Market-Probe, a market research firm, had the following transactions in June 2019, its first month of operations.

June 1 B. May invested $24,000 cash in the ti.m1 in exchange for common stock.

1. The firm purchased the following: office equipment. $11.040; office supplies. $2,840. Terms are $4,400 cash with the remainder due in 60 days. (Make a compound entry requiring two credits.)

2 Paid $875 cash for June rent owed to the landlord.

2 Contracted for three months' advertising in a local newspaper at $310 per month and paid for the advertising in advance.

2 Signed a six-month contract with a customer to provide research consulting services at a rate of $3,200 per month. Received two months' fees in advance. Work on the contract started immediately.

10 Billed various customers $5,800 for services rendered.

12 Paid $3,600 cash for two weeks' salaries (5-day week) to employees.

15 Paid $1,240 cash to employee for travel expenses to conference.

18 Paid $520 cash to post office for bulk mailing of research questionnaire (postage expense).

26 Paid $3,600 cash for two weeks· salaries to employees.

28 Billed various customers $5,200 for services rendered.

30 Collected $7,800 cash from customers on their accounts.

30 Paid $1,500 cash for dividends.

REQUIRED:

a. Set up a general ledger in T-account form for the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Office Equipment; Accumulated Depreciation Office Equipment; Accounts Payable: Salaries Payable: Contract Liabilities: Common Stock: Retained Earnings; Service Fees Revenue; Salaries Expense; Advertising Expense; Supplies Expense; Rent Expense: Travel Expense: Depreciation Expense-Office Equipment: and Postage Expense.

b. Record these transactions (1) using the financial statement effects template, and (2) in journal entry form. (3) Post these entries to their T-accounts (key numbers in T accounts by date).

c. Prepare an unadjusted trial balance at June 30, 2019.

d. Prepare adjusting entries (1) using the financial statement effects template and (2) in journal entry form, that reflect the following information at June 30, 2019:

• Office supplies available. $1,530
• Accrued employee salaries, $725
• Estimated life of office equipment is 8 years

Adjusting entries must also he prepared for advertising and service fees per information in the June transactions. (3) Post all adjusting entries to their T-accounts.