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:

Demand

The desire and ability of consumers to purchase goods or services at a given price level.

Demand

The willingness and ability of consumers to purchase goods or services at a given price.

Price

The total money amount demanded for the purchase of a service or good.

Product

An item offered for sale which can be a good, a service, or an idea.