e). Prepare the Jack Shack June 30th financial statements in good form:

1. Income statement, 2. Statement of owners equity, 3. Classified balance sheet

f). Journalize and post the closing entries

g) Prepare a post-closing trial balance on June 30.

BUSI 121 Case Assignment - Spring 2021 JACK SHACK LAWN REPAIR SERVICS You are required to do the accounting for a local service business (JACK SHACK LAWN REPAIR SERVICES) for the month of June. After the success of his lawn business, the following summer Jack Roberts opened Jack Shack Lawn Repair Services. During June the following transactions were completed: June 1 Jack invested $40,000 cash in the business. $8,000 came from his personal savings account, and $32,000 was an inheritance Jack received from his grandmother. Jack deposited this into a new business account with his local credit union. June 1 Purchased used lawn repair equipment for $30,750, paying $3,750 cash and the balance on account (the equipment had a list price of $32,000). June 1 Paid $1,250 for the June rent of a small shop. June 3 Purchased cleaning supplies for $2,450 on account. June 5 Purchased $3,300 on a 1-year insurance policy, effective June 1". June 12 (the last three Billed customers for repair services done in June. Amount: $6,480 PLUS digits of your student number). June 18 Paid $5,000 of amount owed on equipment (see June 19 entry), and the full amount owed on cleaning supplies (see June 3rd entry). June 20 Paid $2,325 for employee salaries. June 21 Collected half of the amount billed to the customer on June 12. June 25 Billed customers $7,550 for repair services. June 30 Paid gas and oil for the month on the equipment, $425. June 30 Withdrew $3,000 cash for personal use. BUSI 121 Case Assignment - Spring 2021 JACK SHACK LAWN REPAIR SERVICES Post - Closing Trial Balance June 30th BUSI 121 Case Assignment - Spring 2021 (0) GENERAL JOURNAL J3 Date Account Titles and Explanation Debit Credit Page 16 BUSI 121 Case Assignment - Spring 2021 (e) JACK SHACK LAWN REPAIR SERVICES - Financial Statements cont'd BUSI 121 Case Assignment - Spring 2021 PART 2 REQUIRED continued a) Journalize and post the above June transactions in the Jack Shack General Journal (on General Journal page 1) (6 marks) b) Prepare an unadjusted trial balance as at June 30 (2 mark) Journalize and post the following month-end adjustments (on General Journal page 12) (3 marks) 1. Earned but unbilled fees at June 30 were $ (for this number use the last 4 digits of your student number.....e. 441500....use $1,500. 2. Amortization on the equipment for the month was $ (for this number use the month you were born x $100 Le. if born in July use $700 (74h month x $100 = $700). 3. One-twelfth of the insurance expired. 4. A count showed $630 of cleaning supplies on hand at June 30. 5. Accrued but unpaid employee salaries were $895. 6. The company signed an agreement to purchase new equipment for $21,500. The equipment will be shipped in July. (1 mark) d) Prepare an adjusted trial balance at June 30. You may use a worksheet - but it will not be marked e) Prepare the Jack Shack June 30th financial statements in good form: 1. Income statement, 2. Statement of owner's equity, 3. Classified balance sheet. (3 marks) (2 marks) f) Journalize and post the closing entries (General Journal page 13). (1 mark) B) Prepare a post-closing trial balance at June 30. 12 marks) Overall presentation and understanding of the accounting process. 20 marks TOTAL BUSI 121 Case Assignment - Spring 2021 JACK SHACK LAWN REPAIR SERVICS You are required to do the accounting for a local service business (JACK SHACK LAWN REPAIR SERVICES) for the month of June. After the success of his lawn business, the following summer Jack Roberts opened Jack Shack Lawn Repair Services. During June the following transactions were completed: June 1 Jack invested $40,000 cash in the business. $8,000 came from his personal savings account, and $32,000 was an inheritance Jack received from his grandmother. Jack deposited this into a new business account with his local credit union. June 1 Purchased used lawn repair equipment for $30,750, paying $3,750 cash and the balance on account (the equipment had a list price of $32,000). June 1 Paid $1,250 for the June rent of a small shop. June 3 Purchased cleaning supplies for $2,450 on account. June 5 Purchased $3,300 on a 1-year insurance policy, effective June 1". June 12 (the last three Billed customers for repair services done in June. Amount: $6,480 PLUS digits of your student number). June 18 Paid $5,000 of amount owed on equipment (see June 19 entry), and the full amount owed on cleaning supplies (see June 3rd entry). June 20 Paid $2,325 for employee salaries. June 21 Collected half of the amount billed to the customer on June 12. June 25 Billed customers $7,550 for repair services. June 30 Paid gas and oil for the month on the equipment, $425. June 30 Withdrew $3,000 cash for personal use. BUSI 121 Case Assignment - Spring 2021 JACK SHACK LAWN REPAIR SERVICES Post - Closing Trial Balance June 30th BUSI 121 Case Assignment - Spring 2021 (0) GENERAL JOURNAL J3 Date Account Titles and Explanation Debit Credit Page 16 BUSI 121 Case Assignment - Spring 2021 (e) JACK SHACK LAWN REPAIR SERVICES - Financial Statements cont'd BUSI 121 Case Assignment - Spring 2021 PART 2 REQUIRED continued a) Journalize and post the above June transactions in the Jack Shack General Journal (on General Journal page 1) (6 marks) b) Prepare an unadjusted trial balance as at June 30 (2 mark) Journalize and post the following month-end adjustments (on General Journal page 12) (3 marks) 1. Earned but unbilled fees at June 30 were $ (for this number use the last 4 digits of your student number.....e. 441500....use $1,500. 2. Amortization on the equipment for the month was $ (for this number use the month you were born x $100 Le. if born in July use $700 (74h month x $100 = $700). 3. One-twelfth of the insurance expired. 4. A count showed $630 of cleaning supplies on hand at June 30. 5. Accrued but unpaid employee salaries were $895. 6. The company signed an agreement to purchase new equipment for $21,500. The equipment will be shipped in July. (1 mark) d) Prepare an adjusted trial balance at June 30. You may use a worksheet - but it will not be marked e) Prepare the Jack Shack June 30th financial statements in good form: 1. Income statement, 2. Statement of owner's equity, 3. Classified balance sheet. (3 marks) (2 marks) f) Journalize and post the closing entries (General Journal page 13). (1 mark) B) Prepare a post-closing trial balance at June 30. 12 marks) Overall presentation and understanding of the accounting process. 20 marks TOTAL