Following is a list of transactions that occurred during the month of June Transactione Started the business with S31 20,000 in cash Borrowed $412,000 in the form of a note payable Purchased land with cash for $74,880 Purchased building with cash for $936,000 Purchased equipment on account for $312,000. Purchased a 12-month insurance policy for $24,000. Purchased $10,000 of Food and Beverage Inventory on account Generated $12,000 in room revenue. The guests paid cash Generated $3,000 in food and beverage revenue on account Paid S1,500 in cash for advertising Paid a utility bill of $2,000 in cash Received a $5,000 cash deposit for a future banquet. Paid $1,800 in cash to repair an elevator Paid $4.000 in wages in cash You withdraw $500 from the business for personal use Dates June 1.- June 2- June 2- June 2 June 3+ June 4" June e June 5e une 6. June 10.- June 15 June 18. June 22- June 28.- June 30. Required: Complete the trial balance in good form as of June 30, 20158 The following transactions are adjusting entries that need to be booked as of June 30, 2018 1. Money borrowed on June 2 is an interest loan with a 10 percent interest rate. The interest accrues each month even though interest is paid quarterly with the first payment not due until September 2, 2018. Compute interest on a monthly basis not by number of days.. The building has no salvage value and is depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years Compute Depreciation Expense on a daily basis 2. 3. Insurance coverage has expired the mumber of days between payment and end of June There is $8,500 of food and beverage inventory left in storage at the end of the month and there was no inventory used for internal purposes (Employee meal or transfer to other department) - 4. 5. The last payday was June 28% (employees were paid for working that day). Wages accrue at $200 per day. Required: 1. Prepare adjusting entries based on the above information 2. Post the adjusting entries into T-accounts + 3. Complete an adjusted trial balance in good form as of June 30, 2018. + 4. Prepare closing entries of all required accounts. 5. Complete the Income Statement for June 2018 6. Complete a final Balance Sheet in good form as of June 30, 2018