Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The companys Chart of Accounts is also included as shown below.

Journalize the transactions for June 1 - June 30. Explanations optional

Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The opening balances for the month of June are as follows: Sports R Us Balance Sheet As at May 31, 2019 Assets Liabilities Cash $37,000 Accounts Payable $9,800 Accounts Receivable 12,500 Unearned Revenue 4,200 Prepaid Insurance 9,250 Bank Loan 25,000 Office Supplies 5,000 Merchandise Inventory 8,750 Total Liabilities 39,000 Property, Plant & Equipment 95,000 Stockholder's Equity Accumulated Depreciation (23,000) Common Stock 70,000 Retained Earnings 35,500 Total Stockholder's Equity 105,500 Total Assets $144,500 Total Liabilities & Owners' Equity $144,500 Jun 1 Jun 12 Transactions for the month of June: Purchased sports equipment on account from Modern Furniture (to be recorded i Jun 7 Received cash from customers for various sports camps completed this week Jun 8 Paid rent for the month of June Jun 10 Prepaid insurance for one year Paid utility bill from May Jun 15 Paid bi-weekly wages to employees Paid interest on bank loan Jun 20 Received telephone bill to be paid next month Purchased office supplies from Office Barn on account Jun 25 Made principal payment on bank loan Paid cash dividends to stockholder's Jun 27 Purchased Inventory for the store on account from Sports World Record monthly cash sales for the store Jun 30 Record COGS for monthly sales Jun 15 $11,000 $24,250 $2,900 $2,400 $1,900 $5,750 $300 $650 $1,700 $4,000 $2,500 $11,500 $13,500 $8,750 Jun 22 Jun 26 Jun 30 Account # 400 410 The Chart of Accounts (GL no.) is shown below: Account Description Account # ASSETS Cash 101 Accounts Receivable 105 Prepaid Insurance 110 Office Supplies 115 Merchandise Inventory 120 Property, Plant & Equipment 130 Accumulated Depreciation 140 LIABILITIES Accounts Payable 200 Salaries Payable 205 Interest Payable 210 Unearned Revenue 215 Bank Loan 220 Account Description REVENUE Service Revenue Sales Revenue EXPENSES Advertising Expense COGS Insurance Expense Maintenance Expense Rent Expense Telephone Expense Salaries Expense Office Supplies Expense Depreciation Expense Interest Expense 500 505 510 515 520 530 540 550 555 560 STOCKHOLDER'S EQUITY Common Stock Retained Earnings Dividends Income Summary 300 310 315 320 a) Journalizing Journal Date Jun 1 Account Title & Explanation Page 1 Credit PR Debit Jun 7 Jun 8 Jun 10 Jun 12 Jun 15 Jun 15 Jun 20 Jun 22 Jun 25 Jun 26 Jun 27 Jun 30 Jun 30