inal Answer:
On June 1, the owner purchased a company vehicle for $15,000.
Step-by-step explanation:
The transaction on June 1 involves the acquisition of a company vehicle for $15,000. This amount represents the cost incurred by the owner in obtaining the vehicle for business purposes. Such transactions are essential components of accounting records and are typically recorded in the "Equipment" or "Vehicle" account. The purchase cost of $15,000 reflects the initial investment made by the owner in acquiring a tangible asset for the business.
In accounting, transactions like the purchase of a company vehicle are recorded to accurately reflect the financial activities of the business. The notation "June 1" signifies the date on which the transaction occurred. The $15,000 expenditure is documented to maintain a clear and comprehensive financial record, enabling the owner and relevant stakeholders to track the company's assets and associated costs. This practice aligns with sound accounting principles and contributes to the preparation of accurate financial statements.
In conclusion, the statement "On June 1, the owner purchased a company vehicle for $15,000" succinctly captures a significant business transaction. The details provided, including the date and purchase amount, offer a snapshot of the financial activity, allowing for precise record-keeping and transparent financial reporting.