Expert Help!

By using QuickBooks Online record the transactions for the month of June for this newly established Sole proprietorship company the Month of June's reports of:

Profit & loss for June

Balance Sheet as of June

Adjusted Trial Balance as of June

Statement of Cash Flow as of June

The first payment for the purchase of the Equipment is due for July 1st. In the problems has a typo saying June 1 which is wrong. It should be first payment due for July 1st.

June 2: Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due June 1. (The correct wording is July 1st)

The Complete Accounting Cycle

Two Months

P10. On June l, 20XX, Bob Lutz opened Sole Proprietorship, Lutz Computer

Repair Service. During the month, he completed the following transactions for the company:

June 1 Began business by depositing $20,000 in a bank account in the name of the company.

l Paid the rent for the store for current month, $ 1 ,700.

1 Paid the premium on a one-year insurance policy, $ 1,920.

2 Purchased repair equipment from Bilbao Company, $16,800. Terms were

$2,400 down and $1,200 per month for one year. First payment is due

June 1.

5 Purchased repair supplies from Rusin Company on credit, $1,872.

8 Paid cash for an advertisement in a local newspaper, $ 240.

15 Received cash repair revenue for the first half of the month, $1,600.

21 Paid Rusin Company on account, $900.

30 Received cash repair revenue for the last half of May, $ 3,900.

30 Made a withdrawal, $1,200.

REQUIRED FOR JUNE

1. Record the June transactions. Include the Post. Ref. column and fill in using the account numbers listed in requirement 2.

2. Open the following accounts: Cash ( 111 ); Prepaid Insurance ( 117); Repair Supplies (119); Repair Equipment (144); Accumulated Depreciation-Repair Equipment (145); Accounts Payable (212); B. Lutz, Capital (311); B. Lutz, Withdrawals (313); Income Summary (314); Repair Revenue (411); Store Rent Expense (511); Advertising Expense ( 512 ); Insurance Expense ( 513 ); Repair Supplies Expense (514); and Depreciation Expense-Repair Equipment (515).

3. Using the following information, record adjusting entries in the general journal and post to the ledger accounts:

d. One month's insurance has expired.

c. The remaining inventory of unused repair supplies is $ 676.

f. The estimated depreciation on repair equipment is $ 280.

4. From the accounts in the ledger, prepare an adjusted trial balance after adjusting entries.

( Note: Normally, a trial balance is prepared before adjustments and then a Adjusted Trial Balance is prepared after adjusting entries.

5. From the adjusted trial balance, prepare an income statement, a statement of owner's equity, Statement of Cash Flow as of June, Total Sales Amount for the month of June, Identify the Current Assets, and a balance sheet for June.

During July, Bob Lutz completed these transactions for Lutz Repair Service:

July 1 Paid the monthly rent, $1,700.

I Made the monthly payment to Bilbao Company, $ l,200.

6 Purchased additional repair supplies on credit from Rusin Compai1y, $3,452.

15 Received cash repair revenue for the first half of the month, $ 3,656.

20 Paid cash for an advertisement in the local newspaper, $ 240.

23 Paid Rusin Company on account, $ 2,400.

30 Received cash repair revenue for the last half of the month, $ 3,268.

30 Recorded a withdrawal by owner, $ 1,200.

8. Prepare and post journal entries to record the July transactions.

9. Using the following information, record adjusting entries in the general journal and post to the ledger accounts.

d. One month's insurance has expired.

e. The inventory of unused repair supplies is $1,652.

f. The estimated depreciation on repair equipment is $280.

10. From the accounts in the ledger, prepare an adjusted trial balance.

11. From the adjusted trial balance, prepare an Income Statement, a Statement of owner's equity, Statement of Cash Flow as of June, Total Sales Amount for the month of June, Identify the Current Assets, and a balance sheet for June.

I appreciate your help! Thank You...