Larry Naples is the owner of Naples Services. He has hired you to update the transactions for his first month of business in the form of an accounting equation. During the month of June, Naples Services had the following transactions: Hint: There are no beginning balances as this business has just started

Jun 2 Provided services to a customer, who paid $4,250 cash 

Jun 4 Prepaid $1,200 worth of insurance for one year 

Jun 10 Provided $5,900 worth of services to a customer, who will pay later 

Jun 11 Provided services to a customer, for $12,250 on account. 

Jun 12 Issue common stock for cash for $11,000 

Jun 13 Purchased equipment with $13,000 on account

Jun 17 Paid the $150 telephone bill. 

Jun 19 Purchased $1,880 worth of office supplies on account 

Jun 20 Kappa received $8,000 cash in advance from Catro Corp. for services to be provided

for over a 4 month period. 

Jun 22 Paid $5,520 cash to reduce the balance of accounts payable 

Jun 24 Collected $6,350 of the accounts receivable.

Adjustments

Jun 30 Recognized $100 of prepaid insurance for this month. 

Jun 30 Recorded $3,275 of accrued salaries at the end of the month.

Jun 30 Recognized $2,000 of unearned revenue that has now been earned.

Jun 30 Adjusted the records to reflect the use of supplies. A physical count indicated that $1,200 of supplies were still on hand June 30. 

Required:

1) Complete the worksheet below using the accounts in the accounting equation and ensure your totals balance.

Answer rating: 100% (QA)

ASSETS LIABILITIES SHAREHOLDERS EQUITY Cash Prepaid Insurance Accounts Payable Date Amount Date Amou... View the full answer