KPMB Consulting Inc. incurred the following transactions in June.

June $1$ Sold $1,600$ shares of common stock for $$64,000$ cash.

June $2$ Purchased office equipment that cost $$48,000$ by signing a $2$ year, $7\%$ interest$-$bearing note payable.

The equipment has a useful life of $5$ years.

June $3$ Purchased $$8,000$ of supplies on account. Hint debit supplies

June $4$ Performed $$3,200$ of consulting services on account.

June $5$ New client agreed to consulting proposal with $$1,600$ of work to begin next month.

June $6$ Paid $$9,600$ cash for a $6$ month insurance policy $($June through November$).$

June $13$ Paid $$4,000$ cash toward payable for June $3$ purchase of supplies

June $15$ Received $$1,920$ cash in advance for consulting services to be performed in the future

June $20$ Performed consulting services for $$8,000$ cash.

June $30$ Paid $$5,600$ cash for salaries this period.

June $30$ Paid $$7,200$ cash for june rent for a short$-$term lease.

Required

Prepare the June $30$ adjusting entry for each of the following items and post those entries to the ledger accounts.

The following accounts are added to KPMB Consulting Inc.$\text{'}$s chart of accounts:

Insurance Expense $(526),$ Depreciation Expense $(528),$ Accumulated Depreciation $(162),$ Interest Expense $(542),$ Interest Payable $(210),$ Utilities Expense $(540),$ Utilities Payable $(215),$ Supplies Expense $(541),$

Posting Adjusting Entries

Prepare the June $30$ adjusting entry for each of the following items.

One month of insurance expense expired.

Equipment is depreciated for the month of June

$$800$ of KPMB$\text{'}$s performance obligations have been satisfied as of June $30$ related to the June $15$ advance payment.

Interest expense is incurred for the month of June.

Utility expense incurred for June of $$1,760$ will be paid in July.

Revenue of $$1\mathrm{.}200$ has not been billed related to performance obligations completed as of June $30.$

Supplies inventory on June $30$ based on a physical count is $$5,280.$ Recall that the Supplies account has a $$8,000$ balance, recorded when supplies were purchased