Case Study 1 (Part A) Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash and issued common stock to the stockholders.3 Purchased supplies, $3,000, and equipment, $5,200, on account.4 Performed services for a client and received cash, $6,300.7 Paid cash to acquire land, $37,000.11 Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month.16 Paid partial for the equipment purchased June 3 on account $2,800.17 Paid the telephone bill, $230.18 Received partial payment from customer on account, $700.22 Paid the water and electricity bills, $400.29 Received $5,000 cash for repairing the pipes of a customer.30 Paid employee salary, $4,300.30 Declared and paid dividends of $3,000.▸Requirements”� 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.”� 2. Post the transactions to the T-accounts, using transaction dates as posting references.”� 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 2014.”� 4. The manager asks you how much in total resources the business has to work with and, how much it owes.Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 2014Month end accruals at June 30, 2014:”� a. Accrued advertising revenue at June 30, $3,100.”� b. Supplies used during June, $3,090.”� c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.Requirement 2Prepare adjusted trial balance for Gordon Construction at June 30, 2014.
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