Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations. a. Jessica contributed $55,000 cash to the company on June 1 in exchange for its common stock. b. Purchased inflatable rides and inflation equipment on June 2, paying $31,950 cash. c. Received $6,550 cash from casual hourly rentals at the mall on June 3. d. Rented rides and equipment to customers for $12,050. Received cash of $3,000 on June 4 and the rest is due from customers. e. Received $2,750 from a large corporate customer on June 5 as a deposit on a party booking for July 4. f Began to prepare for the July 4 party by purchasing and receiving various party supplies on June 6 on account for $660. g. On June 7, paid $7,850 in cash for renting the mall space this month. h. On June 8, prepaid next month's mall space rental charge of $7,850. Received $1,350 on June 9 from customers on accounts receivable. j. Paid $2,240 for running a television ad on June 10. k. Paid $4,550 in wages to employees on June 30 for work done during the month. Requirement General Journal General Ledger Trial Balance Analysis General Journal tab- Prepare the journal entries to record the transactions (a) through (k). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab- Each journal entry is posted automatically to the general ledger. Trial Balance tab- The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Analysis tab-Using the information from the requirements above, complete the 'Analysis' tab. General Journal > 1 No Date 1 June 01 Cash Common Stock 2 June 02 Cash Equipment General Journal Debit Credit 55,000 55,000 31,950 31,950 3 June 03 Cash 6,550 Service Revenue 6,550 4 June 04 Cash 3,000 Accounts Receivable 9,050 Deferred Revenue 12,050 5 June 05 Cash 2,750 Deferred Revenue 2,750 6 June 06 Supplies 660 Accounts Payable 660 7 June 07 Rent Expense 7,850 Cash 7,850 8 June 08 Prepaid Rent Cash 7,850 7,850 9 June 09 Cash 1,350 Accounts Receivable 1,350 10 June 10 Advertising Expense 2,240 Cash General Ledger Account Accounts Receivable No. Date Debit Credit Balance No. Date Debit Credit Balance June 01 0 June 01 0 1 June 01 55,000 55,000 4 June 04 9,050 9,050 2 June 02 31,950 86,950 9 June 09 1,350 7,700 3 June 03 6,550 93,500 4 June 04 3,000 96,500 5 June 05 2,750 99,250 7 June 07 7,850 91,400 8 June 08 7,850 83,550 9 June 09 1,350 84,900 10 June 10 2,240 82,660 11 June 30 4,550 78,110 Supplies No. Date Debit Credit Balance No. Date Prepaid Rent Debit Credit Balance June 01 0 6 June 06 660 660 8 June 01 June 08 0 7,850 7.850 Equipment Accounts Payable No. Date Debit Credit Balance No. Date Debit Credit June 01 0 June 01 2 June 02 31,950 (31,950) 4 6 June 06 660 Balance 0 660 Deferred Revenue Common Stock No. Date Debit Credit Balance No. Date Debit Credit Balance June 01 0 June 01 0 4 June 04 12,050 12,050 1 June 01 55.000 55,000 43333333333 " 4 Equipment No. Date Debit June 01 2 June 02 Deferred Revenue No. Date Debit June 01 4 June 04 5 June 05 Credit Balance No. Date Accounts Payable Debit Credit 0 June 01 31,950 (31,950) 6 June 06 660 Balance 660 Common Stock Credit Balance No. Date Debit Credit Balance 0 June 01 12,050 12,050 1 June 01 55,000 55,000 2,750 14,800 Service Revenue Advertising Expense No. Date Debit Credit Balance No. Date Debit Credit Balance June 01 0 June 011 0 3 June 03 6,550 6,550 10 June 10 2,240 2,240 Rent Expense Salaries and Wages Expense No. Date Debit Credit Balance No. June 01 Date June 01 Debit Credit Balance 7 June 07 7,850 7,850 11 June 30 4,550 4,550 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Deferred Revenue Common Stock Service Revenue Advertising Expense Rent Expense Salaries and Wages Expense Total Account Title FUNFLATABLES Trial Balance June 30, 2020 General Ledger Analysis > Debit Credit 47 $ 78,110 7,700 660 7,850 31,950 660 14,800 55,000 6,550 2.240 7,850 4,550 $ 108,960 $ 108,960 Requirement General Journal General Ledger Trial Balance Analysis Refer to the revenues and expenses shown on the unadjusted trial balance to calculate preliminary net income and net profit margin. (Round your Net Profit Margin answer to 1 decimal place.) Preliminary Net Income Net Profit Margin % Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor