Question 1. Comprehensive Exercise (full accounting cycle) (20 points) The following transactions and events have occurred during June 2020 in ConArt Company. Date Transaction description June 1 Shareholders invested $50,000 cash in Texchange for shares. 1 Purchased equipment for $5,000 cash. 1 Paid $600 for 12 months of insurance. 5 Paid $500 for advertising on a local newspaper 10 Received $6,000 cash in advance from a customer for services to be performed during June and July. 15 Billed customers $5,000 for services performed. 20 Purchased in cash $250 of supplies. 30 Paid Dividends of $1,500 in cash. Additional information at June 30: . Equipment depreciates at a rate of $80 per month. 30% of the service related to transaction on June 10 was performed during June. An inventory count revealed that $50 of supplies were consumed during June. Required 1. Prepare the necessary journal entries for the month and post to the Ledger. (32 points) 2. Prepare the Trial Balance. (5 points) 3. Prepare and post the necessary adjusting entries. (12 points) 4. Prepare the Adjusted Trial Balance (10 points) 5. Prepare the income statement, Retaining Earnings statement and Statement of financial Position. (20 points) 6. Prepare and post the closing entries. (16 points) 7. Prepare the Post-Closing Trial Balance. (5 points)