Jan and Jason decided to form a Delaware corporation named Socrates.com to provide online software training and other services to internet users. The business started up on June 1, 2011. It's unadjusted trial balance for the first month of operation is as follows: Socrates.com Unadjusted Trial Balance June 30, 2016 Account Title DR CR Cash 50,700 Accounts Receivable 1,250 Supplies 2.500 Prepaid Insurance 3,800 Accounts Payable 2,500 Wages Payable Interest Payable Unearned Fees 2.400 Notes Payable 10,000 Common Stk 31 900 FeesEarned 11,250 Total: 58,050 58,050 Instructions: (1) Complete General Ledger (T-Accounts) by recording above Unadjusted Trial Balance amounts for each account title. (2) Complete Adjusting Journal Entries (AE) below for June 30, 2011 for the following transactions: a. Prepaid Insurance policy is a one year policy purchased June 1 b. An inventory count of supplies shows $1,800 on hand at end of month. c.Notes Payable amount is a single promissory note for $10,000 signed June 1. It is a two year note with 6% simple interest payable at maturity. (Note: Interest=Principal x Time x Rate). d. The company discovers fees earned on June 30 In amount of $200 nat booked, billed or collected c. As of June 30, fifty percent (50%) of work has been performed for unearned fees (advances). Accrued Wages wages last paid on June 26 and the next payroll period will not end until July 9. Assume there are four workdays remaining in June and the total payroll for a five day work week is $3,000. (3) Post Ales to the General Ledger and net the amounts. (4) Enter the AJE amounts in the Adjustments columns of the spreadsheet that correspond with their account titles. When completed, Debit column should equal Credit column when totaled. (S) Combine Unadjusted Trial Balance amounts with those in Adjustments columns and enter net amounts in the Adjusted Trial Balance columns of spreadsheet. (6) Spread amounts from Adjusted Trial Balance columns to the Balance Sheet and Income Statement columns, total same, calculate Gain or loss and compete the fin. statements. Enter ADJUSTING JOURNAL ENTRIES below: Date Descrietien DR CR b. d. e f. Jan and Jason decided to form a Delaware corporation named Socrates.com to provide online software training and other services to internet users. The business started up on June 1, 2011. It's unadjusted trial balance for the first month of operation is as follows: Socrates.com Unadjusted Trial Balance June 30, 2016 Account Title DR CR Cash 50,700 Accounts Receivable 1,250 Supplies 2.500 Prepaid Insurance 3,800 Accounts Payable 2,500 Wages Payable Interest Payable Unearned Fees 2.400 Notes Payable 10,000 Common Stk 31 900 FeesEarned 11,250 Total: 58,050 58,050 Instructions: (1) Complete General Ledger (T-Accounts) by recording above Unadjusted Trial Balance amounts for each account title. (2) Complete Adjusting Journal Entries (AE) below for June 30, 2011 for the following transactions: a. Prepaid Insurance policy is a one year policy purchased June 1 b. An inventory count of supplies shows $1,800 on hand at end of month. c.Notes Payable amount is a single promissory note for $10,000 signed June 1. It is a two year note with 6% simple interest payable at maturity. (Note: Interest=Principal x Time x Rate). d. The company discovers fees earned on June 30 In amount of $200 nat booked, billed or collected c. As of June 30, fifty percent (50%) of work has been performed for unearned fees (advances). Accrued Wages wages last paid on June 26 and the next payroll period will not end until July 9. Assume there are four workdays remaining in June and the total payroll for a five day work week is $3,000. (3) Post Ales to the General Ledger and net the amounts. (4) Enter the AJE amounts in the Adjustments columns of the spreadsheet that correspond with their account titles. When completed, Debit column should equal Credit column when totaled. (S) Combine Unadjusted Trial Balance amounts with those in Adjustments columns and enter net amounts in the Adjusted Trial Balance columns of spreadsheet