? Cujo Inc.'s trial balance from May 31, 2021 is below, along with data from June. The

?

Transcribed Image Text:

Cujo Inc.'s trial balance from May 31, 2021 is below, along with data from June. The company's year-end is June 30. The company prepares adjusting journal entries monthly, which means the adjusting entries for May were prepared properly. Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Common shares Retained earnings 4 6 11 12 17 21 24 25 26 27 28 28 Debit $ 9,660 7,440 1,600 30,000 During June, the following transactions were completed: June. $48,700 Adjustment data for the month: Credit Declared and paid a cash dividend, $500. Paid income tax for the month, $600. 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,600. 3. Accrued service revenue for $600. $ 3.000 6,200 1,400 800 Paid employees $2,200 for salaries due, of which $1,400 was for May salaries payable and $800 for June. Received $5.400 cash from customers in payment of accounts. Received $8,800 cash for services performed in June. Issued common shares for $5,000 cash. Purchased supplies on account, $2,000. Paid creditors $7,000 of accounts payable due. Paid June and July rent, $2,000 ($1,000 per month). Paid salaries, $2,200. 20,000 17,300 $48,700 Performed services on account, $1,600. Received $1,300 from customers for services to be performed in the future. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation. 5. Unearned revenue of $800 has been earned. REQUIRED (a) Prepare the general journal entries to record the June transactions. (b) Set up T accounts, enter any opening balances, and post the general journal entries prepared in part (a). (c) Prepare an unadjusted trial balance at June 30. (d) Prepare and post the adjusting journal entries for the month. (e) Prepare an adjusted trial balance at June 30. (f) Prepare (1) an income statement, (2) a statement of changes in equity, and (3) a balance sheet (g) Prepare the closing journal entries. Cujo Inc.'s trial balance from May 31, 2021 is below, along with data from June. The company's year-end is June 30. The company prepares adjusting journal entries monthly, which means the adjusting entries for May were prepared properly. Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Common shares Retained earnings 4 6 11 12 17 21 24 25 26 27 28 28 Debit $ 9,660 7,440 1,600 30,000 During June, the following transactions were completed: June. $48,700 Adjustment data for the month: Credit Declared and paid a cash dividend, $500. Paid income tax for the month, $600. 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,600. 3. Accrued service revenue for $600. $ 3.000 6,200 1,400 800 Paid employees $2,200 for salaries due, of which $1,400 was for May salaries payable and $800 for June. Received $5.400 cash from customers in payment of accounts. Received $8,800 cash for services performed in June. Issued common shares for $5,000 cash. Purchased supplies on account, $2,000. Paid creditors $7,000 of accounts payable due. Paid June and July rent, $2,000 ($1,000 per month). Paid salaries, $2,200. 20,000 17,300 $48,700 Performed services on account, $1,600. Received $1,300 from customers for services to be performed in the future. 4. The equipment has a useful life of 10 years and the company uses straight-line depreciation. 5. Unearned revenue of $800 has been earned. REQUIRED (a) Prepare the general journal entries to record the June transactions. (b) Set up T accounts, enter any opening balances, and post the general journal entries prepared in part (a). (c) Prepare an unadjusted trial balance at June 30. (d) Prepare and post the adjusting journal entries for the month. (e) Prepare an adjusted trial balance at June 30. (f) Prepare (1) an income statement, (2) a statement of changes in equity, and (3) a balance sheet (g) Prepare the closing journal entries.

Answer rating: 100% (QA)

2 Unadjusted Trial Balance 3 Adjusted E... View the full answer