Boston Consulting Group (BCG) is a consulting firm The companys fiscal year end is June 30 th , 2021 BCGs accountants are recording year end adjusting entries and have gathered the following information for the adjustments The balance in Supplies was $21,700 as of July 1 st , 2020 Purchases of supplies during the year totaled $97,100 and an audit showed supplies on hand of $23,400 as of June 30 th , 2021 During the year BCG received advance payments from clients totaling $140,000, representing 350 hours of consulting services at the firms $400 per hour standard billing rate As of June 30 th , 2021, 180 hours of consulting time had been dedicated to projects for which clients had paid the firm in advance As of June 30 th , 2021, BCG had 260 hours of unbilled and unrecorded consulting services provided to clients who will pay BCG when the projects are completed during fiscal 2022 The firms standard billing rate is $400 per hour June 30 th , 2021 falls on a Wednesday The firms weekly payroll is $450,000 for a five day work week and it pays its employees every Friday The last pay date was Friday, June 25 th , and the next pay date is Friday, July 2 nd BCGs ledger includes the following accounts Accounts Receivable, Supplies, Unearned Fees, Salaries Payable, Fees Earned, Salaries Expense, Supplies Expense Instructions Journalize the necessary adjusting entries as of June 30 th , 2021 in the space below Assume no adjustments were recorded prior to June 30 th , 2021 Use correct account names and make sure the entries are in proper form

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Boston Consulting Group (BCG) is a consulting firm. The companys fiscal year end is June 30 th , 2021. BCGs accountants are recording year-end adjusting

Boston Consulting Group (BCG) is a consulting firm. The companys fiscal year end is June 30^th, 2021. BCGs accountants are recording year-end adjusting entries and have gathered the following information for the adjustments:

The balance in Supplies was $21,700 as of July 1^st, 2020. Purchases of supplies during the year totaled $97,100 and an audit showed supplies on hand of $23,400 as of June 30^th, 2021.
During the year BCG received advance payments from clients totaling $140,000, representing 350 hours of consulting services at the firms $400 per hour standard billing rate. As of June 30^th, 2021, 180 hours of consulting time had been dedicated to projects for which clients had paid the firm in advance.
As of June 30^th, 2021, BCG had 260 hours of unbilled and unrecorded consulting services provided to clients who will pay BCG when the projects are completed during fiscal 2022. The firms standard billing rate is $400 per hour.
June 30^th, 2021 falls on a Wednesday. The firms weekly payroll is $450,000 for a five day work week and it pays its employees every Friday. The last pay date was Friday, June 25^th, and the next pay date is Friday, July 2^nd.

BCGs ledger includes the following accounts: Accounts Receivable, Supplies, Unearned Fees, Salaries Payable, Fees Earned, Salaries Expense, Supplies Expense.

Instructions: Journalize the necessary adjusting entries as of June 30^th, 2021 in the space below. Assume no adjustments were recorded prior to June 30^th, 2021. Use correct account names and make sure the entries are in proper form.