Candy Making Equipment owned by the business: original purchase price was $54,000, estimated useful life was 7 years, and estimated residual value was $8,200 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. A number of candy making lessons totalling $2,900 were provided during the month of June for Sugar-hi but not yet Invoiced. The estimated telephone bill payable as at the end of June is $110. Instructors work every single day during the week including weekends and are paid on a periodic basis. Wages were last paid up to and including June 15. Wages incurred after that day (from June 16 to June 30 inclusive) are estimated to have been $620 per day. Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $810. Provided $1,280 worth of candy making lessons during the month of June in relation to the cash received in advance from Candy Man on June 9. Office supplies totaling $1,332 are still on hand at June 30. $4,400 worth of prepaid advertising was consumed in June. GENERAL JOURNAL Post Ref. Debit Credit Date Account and Explanation select) Jun 30 Jun 30 select Jun 30 select sales select Jun 30 select) Jun 30 select Jun 30 selecti select Jun 30 es Jun 30 ple P Adjusting entries GENERAL LEDGER Account: Accounts Receivable Account No. 110 Ref. Debit Credit Date 4,100 Jun 2 2 2 Description 9 Service revenue 15 Collection of accounts receivable 28 Service revenue 30 Service revenue Balance 4,100 DR 2,500 DR 12,200 DR 1,600 Jun Jun 9,700 OJ Jun Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Office Supplies Account No. 130 Date Description Jun 6 purchase of office supplies Ref. Dobit Credit Balance GJ 3,700 3,700 DR Jun 30 . Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Prepaid Advertising Account No. 140 Date Ref. Debit Credit Balance Description Prepaid advertising Jun GJ 8,800 8.800 DR Jun 30 . + Jun 30 . Jun 30 . Jun 30 Adjusted Balance Account: Accum Depn: Candy Making Equipment Account No. 161 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 . Jun 30 Jun 30 Adjusted Balance (Q=510-2 Account: Wages Payable Account No. 220 Dato Description Ref. Debit Credit Balance Jun 30 Jun 30 . Jun 30 Jun 30 Adjusted Balance (Q-510-22 Account: Telephone Payable Account No. 221 Date Description Ref. Debit Credit Balance Balance Jun 30 . + Jun 30 . Jun 20 . Jun 30 Adjusted Balance Account: Interest Payable Account No. 225 (Q-510-225 16 Date Description Ret Debit Credit Balance Jun 30 . P Adjusting entries Account: Uneamed Revenue Account No. 230 Ref. Debit Credit Balance Date Description 9 Revenue received in advance GJ 3,200 3,200 CR Jun Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Revenues Account No. 400 Date Ref. Debit Credit Balanco 4,100 CR Jun Jun Description 5 Received cash for services 9 Services provided on credit 25 Received cash for services 28 Services provided on credit 4,100 4,100 8,200 CR 2 2 2 2 Jun 6,300 14,500 CR 24,200 CR Jun 9,700 Jun 30 : . Jun 30 . Jun 30 Jun 30 Adjusted Balance Account: Wages Expense Account No. 516 Date Ref. Debit Credit Jun Description 16 Paid staff wages 30 GJ Balance 6,300 DR 6,300 Jun + Jun 30 Jun 30 DOO Jun 30 Adjusted Balance P Adjusting entries Account: Telephone Expense Account No. 541 Ref. Date Debit Credit Balance Description 5 Paid telephone expense GJ 190 190 DR Jun Jun 30 . Jun 30 Jun 30 Jun 30 Adjusted Balance (Q-510-54 Account: Advertising Expense Account No. 543 Date Description Rof. Debit Credit Balance Balance Jun 30 : DOO Jun 30 Jun 30 Jun 30 Adjusted Balance {Q-510-544 Account: Orice Supplies Expense Account No. 544 Dale Description Rel. Debit Balance Jun 30 Jun 30 000 Jun 30 1 Jun 30 Adjusted Balance . (-510-560. Depen Account Den Expense: Candy Making Equipment Account No. 560 Date Description Ref. Dabi Credit Balance Jun 30 3 Account: Depn Expense: Candy Making Equipment Account No. 560 Date Description Rel. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance (QE Account: Interest Expense Account No. 571 Date Description Ref: Debil Credit Batance Balance Jun 30 Jun 30 . Jun 30 Bood Jun 30 Adjusted Balance