Week 4 Tutorial - Problem: DM Campbell Art Supplies Following from the 10 business transactions that DM Campbell Art Supplies posted in June, DM Campbell Art Supplies recorded the following transactions on the last day of the month, 30th June, the day it closes its books. Record these additional transactions, post the month-end adjusting journal entries as well as prepare an adjusted trial balance and financial statements. 1. DM Campbell Art Supplies consumed $450 of electricity in June. The electricity bill was received on 29th June, with payment due on 29th July. 2. On 1st June, DM Campbell Art Supplies decides to start an art blog with an annual subscription of $120 a year. 4 clients have subscribed to the blog and paid $480. 3. On 1st June, DM Campbell Art Supplies purchased a yearly small business insurance policy for $1800. 4. On the request of one of his clients, DM Campbell provides a two-day art workshop. The first day of the workshop was held on 29th June and the second day will be held a week after on 6th July. The client has agreed to pay $500 for the workshop. Date Accounts and Explanation Debit 1 Cash 30,000 Share Capital Issuance of shares Credit 30,000 2 Inventory 1,200 Accounts Payable 1,200 Purchased inventory 3 Cash Revenue 345 345 Sold inventory for cash 4 No journal entry required as it is not a business transaction 5 Accounts Receivable Revenue Sold inventory on account 6 Inventory Cash Purchased inventory 7 Accounts Payable Cash 900 900 400 400 500 500 Cash Purchased inventory 7 Accounts Payable Cash Paid cash for inventory 8 Rent expense Salary expense Utilities expense Cash Paid cash expenses 9 Cash Accounts Receivable Received cash on account 10 Utilities expense Accounts Payable Received water bill 500 400 500 3,000 1,200 320 4,520 450 450 220 220