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1)Record the end of month adjusting entries in the general journal.

• Music Equipment owned by the business: original purchase price was $50,000, estimated useful life was 8 years, and estimated residual value was $8,900 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
• A number of music lessons totalling $3,700 were provided during the month of June for Dan Soul but not yet invoiced.
• The estimated telephone bill payable as at the end of June is $100.
• Instructors work every single day during the week including weekends and are paid on a periodic basis. Wages were last paid up to and including June 14. Wages incurred after that day (from June 15 to June 30 inclusive) are estimated to have been $620 per day.
• Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $930.
• Provided $4,690 worth of music lessons during the month of June in relation to the cash received in advance from Council Records on June 12.
• Office supplies totaling $1,368 are still on hand at June 30.
• $2,800 of worth prepaid rent expired during the month of June.

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