June

June-01 Collected $ 1500 cash from customer accounts receivable

June-02 Purchased supplies on account that cost $ 300

June-07 Recorded services of catering to customers and cash receipts were $ 500 and invoices for services on account were $ 1500.

June-08 Received $ 450 cash as an advance payment on May 10 from a client to be served in June and completed the job on June 8.

June-10 Paid the utility company for the monthly utility bills that had been received in the previous month, $ 360

June-15 Paid $ 1800 cash for employee salaries

June-15 Purchased a one-year insurance policy for $ 1000 on the microwave

June-16 Paid $ 150 on the account payable that was established when supplies were purchased on June 2.

June-20 Paid a $ 300 cash dividend to the stockholders

June-27 Received monthly utility bills amounting to $ 350. The bills would be paid in the month of July

June-31 Recorded revenues to customers. Cash receipts were $ 800, and invoices for sales on account were $ 1350

June-31 Paid $ 1800 cash for employee salaries

Required:

1. Describe and journalise the transactions for the month of June in the general journal.

2. Record and post appropriate adjusting entries for June.

3. Prepare an adjusted trial balance for the month of June.

4. Prepare an income statement and statement of retained earnings for the month of June.

5. Record and post the closing entries for the month of June.

6. Prepare a closing trial balance for June.