Kenneth Clark started his own consulting firm, Clark Consulting, on June 1, 2022. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here.

	Assets											=	Liabilities					+	Stockholders’ Equity
	Cash	+	Accts. Rec.	+	Supplies	+	Prepd. Insur.	+	Equip.	-	Acc. Depr.- Equip.	=	Accts. Pay.	+	Unearn. Serv. Rev.	+	Sal./Wages Pay.	+	Com. Stock	+	Retained Earnings
																					Rev.	-	Exp.	-	Div
Bal.	7,672	+	7,840	+	2,240	+	3,072	+	16,800	-	0	=	4,744	+	5,824	+	0	+	24,640	+	9,296	-	6,880	-	0

Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right-most column. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

1.		Supplies on hand at June 30 total $800.
2.		A utility bill for $208 has not been recorded and will not be paid until next month.
3.		The insurance policy is for a year.
4.		Services were performed for $4,592 of unearned service revenue by the end of the month.
5.		Salaries of $1,400 are accrued at June 30.
6.		The equipment has a 5-year life with no salvage value and is being depreciated at $280 per month for 60 months.
7.		Invoices representing $4,368 of services performed during the month have not been recorded as of June 30.

Answer rating: 100% (QA)

Prepare adjusting entries as follows No Account Titles Debit Credit 1 Supplies e... View the full answer