6 22 points eBook Print Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations. a. Jessica contributed $52,000 cash to the company on June 1 in exchange for its common stock. b. Purchased inflatable rides and inflation equipment on June 2, paying $30,750 cash. c. Received $7,650 cash from casual hourly rentals at the mall on June 3. d. Rented rides and equipment to customers for $13,300. Received cash of $3,750 on June 4 and the rest is due from customers. e. Received $2,700 from a large corporate customer on June 5 as a deposit on a party booking for July 4. f. Began to prepare for the July 4 party by purchasing and receiving various party supplies on June 6 on account for $850. g. On June 7, paid $8,250 in cash for renting the mall space this month. h. On June 8, prepaid next month's mall space rental charge of $8,250. i. Received $2,300 on June 9 from customers on accounts receivable. j. Paid $1,480 for running a television ad on June 10. k. Paid $5,650 in wages to employees on June 30 for work done during the month. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance for the end of June. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance to calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor.