Poulenc & Associates, a consulting firm, was incorporated on 1 June X1. On 30 June, the trial balance shows the following balances for selected accounts:

Analysis reveals the following additional data relating to these accounts (no adjusting entry has been recorded):
1 A customer paid in June 1,200 CU towards a yearly subscription to a service that Poulenc started providing in June.
2 Prepaid insurance is the cost of a nine-month insurance policy, effective as of 1 June.
3 The note payable is dated 1 June. It is a 12-month, 10 percent note.
4 Services rendered to customers but not yet billed as at 30 June totaled 1,500 CU.
Required
Show the impact on the balance sheet and the income statement for Poulenc Company as of 30 June, for each of the above transactions.

Transcribed Image Text:

Note payable (balance sheet) Unearned fees 1,200 (balance sheet) 20,000 Prepaid insurance 3,600 (balance sheet) Fees eamed income statement) 1,800