(Solved): In June, current year, Wendy Winger organized a corporation to provide aerial ...

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In June, current year, Wendy Winger organized a corporation to provide aerial photography services. The company, called Aerial Views, began operations immediately. Transactions during the month of June were as follows. June 1 The corporation issued 60,000 shares of capital stock to Wendy Winger in exchange for \( \$ 60,000 \) cash. June 2 Purchased a plane from Utility Aircraft for \( \$ 220,000 \). Made a \( \$ 40,000 \) cash down payment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport \( \$ 2,500 \) to rent office and hangar space for the month. June 15 Billed customers \( \$ 8,320 \) for aerial photographs taken during the first half of June. June 15 Paid \( \$ 5,880 \) in salaries earned by employees during the first half of June. June 18 Paid Hannigan's Hangar \( \$ 1,890 \) for maintenance and repair services on the company plane. June 25 Collected \( \$ 4,910 \) of the amounts billed to customers on June 15. June 30 Billed customers \( \$ 16,450 \) for aerial photographs taken during the second half of the month. June 30 Paid \( \$ 6,000 \) in salaries earned by employees during the second half of the month. June 30 Received a \( \$ 2,510 \) bill from Peatree Petroleum for aircraft fuel purchased in June. The entire amount is due July 10. June 30 Declared a \( \$ 2,000 \) dividend payable on July 15. The account titles used by Aerial Views are Required: a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of June. Organize your answer in tabular form, using the column headings shown. Use I for increase, D for decrease, and NE for no effect. The June 1 transaction is provided for you. b. Prepare journal entries for each of the above transactions. c. Post each transaction to the appropriate ledger accounts. d. Prepare a trial balance dated June 30, current year. e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity.