80.2K

Verified Solution

Link Copied!

On June 1, 2023, you opened [Your Name] Repair Service. Set up the company in QuickBooks and record the following transactions for the month of June.

JUNE TRANSACTIONS

During the month, he completed the following transactions for the company:

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

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

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

June 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.

June 5. Purchased repair supplies from Rusin Company on credit, $1,872

June 8. Paid cash for an advertisement in a local newspaper, $240.

June 15. Received cash repair revenue for the first half of the month, $1,600.

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

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

June 30. Made a withdrawal, $1,200.

REQUIRED FOR JUNE

Prepare the June unadjusted trial balance

Using the following information, record adjusting:

a. One months insurance has expired.

b. The remaining inventory of unused repaired supplies is $676.

c. The depreciation on repair equipment is $280.

5. Prepare the following

adjusted trial balance.

Profit & loss

Balance sheet

JULY TRANSACTIONS

Record the July transactions.

July 1st Paid the monthly rent, $1,700.

July 1. made the monthly payment to Bilbao Company, $1,200.

July 6. Purchased additional repair supplies from Rusin Company on credit for the first half of the month, $3,452.

July 15. Received cash repair revenue for the first half of the month, $3,656.

July 20. Paid cash for an advertisement in the local newspaper, $240.

July 23. Paid Rusin Company on account, $2,400.

July 30. Received cash repair revenue for the last half of the month, $3,268.

July 30. Recorded a withdrawal by owner, $1,200.

REQUIRED FOR JUly 9.

Prepare the July unadjusted trial balance.

Using the following information, record adjusting entries

a. One months insurance has expired.

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

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

10. Prepare the following

Adjusted trial balance

Profit & loss statement

Balance sheet.

Answer & Explanation Solved by verified expert

See Answer