Journal entry of Cloud Break Consulting, Loc. is dated June 30, 2019 Account Debit | Credit No 1 2 building 5 The trail balance sheet of Cloud Break Consulting, Loc is dated June 30, 2019: Assets Liabilities Cash 131,000 Account Payable 159,000 Account Receivable 104,000 Notes payable 60,000 Supplies 4,000 salary payable 25,000 Prepaid rent 27,000 Loan Payable 70,000 Inventory Uncarned Revenue 40,000 Total current assts 266.000 Total Liabilities 254.000 land 45.000 building 300,000 Shareholder's Equity Accumulated depreciation -155,000 Common Stocks 50,000 Retained Earning 52,000 Total fixed asset 190.000 Total owner's equity 102,000 Total Assets 456,000 Total Liabilities and 456,000 Famits During the month of June, the business incurred the following transactions: 1. Deposited S4,000 cash in the business's bank account. The company received the cash and issued 70% common stocks, and 30% preferred stocks 2. The company purchased a new furniture for $3,750 on account from IKEA 3. The company bought equipment, paying cash, 8750 4. The company purchased a Mice supplies for S2000 cash 5. The company provided services to the Walker Company for $12,000 on account. 6. The company paid $500 to IKEA 7. The company received $4,000 in cash for services provided to a new customer. 8. Shortly after opening the business, the company paid the month's rent of $8500. 9. One customer declared his bankrupt. So the Cloud Break Consulting failed to collect 1% of its 2ccounts receivable (bad Debt expense). 10. The company paid $4000 cash to repair car. 11. The company received $8,200 cash from Walker Company 12. Declared and paid dividends of $1600. 13. Collecting 80% of accounts receivable. 14. The company paid 50% of its accounts payable 15. Supplies on hand at month-end, S3000 16. Salary owed but not paid yet S2000 17. Nine months of rent ($27,000) were paid in advance on April 1, 2019. No rent expense has been recorded since that date. 18. $10,000 out of the uneared service revenue was camed during June 19. The loan accrues interest at 2.5% per month. No interest was paid in June 20. The bookkeeper recorded a payment to accounts payable of S410 as $140 21. Income tax is 2.5% 22. EFT payment of insurance expense, S4000. Required: Record theses business transactions in Journal entry, and create the financial statements 9 10 11 Income Statement The trail balance sheet of Moe's Mowing, Las is dated June 30, 2019 Assets Liabilities Revenue Less: Expenses Retained Earnings Statement Total Assets Total Liabilities and Shareholder's Eauity