Logan Miller started her own accounting firm, Miller Accounting,
on June 1, 2021. Logan Miller wants to prepare monthly financial
statements, so adjusting journal entries are required on June 30.
Selected transactions for June follow:
1. |
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$920 of supplies were used during the month. |
2. |
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Utilities expense incurred but not yet recorded or paid on June
30, 2021, is $259. |
3. |
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Paid cash of $3,720 for a one-year insurance policy on June 1,
2021. The policy came into effect on this date. |
4. |
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On June 1, purchased office equipment for $13,080 cash. It is
being depreciated at $218 per month for 60 months. |
5. |
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On June 1, Logan signs a note payable for $11,000, 6%
interest. |
6. |
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June 30 is a Wednesday and employees are paid on Fridays.
Miller Accounting has two employees, who are paid $1,040 each for a
five-day workweek that ends on Friday. |
7. |
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On June 15, received a $1,260 advance cash payment from a
client for accounting services expected to be provided in the
future. As at June 30, one half of these services had not been
performed. |
8. |
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Invoices representing $1,700 of services performed during the
month of June have not been recorded as at June 30. |
Prepare adjusting entries for the items above.
(Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
No.
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Date
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Account Titles and Explanation
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Debit
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Credit
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1.
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June 30, 2021 |
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2.
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June 30, 2021 |
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3.
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June 30, 2021 |
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4.
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June 30, 2021 |
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5.
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June 30, 2021 |
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6.
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June 30, 2021 |
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7.
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June 30, 2021 |
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8.
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June 30, 2021 |
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