from part 1 to the ledger accounts and enter the balance after each posting.
3. Prepare a trial balance as of the end of June.