BestPlumbing, Inc. Balance Sheet
As of June 30, 2018
ASSETS
Current assets
cash			38,250
Accounts Receivable			33,500
Supplies			4,375
	Total current assets			76,125
PPE
Equipment			48,000
Accumulated Depreciation			(18,000)
	Equipment, net			30,000
Total assets				106,125
LIABILITIES
Current liabilities
Unearned revenue			8,000
Total liabilities				8,000
STOCKHOLDERS' EQUITY
Common stock			50,000
Retained earnings			48,125
Total stockholders' Equity				98,125

Please show all work to all the questions

Best plumbing service Co. started its operation on 1/1, 2018. The balance sheet as of 6/30/2018 is shown in worksheet BS0. The company had the following transactions during July of 2018. Borrowed $35,000 from key bank by signing a 24-month note with a 4 % annual interest rate. Received $58,000 cash from new investors and issued $58,000 no-par value common stock to 1 1-Jul 2 1-Jul them Purchase $84,000 of new equipment and paid cash 1-Jul 4 1-Jul Pay 500 for July truck rental invoice customer A $900 for service completed - customer will pay in 10 days. the board of directors declared a cash dividend of $11,000, to be paid on 7/31 Paid employee $6,000 for works performed during the first week of July. Performed a job for a new customer- customer B. Customer paid $500 in cash Collected $3,500 for service performed on June 26th of 2018 Paid employee $4,800 for works performed during the first week of July. Purchased $50 of supplies on account. Supplies are consumed immediately. Collected $900 for service performed on 7/3. Incurred $430 cost for repairing am equipment. Best plumbing will pay in 30 days. 5 3-Jul 6 5-Jul 7 7-Jul 10-Jul 12-Jul 10 14-Jul 11 15-Jul 12 15-Jul 13 17-Jul 14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months Collected $30,000 cash from service performed on June 28th Paid employees $5,750 for work performed during the 3rd week of July. 15 20-Jul 16 21-Jul 17 23-Jul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31,2019 Completed plumbing work for customer C. The total price is $3,900. The customer paid $1,000 18 25-Jul cash and will pay the remaining on august 25 Completed a job for customer D. Customer paid $225 cash 19 27-Jul Paid $50 for the supplies purchased on 7/15 Pay the employees $6300 for work performed during the 4th week of july invoice customer E $33,000 for service completed- customer will pay in 20 days. pay the cash dividend which was declared on 7/5. 20 27-Jul 21 28-Jul 22 31-Jul 23 31-Jul Additional Information: The depreciation expense for the month is estimated to be $2,400 At the end of July, there are $15,550 supplies on hand. For the last 3 days (29,30, 31) of work on July, the employees earned $3,200 of wages, which have not 1 2 been paid yet On 2/1/2018, BestPlumbing received 4 advanced payment from the government office for works to be performed from February to July. Per the contract with the government, Best plumbing can recognize $8,000 of the advanced payment as revenue in July. The bank informs Bestplumbing that the interest on the loan for July is$115 Instructions: 1. Prepare journal entries for each event (show work on worksheet "JE") Prepare the general ledger accounts (T-accounts) on a piece of paper or on your computer. But you do not need to show your work for this. 2. Prepare adjusting entries (show work on worksheet "ADJ. JE) 3. Prepare adjusted trial balance (show work on worksheet "ADJ. TB") 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows (show work on FSs) 5. Prepare closing entries (show work on "closing JE")