Murdock Carpet Cleaners ended its first month of operations on June 30, 2019. Monthly financial statements will be prepared. The unadjusted account balances are as follows.

The following information is available.

1. The balance in Prepaid Rent was the amount paid on June 1 for the first four months' rent.

2. Supplies available at June 30 were $820.

3. Equipment, purchased June I, has an estimated life of five years.

4. Unpaid and unrecorded employee wages at June 30 were $210.

5. Utility services used during June were estimated at $300. A bill is expected early in July.

6. Fees earned for services performed but not yet billed on June 30 were $380. The company uses the account Accounts Receivable to reflect amounts due but not yet billed.

REQUIRED:

a. Prepare its adjusting entries at June 30, 2019, using the financial statement effects template.

b. Prepare its adjusting entries at June 30, 2019, in journal entry form.

c. Set up T-accounts, enter the balances above, and post the adjusting entries to them.

d. Prepare its income statement for June and its balance sheet at June 30, 2019.

e. Prepare entries to close its temporary accounts in journal entry form and post the closing entries to the T-accounts.

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MURDOCK CARPET CLEANERS Unadjusted Trial Balance June 30, 2019 Debit Credit Cash...... $ 1,180 Accounts receivable. 450 ... Prepaid rent Supplies... Equipment.. Accounts payable. Common stock... Retained earnings Service fees revenue 3,100 2,520 4,440 760 ... .. 2,000 5,300 .... ... 4,650 Wages expense 1,020 .... $12,710 $12,710