Adjusting Entries for each of the following related situations, prepare the necessary adjusting entry in general journal form: a recorded depreciation on equipment is $3.300 The Supplies account has a balance of 35.400 Supplies on hand at the end of the period totaled $3.400 On the date for preparing financial statements, an estimated tistes expense of $2.800 has been incurred but no t has been received d. On the first day of the current month rent for four months was paid and recorded as a 1.200 debt to Prepaid Rent and a $5,200 credit to Cash Monthly statements are now being prepared e. Nine months ago Mache insurance Company sold a one year policy to a customer and recorded the receipt of the premium by debating Cash for 3024 and crediting Unearned Premium Revenue $1024 been prepared during the nine month period. A l inancial schements are now being prepared At the end of the accounting period employee wages of $3.000 have been incurred but not paid. At the end of the accounting period. $2,000 of interest has been earned but not yet received ones recevable that are held stig entries have Business Course *Return to course Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the trans Fees Earned: Rent Expense: Utilities Expense; and Salaries Expense, June 1 Lisa Ryan invested $21,000 cash to begin the business, she received common stock for her investment. 2 Paid rent for June, 51 850. 3 Purchased office equipment on account, $7,300. 6 Purchased art materials and other supplies costing $4.700; paid $2,700 down with the remainder due within 30 days. 11 Billed clients for services. $9,800 17 Collected $4.150 from clients on account. 19 Paid $3,900 on account to office equipment company (see June 3 transaction). 25 Lisa Ryan received a $2.900 dividend. 30 Paid utility bill for June, $1,250. 30 Paid salaries for june, $3,400. a. Using the accounting equation, record each of the transactions in columnar format Use negative signs with your answers, when appropriate. Cash + Accounts Receivable Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings June 15 0 $ 0 $ 0 WN 0 OOOOOOOOOOO OOOOOOOOOOO 0 0 0 0 0.5 0 b. Use journal entries to record the transactions for June in the general journal Date Description Debit Credit Owner purchased common stock for cash Paid June rent. Purchased office equipment on account Cash Purchased supplies paid down payment with balance due in 30 days Billed clients for services Collections from clients on account Payment on account Use negative signs with your answers, when appropriate Cash + Accounts Receivable Supplies - Office Equipment - Accounts Payable - Common Stock + Retained Earnings 0.5 b. Use journal entries to record the transactions for June in the general journal. Date Description Debit Credit une Owner purchased common stock for cash Paidune rent. Purchased office equipment on account Cash Purchased suppliespaid down payment with balance due in 30 days dellent for services Collections from dients on account Payment on account