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$LO1,2$ The Complete Accounting Cycle Without a Work Sheet:

Two Months $(second$ month optional$)$

$P10.On$ June $1,2014,$ Bob Lutz opened Lutz Repair Service. During the month, $he$

completed the following transactions for the company:

General ledger June $1$ Began business $by$ depositing $$20,000in$ a bank account $in$ the name $of$ the

company.

$1$ Paid the rent for the store for current month, $S1,700.$

$1$ Paid the premium $on$ a one$-$year insurance policy, $S1,920.$

$2$ Purchased repair equipment from Bilbao Company, $$16,800.$ Terms were

$$2,400$ down and $$1,200$ per month for one year. First payment $is$ due

July $1.$

$5$ Purchased repair supplies from Rusin Company $on$ credit, $S1,872.$

$8$ Paid cash for $an$ advertisement $in$ a local newspaper, $S240.$

$15$ Received cash repair revenue for the first half $of$ the month, $S1,600.$

$21$ Paid Rusin Company $on$ account, $$900.$

$30$ Received cash repair revenue for the last half $of$ June, $$3,900.$

$30$ Made a withdrawal, $$1,200.LO1,2$ The Complete Accounting Cycle Without a Work Sheet:

Two Months $(second$ month optional$)$

$P10.On$ June $1,2014,$ Bob Lutz opened Lutz Repair Service. During the month, $he$

completed the following transactions for the company:

General ledger June $1$ Began business $by$ depositing $$20,000in$ a bank account $in$ the name $of$ the

company.

$1$ Paid the rent for the store for current month, $S1,700.$

$1$ Paid the premium $on$ a one$-$year insurance policy, $S1,920.$

$2$ Purchased repair equipment from Bilbao Company, $$16,800.$ Terms were

$$2,400$ down and $$1,200$ per month for one year. First payment $is$ due

July $1.$

$5$ Purchased repair supplies from Rusin Company $on$ credit, $S1,872.$

$8$ Paid cash for $an$ advertisement $in$ a local newspaper, $S240.$

$15$ Received cash repair revenue for the first half $of$ the month, $S1,600.$

$21$ Paid Rusin Company $on$ account, $$900.$

$30$ Received cash repair revenue for the last half $of$ June, $$3,900.$

$30$ Made a withdrawal, $$1,200.$Prepare and post journal entries $to$ record the July transactions.

Using the following information, record adjusting entries $in$ the General Journal and

post $to$ the ledger accounts.

$d.$ One month's insurance has expired.

$e.$ The inventory $of$ unused repair supplies $is$ $$1,652.$

$f.$ The estimated depreciation $on$ repair equipment $is$ $$280.$

From the accounts $in$ the ledger, prepare $an$ adjusted trial balance.

From the adjusted trial balance, prepare the July income statement, statement $of$

owners' equity, and balance sheet.

Prepare and post all closing entries.

Prepare a post$-$closing trial balance.

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