Texts: Record each of the below transactions in general journal form for Kingston Bank.
June 16: The following day, owners purchased lands and buildings, which are stated at the city centers. Prices of the lands and buildings are listed below. (All of the assets were paid in cash)
Main Branch London: $600,000 ($400,000 Building + $200,000 Land)
Sub-Branch Leeds: $400,000 ($250,000 Building + $150,000 Land)
Sub Branch Manchester: $200,000 ($120,000 Building + $80,000 Land)
June 18: Bought $1,800 of office supplies paying cash. (Such as Stationery, Receipt papers, Letter covers...etc)
June 18: Bought $30,000 of equipment from PC World (Computers, calculators, printers, etc) for three of be cleared until this day)
June 22: Bank purchased $900 worth of stamps to be used on commercial papers, paying cash
June 22: Bank purchased $1,200 worth of checkbooks to supply its customers, paying cash
June 23: PC World requested to cash the check which was given on June 18
June 24: Paid the first installment of note payable to Argos LTD for the furniture purchased on June 17. Note payable. Amount of the Land was $130,000; Land transfer fees cost $5,000.
June 25: The bank opened on June 19th and in the first week of business ending on June 25, total money deposited to the bank was $900,000.
June 25: Bank provided a total loan of $350,000 to its customers on 25th June.
June 25: Error discovered in February 18th transaction with PC World. Bank paid for computers $11,000 when the bank should have paid $10,000.
June 28: $90,000 clearing house checks have been taken in by the receiving teller (i.e. cashier and sent to Clearing House Bank)
June 28: Bank incurred extra money amounting to $2,000 to upgrade its accounting system, paying cash to PC World Ltd. At the same day, the bank received a refund for computers amounting to $1,000.
June 29: Clearing House Bank verified the accuracy of some of the checks amounting to $70,000 to the bank. The rest of the checks were dishonored as payers didn't have the sufficient corresponding funds in their account.
June 30: A number of customers withdrew money from their accounts. Total withdrawal amounted to $450,000.
June 30: Other Banks paid the corresponding amount of checks that were verified by Clearing House Banks. June 30th was $850,000.
June 30: At the end of the month, the bank deposited a total of $5,000 interest to customer's deposit accounts as agreed in the customer contracts.
June 30: Total revenue derived from types of bank services provided was amounting to $40,000. The bank usually charges customer accounts for the services provided.
June 30: Total loan of $200,000 given to the customers within the second week.
June 30: Bank sent 10% of total deposits received in June to the Central Bank of Cyprus as a reserve requirement. (Make T-Account for the Cash account of the bank to analyze the reserve requirement)
