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1. 2. 4. 5. 6. The $3,626 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,470 of supplies are on hand.
1. 2. 4. 5. 6. The $3,626 balance in Supplies Expense represents supplies purchased in January. At June 30, $1,470 of supplies are on hand. The note payable was issued on February 1. It is a 9%, 6-month note. Interest is paid when the note matures. The balance in Insurance Expense is the premium on a 1-year policy, dated March 1, 2022. Service Revenue is credited when cash is received from customers. At June 30, services revenue of $1,274 remains unearned. Revenue for services performed but unrecorded at June 30 totals $1,960. Depreciation is $2,214 per year.
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