Using the information provided in E4 5 post Dover Direct

#2980
Using the information provided in E4- 5, post Dover Direct Insurance Agency’s journal entries
to the general ledger for all relevant accounts for the month ended June 30, 2015. You do not
need to provide explanations.In E4- 5The Dover Direct Insurance Agency began operations on
June 1, 2015. In the month of June, the following transactions occurred: June 2: Dover Direct’s
owner invested $ 80,000 (the par value of the stock) cash and acquired 4,000 shares of
common stock. June 8: Dover Direct purchased $ 8,000 of office supplies with cash. June 15:
Dover Direct paid employees $ 8,000 in cash for the biweekly payroll. June 20: Dover Direct
acquired new office furniture for $ 25,000. The Company paid $ 10,000 in cash and financed the
remainder by issuing a $ 15,000 note payable to the vendor. June 22: Dover Direct collected $
120,000 in sales revenue for the month, all of which was paid in cash.Assets 100 Cash 101
Accounts Receivable 102 Office Supplies 121 Furniture Liabilities 200 Accounts Payable 210
Notes Payable Stockholders’ Equity 300 Common Stock Revenues 400 Sales Revenue
Expenses 501 Wage Expense View Solution:
Using the information provided in E4 5 post Dover Direct

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