P$10.$ On June $1,20$XX$,$ Bob Lutz opened Sole Proprictorship, Lutz Computer Repair Service. During the month, he completed the following transactions for the Gefepany: Began business by depositing $$20,000$ in a bank account in the name of the company.

$1$ Paid the rent for the store for current month, S$1,700.$

$1$ Paid the premium on a one$-$year insurance policy, $S1,920.$

$2$ Purchased repair equipment from Bilbao Company, S$16,800.$ Terms were $$2,400$ down and $$1,200$ per month for one year. First payment is due June $1.$

$5$ Purchased repair supplies from Rusin Company on credit, $S1,872.$

$8$ Paid cash for an advertisement in a local newspaper, S$240.$

$15$ Received cash repair revenue for the first half of the month, $S1,600.$

$21$ Paid Rusin Company on account, $$900.$

$30$ Received cash repair revenue for the last half of May, $S3,900.$

$30$ Made a withdrawal, $$1,200.$

REQUIRED FOR JUNE

Record the June transactions. Include the Post. Ref. column and fill in using the account numbers listed in requirement $2.$

Open the following accounts: Cash $(111)$; Prepaid Insurance $(117)$; Repair Sup$-$plies $(119)$; Repair Equipment $(144)$; Accumulated Depreciation$-$Repair Equip$-$ment $(145)$; Accounts Payable $(212)$; B$.$ Lutz, Capital $(311)$; B$.$ Lutz, Withdrawals $(313)$; Income Summary $(314)$; Repair Revenue $(411)$; Store Rent Expense $(511)$; Advertising Expense $(512)$; Insurance Expense $(513)$; Repair Supplies Expense $(514)$; and Depreciation Expense$-$Repair Equipment $(515).$

Using the following information, record adjusting entries in the general journal and post to the ledger accounts:

d$.$ One month's insurance has expired.

e$.$ The remaining inventory of unused repair supplies is $$676.$

f$.$ The estimated depreciation on repair equipment is $280.$

From the accounts in the ledger, prepare an adjusted trial balance after adjusting entries.

$($Note: Normally, a trial balance is prepared before adjustments and then a Adjusted Trial Balance is prepared after adjusting entries.

From the adjusted trial balance, prepare an income statement, a statement of ow'n$-$er's equity, and a balance sheet for June.

During July, Bob Lutz completed these transactions for Lutz Repair Service:

July $1$ Paid the monthly rent, $$1,700.$

I Made the monthly payment to Bilbao Company, $S1,200.$

$6$ P'urchased additional repair supplies on credit from Rusin Company, $$3,452.$

$15$ Received cash repair revenue for the first half of the month, S$3,656.$

$20$ Paid eash for an advertisement in the local newspaper, S$240.$

$23$ Paid Rusin Company on account, $$2,400.$

$30$ Received cash repair revenue for the last half of the month, $S3,268.$

$30$ Recorded a withdrawal by owner, $51,200.$

$($Cinrintued$)$

Chapter $4$: Completing the Accounting Cycle

S$.$ Prepare and post journal entries to record the July transactions.

Using the following information, record adjusting entries in the general journal and post to the ledger accounts.

d$.$ One month's insurance has expired.

During July, Bob Lutz completed these transactions for Lutz Repair Service:

July $1$ Paid the monthly rent, $$1,700.$

I Made the monthly payment to Bilbao Company, $51,200.$

$6$ Purchased additional repair supplies on credit from Rusin Company, $$3,452.$

$15$ Received cash repair revenue for the first half of the month, S$3,656.$

$20$ Paid eash for an advertisement in the local newspaper, S$240.$

$23$ Paid Rusin Company on account, $$2,400.$

$30$ Received cash repair revenue for the last half of the month, $S3,268.$

$30$ Recorded a withdrawal by owner, $$1,200$

S$.$ Prepare and post journal entries to record the July transactions.

$9.$ Using the following information, record adjusting entries in the general journal and post to the ledger accounts.

d$.$ One month's insurance has expired.

e$.$ The inventory of unused repair supplies is $$1,652.$

f$.$ The estimated depreciation on repair equipment is $$280.$

$10.$ From the accounts in the ledger, prepare an adjusted trial balance.

$11.$ From the adjusted trial balance, prepare the July income statement, statement of owner's equity, and balance sheet.