Business Bookkeeping

Liu Kang is the owner of Kappa Services. He has hired you to update the transactions for his business. Liu has provided you with a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below.

Transactions for the month of June:

June 2

Provided services to a customer, who paid $40,000 cash.

June 4

Prepaid $7,200 worth of insurance for one year.

June 7

Paid $1,280 cash to reduce the balance of accounts payable.

June 10

Provided $20,400 worth of services to a customer, who will pay later

June 12

Obtained a $18,000 loan from the bank.

June 13

Purchased equipment with $25,500 cash.

June 17

Paid the $820 telephone bill.

June 20

Paid $12,200 in salaries to employees.

June 30

Paid $340 interest on the bank loan.

Adjustments

June 30

Recognized $600 of prepaid insurance for this month.

June 30

Recognized $5,670 of unearned revenue that has now been earned

Required:

Journalize the transactions.