Question

How do you

a)prepare journal entries to record the June transactions

b)post the transactions to existing general ledger accounts

c)prepare unadjusted trial balance

d)prepare adjusting journal entries

e) post adjusting entires to the ledger

Junge Transactions for June 2018 1-Jum-18 After opening the mal, secretary 2-sun-18 The Accounts Payable staff 5-Jun-18 The Payrolil department distributed pay checks to all scaff that had wages due to them as of May 31 6 Jun-18 Junge delivered Morton Software to 2iom for web tools for Real Estate Agents. Ths special order had been puid for in advance-on 7--18 ngo's in-store demonstration room was destroyed in a storm. Jungo pays $450 cash for constraction and repairs to 8-Jun-18 Jungo sold 3,365 share of newly hsued stock for $31,650 to an investor 518,863, Condor paid $28,295 and Lambert paid 515,720 he secretary caicdlsned a touak of 962,878 in checks receved on balances aue to Jungo. Abie, inc made a payment on an inwoikce that had been recelived (and recordedi on May 12th from Staplers. This invoice was for $1,494 May 23-for $4,650 Cost of this inventory was 592 the equipment was 5120,000 The inventory sold had a cost of $$6,000. The balance oue had terms of et 13-Jun-18 Jungo received a special order from Zedim, It was delivered on July 14. Since Jungo had never sold to Zedim before, a 20s down payment was required with the balance to be paid in full on the date of delivery. The total sales price was 58,750 with the inventory costing $2,268. 14-um-i8 A phipment arfived from Mondert, one of ungo's vendors. ungos purchase was es BL.Ox Software at a cost of $100.00 each, unge will pay for this shipment on June 29 14-Jun-18 Jungo decermined that 5 of the BLOX Software recelved the day before were damaged. Mondert will issue Jungo a credit 5500.00 and had requested Jungo adjust their records accordingly. Adeitionally, Jungo hed been linstructed to destroy the damaged BLOX Software instead of returning them. 15-Jun-18 Jungo received a loan for $300,000 from the bank. This loan is due in 3 years and has an lecerest rate of 7.%. The incerest and 16-Jun-18 Jungo purchased a fully loaded 2018 Lexus ES 350 for cash, Jungo feeis this car will really impress their customers, so they fee 16- Jun-18 Jungo prepaid a 1-year automoble insurance policy for $4,800. Coverage commences today principle are payable when the loan matures. Justified in the expese. The car cost 545,958. Depreciate over 7 years, using the suraight-line method. 19-Jun-18 Jungo had called their attorney regarding a customer complaint earlier in the month. Today they receive a $600 invoice for thes 20-Jun-18 The Payroll department distributed pay checks to all employees who had wages due to them as of June 15 The total wages paid 20-Jun-18 Jungo held an anmual barbeque for its employees that afternoon They paid $1,050 for food, barbeque and party supplies from 22-Jun-18 Jungo recelved an emergency call from Lindholm Financial, They had a major network intrusion and need to install Bi.Ox. Can you legal advice. Terms are net 30 days. were 54,215 helo us Lindholm Financis paid in cash to Jungo 58,200 for consulting services and st,950 for the necessary parts. The inventory was on Jungo's books at a cost of 5600. 23-Jun-18 Jungo's Board of Directors met and deciared a dividend to all shareholders of record as of June 27. This dividend was for $0. 35 per 26-Jun-18 ungo pays the net amount due for the BLOX Software purchased on June 14. 29-Jun-18 ungo completes and invoices their client, Paris, $120,346 for a large ERP Dotabase project jyust compieted. share and will be paid on July 15, 2018

Answer 1

Trial balance Beginning Balance Debit June Transaction Credit Unadjusted Trial Adjustments Adjusted Trial Credit Accounts S 61,411 $ 178,000 $48,250 132,000 $ 330,961 167,468 Accounts Receivable Supp Inventory Prepaid Insurance Prepaid Media Advertising 392,372 $345,468 48,250 11,525 $ 120,475 392,372 S345,468 $ 48,250 120,475 ies 12,667 130,000 $720,000 23,154 12,667 $130,000 $720,000 $12,667 $130,000 $ 720,000 $ 23,154 $45,958 Building Equipment 45,958 45,958 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Accumulated Depreciation-Vehicle Accounts Payable Salaries and wages payable Unearned Revenue Income Tax Payable Interest Payable Long Term Loan Common Stock Additional Paid in Capital Retained Earning Sales Revenue Consulting Revenue Cost of Goods Sold Advertising and Promotion Expense 35,32.5 Depreciation Expense Insurance Expense Maintenance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Travel Expense Interest Income Income Tax Expense Interest Expense Lega S 106,000 $ S 106,000 9,154 106,000 894 13,500 S 149,661 S 148,767 S 148,767 $ 75,205 $ 74,020 S 62,305 $ 74,895 74,020 $300,000 3,365 $300,000 47,365 S 300,000 $ 47,365 $ 44,000 S S 633,814 $ 550,466 S 148,250 $126,600 128,546 633,814 677,066 276,796 S 633,814 $ 677,066 S276,796 137,791 35,325 12,265 S 120,266 $ 137,791 $ 35,325 12,539 $ 12,265 6,450 $189,657 10,815 19,322 6,450 189,657 $ 10,815 $ 19,322 450 $ 185,44:2 9.765 $19,322 1,050 1,393 1,393 $ 74,020 875 $74,020 74,020 Total $1,805,463 $1,805,463$600,321$600,321 $2,366,965 $ 2,366,965$ 1,349$ 1,349 $2,368,114 $2,368,114