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1.

The following transactions occurred for Jackson Properties, Inc. during June 2022. Using the space provided below, record each transaction in proper journal entry format. A written explanation for each journal entry is not required.

June 1	Jackson prepaid advertising to a local radio station for 7 months totaling $700 ($100 month).
June 8	Accepted $500 of advance payments from customers for services to be provided in July.
June 15	Billed customers for $1,500 services provided in June. Payment is due in 30 days.
June 20	Received $500 from customers who were billed on June 15.
June 30	Received, but did not pay, the June utility bill of $300. Payment will be made in July.

2.

Refer back to Jackson Properties from Problem #4. Assume it is now the end of June. Using the table below, calculate Jacksons net income (or net loss) for the month of June under cash-basis accounting and under accrual-basis accounting. If there is no impact for a transaction, you can leave the cell blank or put $0. For an expense, please specifically use a negative (-) sign or put the expense in (parentheses/brackets).

Date	Cash-Basis Accounting	Accrual-Basis Accounting
June 1
June 8
June 15
June 20
June 30
Total Net Income or (Loss)

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