Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Logan Miller started her own accounting firm, Miller Accounting, on June 1, 2021. Logan Miller wants to prepare monthly financial statements, so adjusting Journal entries

image text in transcribed
Logan Miller started her own accounting firm, Miller Accounting, on June 1, 2021. Logan Miller wants to prepare monthly financial statements, so adjusting Journal entries are required on June 30. Selected transactions for June follow. 1. $840 of supplies were used during the month 2. Utilities expense incurred but not yet recorded or paid on June 30,2021. Is $243. 3. Pald cash of $3,528 for a one-year insurance policy on June 1.2021. The policy came into effect on this date. 4. On June 1. purchased office equipment for $11.160 cash. It is being depreciated at $186 per month for 60 months 5. On June 1. Logan signs a note payable for $9.400.6% Interest. June 30 is a Wednesday and employees are paid on Fridays. Miller Accounting has two employees, who are pald $940 each for a five-day workweek that ends on Friday 7. On June 15, recelved a $820 advance cash payment from a client for accounting services expected to be provided in the future. As at June 30, one half of these services had not been performed. 8. Invoices representing $1.700pf services performed during the month of June have not been recorded as at June 30 Prepare adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions