How do you
a)prepare journal entries to record the June transactions
b)post the transactions to existing general ledger accounts
c)prepare unadjusted trial balance
d)prepare adjusting journal entries
e) post adjusting entires to the ledger
Junge Transactions for June 2018 1-Jum-18 After opening the mal, secretary 2-sun-18 The Accounts Payable staff 5-Jun-18 The Payrolil department distributed pay checks to all scaff that had wages due to them as of May 31 6 Jun-18 Junge delivered Morton Software to 2iom for web tools for Real Estate Agents. Ths special order had been puid for in advance-on 7--18 ngo's in-store demonstration room was destroyed in a storm. Jungo pays $450 cash for constraction and repairs to 8-Jun-18 Jungo sold 3,365 share of newly hsued stock for $31,650 to an investor 518,863, Condor paid $28,295 and Lambert paid 515,720 he secretary caicdlsned a touak of 962,878 in checks receved on balances aue to Jungo. Abie, inc made a payment on an inwoikce that had been recelived (and recordedi on May 12th from Staplers. This invoice was for $1,494 May 23-for $4,650 Cost of this inventory was 592 the equipment was 5120,000 The inventory sold had a cost of $$6,000. The balance oue had terms of et 13-Jun-18 Jungo received a special order from Zedim, It was delivered on July 14. Since Jungo had never sold to Zedim before, a 20s down payment was required with the balance to be paid in full on the date of delivery. The total sales price was 58,750 with the inventory costing $2,268. 14-um-i8 A phipment arfived from Mondert, one of ungo's vendors. ungos purchase was es BL.Ox Software at a cost of $100.00 each, unge will pay for this shipment on June 29 14-Jun-18 Jungo decermined that 5 of the BLOX Software recelved the day before were damaged. Mondert will issue Jungo a credit 5500.00 and had requested Jungo adjust their records accordingly. Adeitionally, Jungo hed been linstructed to destroy the damaged BLOX Software instead of returning them. 15-Jun-18 Jungo received a loan for $300,000 from the bank. This loan is due in 3 years and has an lecerest rate of 7.%. The incerest and 16-Jun-18 Jungo purchased a fully loaded 2018 Lexus ES 350 for cash, Jungo feeis this car will really impress their customers, so they fee 16- Jun-18 Jungo prepaid a 1-year automoble insurance policy for $4,800. Coverage commences today principle are payable when the loan matures. Justified in the expese. The car cost 545,958. Depreciate over 7 years, using the suraight-line method. 19-Jun-18 Jungo had called their attorney regarding a customer complaint earlier in the month. Today they receive a $600 invoice for thes 20-Jun-18 The Payroll department distributed pay checks to all employees who had wages due to them as of June 15 The total wages paid 20-Jun-18 Jungo held an anmual barbeque for its employees that afternoon They paid $1,050 for food, barbeque and party supplies from 22-Jun-18 Jungo recelved an emergency call from Lindholm Financial, They had a major network intrusion and need to install Bi.Ox. Can you legal advice. Terms are net 30 days. were 54,215 helo us Lindholm Financis paid in cash to Jungo 58,200 for consulting services and st,950 for the necessary parts. The inventory was on Jungo's books at a cost of 5600. 23-Jun-18 Jungo's Board of Directors met and deciared a dividend to all shareholders of record as of June 27. This dividend was for $0. 35 per 26-Jun-18 ungo pays the net amount due for the BLOX Software purchased on June 14. 29-Jun-18 ungo completes and invoices their client, Paris, $120,346 for a large ERP Dotabase project jyust compieted. share and will be paid on July 15, 2018 Trial Balance For the 11 months ended May 31, 2018 Account Description Credit 1060 Cash 1200 Accounts Receivable 1210 Supplies 1250 Inventory 1331 Prepaid Media Advertising 1700 Land 1720 Buildings 1725 Equipment 1820 Accumulated Depreciation - Buildings 1825 Accumulated Depreciation - Equipment 2100 Accounts Payable 2105 Salaries & Wages Payable 2150 Unearned Revenue 2160 Income Taxes Payable 3350 Common Stock (44,000 shares, $1 par) Debit $ 61,411 S s 178,000 s $ 48,250 $ $ 132,000 $ $ 12,667 $ $ 130,000 $ $ 720,000 $ $ 23,154 $ - 106,000 S $ 149,661 -$13,500 -$75,205 -$74,020 -44,000 -633,814 - $ 550,466 S 148,250 3560 Retained Earnings 4020 Sales Revenue 4030 Consulting Revenue 5020 Cost of Goods Sold 5615 Advertising & Promotion Expense 5660 Depreciation Expense 5685 Insurance Expense 5765 Maintenance Expense 5770 Salaries & Wage Expense 5775 Supplies Expense 5790 Utilities Expense 5800 Travel Expense 6800 Interest Income 7900 Income Tax Expense $ 120,266 $ $ 35,325 $ $ 12,265 $ $3,525 $ $6,000 $ $ 185,442 $ $ 9,765 $ $ 19,322 $ s 34,051 $ 1,393 $ 74,020s (Note: All shares are outstanding (Note: There may be a slight rounding error)1805.463 $ 1.805463 Chart of Accounts Account Description 1060 Cash 200 Accounts Receivable 1210 Supplies 1250 Inventory 1331 Prepaid Media Advertising 1700 Land 1720 Buildings 1725 Equipment 1820 Accumulated Depreciation- Buildings 1825 Accumulated Depreciation- Equipment 2100 Accounts Payable 2105 Salaries & Wages Payable 2150 Unearned Revenue 2160 Income Taxes Payable 2250 Dividends Payable 3350 Common Stock (44,000 shares, $1 par) 3560 Retained Earnings 3650 Dividends 3660 Income Summary 4020 Sales Revenue 4030 Consulting Revenue 5020 Cost of Goods Sold 5615 Advertising&Promotion Expense 5620 Employee Relations Expense 5660 Depreciation Expense 5685 Insurance Expense 5765 Maintenance Expense 5770 Salaries & Wage Expense 5775 Supplies Expense 5790 Utilities Expense 5800 Travel Expense 6800 Interest Income 7900 Income Tax Expense You may find it necessary to add new accounts. Create an account title and an unassigned account number that will place the new account in its appropriate ocation relative to the existing accounts listed. Example: If you want to add another expense account, title it with a new expense name and choose a number not currently being used such as 6665 or 6810
