CAUTION Before you actually look at the problem, there are a couple of things that I want to caution you about 1. It h extremely important to the organization and flow of the data and ultimately your stress-free success that you do the Instructions in Order. I would definitely suggest that you also complete each one before moving on to the next one. 2. This one is also tied to your success with this project. I am well aware that there are similar problems that are easily found floating around-especially on the Internet. However, I draw your attention to the Key Word-amia Most of the ones that you will find utilize a format and account titles that we have not covered in this course, because they are Not Generally Used in American businesses. These formats and titles are Not Acceptable, and points will be lost for using them. I strongly suggest that you simply use the Sample Problem format for your own Midterm problem as your template, you would like my Template file. Just email me and I will send it to you If you have any questions about any of this, please make sure to get a hold of me. I will happily help you through Rough Draftfs) through Thursday night. I would strongly suggest that you get a head start on this and do not wait until Thursday to start it So-Let's get started Melody and Mike Johnson opened M & M Office Cleaning, Inc. on June 1, 2021 During June, the following transactions were completed June 1 Issued 5,000 shares of M 6 M stock to tamly and friends for $10,000 Each share hos a $1.25 par value, 1 Dortowed $7,500 on a 2 year 7% note pavable Pald $6.000 to purchase used floor and window cleaning equipment from a comowy going out of business (14 800 was for the floor equipment and $1.200 for the window equipment 2 3 Poid $210 for Jane for Internet and phone service. Purchased denim ples for $1.00 on account Received Quote for insurance coverage for 59.840 per year. Cover would run from June 3.2021 through May 01, 2022 M&M paid $2.460 cash for the first of coverage red employees. Each wan be paid 5450 per 5 dw work week Monday-Friday Employees will be working on Monday, June 7th 3 Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, June 7th. 4 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. M&M sold the window cleaning equipment for $1.500 cash. 7 Paid $2.30 per Share to buy 300 shares of M&M Office Cleaning, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock 10 Paid $500 on amount owed on cleaning supplies. 14 Paid for employees' wages for the week of June 7-11 Billed customers $3,500 for cleaning services performed through June 11, 2021. 17 18 Received $700 from a customer for 4 weeks of cleaning services to begin on June 21, 2021. 21 Paid employees wages for the week of June 14-18 23 Collected $3,000 cash from customers billed on June 17. 24 Billed customers $4,200 for cleaning services performed through June 18th 25 Paid $210 for Internet and phone services for July. 27 Collected $3,800 from customers billed on June 17 & 24 28 Declared and paid a cash dividend of $0.15 per share. 28 Paid employees' wages for the week of June 21-25 29 Billed customers $3,500 for cleaning services performed through June 25th Received notice that a customer who was billed $140 for services performed June 10th has filed for bankruptcy. M & M Office Cleaning, Inc does not expect to collect any portion of this outstanding receivable. (M&M will follow the GAAP Guidelines for uncollectible accounts.) 30 structure.com/courses/599/pages/final project module item=34956 Received notice that a customer who was billed 5140 for services performed June 10th has filed for 30 bankruptcy. M & M Office Cleaning, Inc does not expect to collect any portion of this outstanding receivable. (M&M will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data: (Round all calculations to Whole Dollars) A. Services performed for customers through June 30, 2021, but unbilled and uncollected were $900. B. M&M Office Cleaning used the allowance method to estimate bad debts. They estimate that 3% of the month-end receivables will not be collected C. Record 1 month of depreciation for the floor equipment. Use the straight line method, an estimated life at 4 years, and $500 salvage value D. Record 1 month of insurance expense. E. An inventory count shows $500 of supplies on hand at June 30th. F. Record services performed for the customer who paid in advance on June 18th. G. Accrue for wages owed through June 30, 2021 H. Accrue for interest expense for one month 1. M&M estimates a 20% income tax rate. (Hint: Prepare an income statement up to "Income before taxes" to help with the income tax calculation) Instructions: 1. Journalize the June transactions 2. Post to General Ledger accounts 3. Prepare a Preadjusting Trial Balance as of June 30, 2021. 4. Journalize the adjusting entries. (Round all amounts to whole dollars.) 5. Post the Adjusting Entries to the General Ledger accounts 6. Prepare an Adjusted Trial Balance as of June 30, 2021. 7. Journalize the Closing Entries. 8. Post the Closing Entries into the General Ledger Accounts 9. Prepare a Post-Closing Trial Balance The End CAUTION Before you actually look at the problem, there are a couple of things that I want to caution you about 1. It h extremely important to the organization and flow of the data and ultimately your stress-free success that you do the Instructions in Order. I would definitely suggest that you also complete each one before moving on to the next one. 2. This one is also tied to your success with this project. I am well aware that there are similar problems that are easily found floating around-especially on the Internet. However, I draw your attention to the Key Word-amia Most of the ones that you will find utilize a format and account titles that we have not covered in this course, because they are Not Generally Used in American businesses. These formats and titles are Not Acceptable, and points will be lost for using them. I strongly suggest that you simply use the Sample Problem format for your own Midterm problem as your template, you would like my Template file. Just email me and I will send it to you If you have any questions about any of this, please make sure to get a hold of me. I will happily help you through Rough Draftfs) through Thursday night. I would strongly suggest that you get a head start on this and do not wait until Thursday to start it So-Let's get started Melody and Mike Johnson opened M & M Office Cleaning, Inc. on June 1, 2021 During June, the following transactions were completed June 1 Issued 5,000 shares of M 6 M stock to tamly and friends for $10,000 Each share hos a $1.25 par value, 1 Dortowed $7,500 on a 2 year 7% note pavable Pald $6.000 to purchase used floor and window cleaning equipment from a comowy going out of business (14 800 was for the floor equipment and $1.200 for the window equipment 2 3 Poid $210 for Jane for Internet and phone service. Purchased denim ples for $1.00 on account Received Quote for insurance coverage for 59.840 per year. Cover would run from June 3.2021 through May 01, 2022 M&M paid $2.460 cash for the first of coverage red employees. Each wan be paid 5450 per 5 dw work week Monday-Friday Employees will be working on Monday, June 7th 3 Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, June 7th. 4 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. M&M sold the window cleaning equipment for $1.500 cash. 7 Paid $2.30 per Share to buy 300 shares of M&M Office Cleaning, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock 10 Paid $500 on amount owed on cleaning supplies. 14 Paid for employees' wages for the week of June 7-11 Billed customers $3,500 for cleaning services performed through June 11, 2021. 17 18 Received $700 from a customer for 4 weeks of cleaning services to begin on June 21, 2021. 21 Paid employees wages for the week of June 14-18 23 Collected $3,000 cash from customers billed on June 17. 24 Billed customers $4,200 for cleaning services performed through June 18th 25 Paid $210 for Internet and phone services for July. 27 Collected $3,800 from customers billed on June 17 & 24 28 Declared and paid a cash dividend of $0.15 per share. 28 Paid employees' wages for the week of June 21-25 29 Billed customers $3,500 for cleaning services performed through June 25th Received notice that a customer who was billed $140 for services performed June 10th has filed for bankruptcy. M & M Office Cleaning, Inc does not expect to collect any portion of this outstanding receivable. (M&M will follow the GAAP Guidelines for uncollectible accounts.) 30 structure.com/courses/599/pages/final project module item=34956 Received notice that a customer who was billed 5140 for services performed June 10th has filed for 30 bankruptcy. M & M Office Cleaning, Inc does not expect to collect any portion of this outstanding receivable. (M&M will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data: (Round all calculations to Whole Dollars) A. Services performed for customers through June 30, 2021, but unbilled and uncollected were $900. B. M&M Office Cleaning used the allowance method to estimate bad debts. They estimate that 3% of the month-end receivables will not be collected C. Record 1 month of depreciation for the floor equipment. Use the straight line method, an estimated life at 4 years, and $500 salvage value D. Record 1 month of insurance expense. E. An inventory count shows $500 of supplies on hand at June 30th. F. Record services performed for the customer who paid in advance on June 18th. G. Accrue for wages owed through June 30, 2021 H. Accrue for interest expense for one month 1. M&M estimates a 20% income tax rate. (Hint: Prepare an income statement up to "Income before taxes" to help with the income tax calculation) Instructions: 1. Journalize the June transactions 2. Post to General Ledger accounts 3. Prepare a Preadjusting Trial Balance as of June 30, 2021. 4. Journalize the adjusting entries. (Round all amounts to whole dollars.) 5. Post the Adjusting Entries to the General Ledger accounts 6. Prepare an Adjusted Trial Balance as of June 30, 2021. 7. Journalize the Closing Entries. 8. Post the Closing Entries into the General Ledger Accounts 9. Prepare a Post-Closing Trial Balance The End