The Following Transactions Occurred During June Year 1:
June $\quad$

question 150

Essay

The following transactions occurred during June Year 1:
June 1 $\quad$ The company purchased a service truck for $\$ 25,500$ , paying $\$ 5,500$ now and issuing a note payable for the balance; the note is due in monthly installments of $\$ 500$ plus $10 \%$ interest on the unpaid principal balance.

June 8 $\quad$ The company performed services of $\$ 30,400$ . It received $\$ 6,400$ cash from customers and $\$ 24,000$ for customers billed for completed services.

June 22 $\quad$ The company issued common shares in exchange for land having a fair value of $\$ 70,000$

June 30 $\quad$ The company received an invoice for $\$ 2,400$ from the company's advertising agency for radio and television ads which were run during the month; the invoice is due in 30 davs.

-Refer to Hatcher Tool Service.Record each transaction in proper journal entry format in the journal provided.A written explanation for each journal entry is not required.

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Definitions:

Consolidated Balance Sheet

A financial statement that shows the total assets, liabilities, and shareholders' equity of a parent company and its subsidiaries as if they were a single entity.

Fair Value

The estimated market valuation for an asset or liability based on current market conditions and informed buyer and seller perspectives.

Consideration Transferred

The payment made by an acquiring entity to purchase another entity, which can be in the form of cash, assets, or other financial instruments.

Book Value

The net value of a company’s assets as recorded on its balance sheet, which is calculated by subtracting total liabilities from total assets.