Crane Travel Court was organized on July 1, 2021. by Betty Johnson, Betty is a good manager but a poor accountant. From the tria balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2022 CRANE TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues $211.600 Rentrevenue Operating expenses Advertising expense Salaries and wages expense Utilities expense $3,940 82.725 950 2,825 Depreciation expense Maintenance and repairs expense Total operating expenses 4,445 94 885 Net income $116,715 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement the trial balance contains the following additional selected balances at June 30, 2022 $8.845 Supplies Prepaid Insurance 14 400 Notes Payable 14 000 You then make inquiries and discover the following, 1 2 3 4 Crane rentals revenues include advanced rental payments received for summer occupancy in the amount of $57,870 There were $1840 of supplies on hand at June 30 Prepaid insurance resulted from the payment of a one-year policy on April 1.2022 The mall in July 2022 brought the following bills: advertising for the week of June 24. $140; repairs made June 18 54 860 and utilities for the month of June, $225. Wages expense is $305 per day. At June 30, four days wages have been incurred but not paid The note payable is a 6% note dated May 1, 2022 and due on July 31 2022 Income tax of $14.095 for the quarter is due in July but has not yet been recorded 5. 6. 7 w 125/2 on 4 of 8 are any adjusting Journal entries required at June 30, 2022. (If no entry is required, select "No Entry for the accountitle O for the amounts Credit account titles are automatically indented when the amount is entered Do not indent manually) Debit Credit - Account Titles and Explanation 57870 Rent Revenue 57870 Unearned Rent Revenue 7005 Supplies Expense 2005 Supplies 3600 Insurance Expense 3600 Prepaid Insurance 340 Advertising Expense 4860 Maintenance and Repairs Expense 225 Utilities Expense 5225 Accounts Payable 1220 Salaries and Wages Expense 1220 Salaries and Wages Payable Interest Expense 140 Interest Payable 72 14095 Income Tax Expense 14095 Income Tax Payable 6:18 Revenues $ Rent Revenue Expenses Advertising Expense $ Salaries and Wages Expense Utilities Expense Depreciation Expense Maintenance and Repairs Expense Supplies Expense Interest Expense Insurance Expense Income Tax Expense Total Expenses $ Net Income (Loss)