The trial balance before adjustment of Company H at the end of its first month of...

  

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The trial balance before adjustment of Company H at the end of its first month of operations follows: Company H Trial Balance June 30, 2021 Debit Credit Cash $4,600 Prepaid Insurance Prepaid Supplies Equipment 12,000 1,500 115,200 Notes Payable $73,600 Accounts Pavable Unearned Revenue 3,000 17,000 Retained Eamings 45,000 Dividends Declared 4,500 Service Revenue 23,000 19,600 1 900 Salaries Expense Advertisino Fxnense Rent Expense 1,400 $161,600 $161,600 Additional Information: 1. The insurance policy was purchased for $12,000 on June 1. It has a one-year term. 2. The equipment was purchased for $115,200 on June 1. A two-year, 6% note pavable of S73,600 was issued on June 1 to purchase the equipment, the remainder was paid in cash Interest is payable on the first of each month. The equipment is expected to have a useful life of 10 vears 3. $17,000 of deposits received in advance of delivery services being performed were collected from customers on June 8 and recorded to Uneamed Revenue. One half (12) of the related services were provided by June 30. 4. Prepaid supplies of $1,500 were purchased on account on June 1 A count of supplies at June 30 shows $360 of supplies on hand. Instructions: 1 Prepare thie original entry in June for each of the above four transactions 2. Prepare subsequent adjusting entry at lune 50 for each of the above four transactona The trial balance before adjustment of Company H at the end of its first month of operations follows: Company H Trial Balance June 30, 2021 Debit Credit Cash $4,600 Prepaid Insurance Prepaid Supplies Equipment 12,000 1,500 115,200 Notes Payable $73,600 Accounts Pavable Unearned Revenue 3,000 17,000 Retained Eamings 45,000 Dividends Declared 4,500 Service Revenue 23,000 19,600 1 900 Salaries Expense Advertisino Fxnense Rent Expense 1,400 $161,600 $161,600 Additional Information: 1. The insurance policy was purchased for $12,000 on June 1. It has a one-year term. 2. The equipment was purchased for $115,200 on June 1. A two-year, 6% note pavable of S73,600 was issued on June 1 to purchase the equipment, the remainder was paid in cash Interest is payable on the first of each month. The equipment is expected to have a useful life of 10 vears 3. $17,000 of deposits received in advance of delivery services being performed were collected from customers on June 8 and recorded to Uneamed Revenue. One half (12) of the related services were provided by June 30. 4. Prepaid supplies of $1,500 were purchased on account on June 1 A count of supplies at June 30 shows $360 of supplies on hand. Instructions: 1 Prepare thie original entry in June for each of the above four transactions 2. Prepare subsequent adjusting entry at lune 50 for each of the above four transactona

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1 Date Account Debit Credit June 1 Insurance Expens... View the full answer