Miller & Associates, Inc. $ 70,000 10,000 800 3,600 Jun 1 The firm invested assets for common stock. 1 Paid for leasehold improvements 2 Purchased office supplies 3 Paid insurance premium 10 Paid office rent 14 Paid salaries 15 Sold bonds at a discount 16 Performed consulting services 17 Sold inventory 17 Cost of sale of inventory 18 Purchased professional publications 23 Performed consulting services 28 Paid salaries 28 Customer paid retainer 28 Paid commissioned reps 29 Paid for repairs 30 Paid telephone and electric bills 30 Paid cash dividends 30 Provision for bad debt using income statement approach (adjusting entry) 1,500 1,000 9,400 8,000 6,000 2,000 250 6,000 1,000 5,000 250 200 850 1,000 280 Chart of Accounts 101 105 106 120 125 140 150 155 158 200 Cash Accounts Receivable Allowance for Bad Debt Supplies Prepaid insurance Inventory Office Furniture Leasehold improvements Accumulated depreciation Accounts payable 635 640 650 720 740 800 900 Dues and Subscriptions Office supplies expense Payroll tax expense Commission expense Bad debt expense Interest expense Income Summary 620 Repair expense 625 Telephone expense 630 Utilities expense Miller & Associates, Inc. Additional Information: 1/12 of life insurance expired at month-end Office supplies on hand at month-end Depreciation on the furniture and leasehold improvements Salaries accrued and not paid at month-end Accounting services performed on retainer at month-end Payroll taxes accrued and not paid at month-end Interest accrued but not paid June 30 was $100. Amount amortized on discount at June 30 was $30 A physical count of books, manuals, etc. as inventory remaining at June 30 ? 200 250 200 500 650 140 8000 Check figures: Adjusted trial balance totals Net income Total assets Post-closing trial balance totals 106,730 11,030 95,170 96,360 Acct. No. Debit Credit Date Account Titles Transactions for June Jun 1 Cash Inventory Office Furniture Paid-in Capital in Excess of Par Common Stock 101 140 160 306 300 Jun 1 Leasehold Improvements Cash 155 101 Jun 2 Supplies Cash 120 101 Jun 2 Prepaid Insurance Cash 125 101 Jun 10 Rent Expense Cash 611 101 Jun 14 Salary Expense Cash 608 101 trade Jun 15 Cash 101 Discount on Notes Payable Notes Payable 216 215 Jun 16 Accounts Receivable Revenue 105 405 Jun 17 Cash 101 Jun 17 Cash Revenue 101 405 Cost of goods sold Inventory 605 140 Jun 18 Dues and Subscriptions Accounts Payable 635 200 Student Name Jun 23 Accounts Receivable Revenue 105 405 Jun 28 Salary Expense Cash 608 101 Jun 28 Cash Unearned Revenue 101 205 Jun 28 Commission Expense Cash 720 101 Jun 29 Repair Expense Cash 620 101 Jun 29 Repair Expense Cash 620 101 Jun 30 Telephone Expense Utility Expense Cash 625 630 101 TTI Jun 30 312 Dividends Cash 101 Adjusting Entries: Jun 30 Bad Debt Expense Allowance for Bad Debt 740 106 Jun 30 Insurance Expense Prepaid Insurance 610 125 Jun 30 640 Office Supplies Expense Supplies TUTTO 120 Jun 30 Depreciation Expense Accumulated Depreciation 607 158 Jun 30 Salary Expense Salaries Payable 608 209 Jun 30 Unearned Revenue Revenue 205 405 Jun 30 Payroll Tax Expense Payroll Taxes Payable 650 211 Jun 30 800 Interest Expense Discount on Notes Payable 216 Student Name Interest Payable 212 Jun 30 Cost of goods sold Inventory 605 140 Closing Entries: Jun 30 Revenue Income Summary 900 405 Jun 30 Cost of goods sold 605 Miller & Associates, Inc. $ 70,000 10,000 800 3,600 Jun 1 The firm invested assets for common stock. 1 Paid for leasehold improvements 2 Purchased office supplies 3 Paid insurance premium 10 Paid office rent 14 Paid salaries 15 Sold bonds at a discount 16 Performed consulting services 17 Sold inventory 17 Cost of sale of inventory 18 Purchased professional publications 23 Performed consulting services 28 Paid salaries 28 Customer paid retainer 28 Paid commissioned reps 29 Paid for repairs 30 Paid telephone and electric bills 30 Paid cash dividends 30 Provision for bad debt using income statement approach (adjusting entry) 1,500 1,000 9,400 8,000 6,000 2,000 250 6,000 1,000 5,000 250 200 850 1,000 280 Chart of Accounts 101 105 106 120 125 140 150 155 158 200 Cash Accounts Receivable Allowance for Bad Debt Supplies Prepaid insurance Inventory Office Furniture Leasehold improvements Accumulated depreciation Accounts payable 635 640 650 720 740 800 900 Dues and Subscriptions Office supplies expense Payroll tax expense Commission expense Bad debt expense Interest expense Income Summary 620 Repair expense 625 Telephone expense 630 Utilities expense Miller & Associates, Inc. Additional Information: 1/12 of life insurance expired at month-end Office supplies on hand at month-end Depreciation on the furniture and leasehold improvements Salaries accrued and not paid at month-end Accounting services performed on retainer at month-end Payroll taxes accrued and not paid at month-end Interest accrued but not paid June 30 was $100. Amount amortized on discount at June 30 was $30 A physical count of books, manuals, etc. as inventory remaining at June 30 ? 200 250 200 500 650 140 8000 Check figures: Adjusted trial balance totals Net income Total assets Post-closing trial balance totals 106,730 11,030 95,170 96,360 Acct. No. Debit Credit Date Account Titles Transactions for June Jun 1 Cash Inventory Office Furniture Paid-in Capital in Excess of Par Common Stock 101 140 160 306 300 Jun 1 Leasehold Improvements Cash 155 101 Jun 2 Supplies Cash 120 101 Jun 2 Prepaid Insurance Cash 125 101 Jun 10 Rent Expense Cash 611 101 Jun 14 Salary Expense Cash 608 101 trade Jun 15 Cash 101 Discount on Notes Payable Notes Payable 216 215 Jun 16 Accounts Receivable Revenue 105 405 Jun 17 Cash 101 Jun 17 Cash Revenue 101 405 Cost of goods sold Inventory 605 140 Jun 18 Dues and Subscriptions Accounts Payable 635 200 Student Name Jun 23 Accounts Receivable Revenue 105 405 Jun 28 Salary Expense Cash 608 101 Jun 28 Cash Unearned Revenue 101 205 Jun 28 Commission Expense Cash 720 101 Jun 29 Repair Expense Cash 620 101 Jun 29 Repair Expense Cash 620 101 Jun 30 Telephone Expense Utility Expense Cash 625 630 101 TTI Jun 30 312 Dividends Cash 101 Adjusting Entries: Jun 30 Bad Debt Expense Allowance for Bad Debt 740 106 Jun 30 Insurance Expense Prepaid Insurance 610 125 Jun 30 640 Office Supplies Expense Supplies TUTTO 120 Jun 30 Depreciation Expense Accumulated Depreciation 607 158 Jun 30 Salary Expense Salaries Payable 608 209 Jun 30 Unearned Revenue Revenue 205 405 Jun 30 Payroll Tax Expense Payroll Taxes Payable 650 211 Jun 30 800 Interest Expense Discount on Notes Payable 216 Student Name Interest Payable 212 Jun 30 Cost of goods sold Inventory 605 140 Closing Entries: Jun 30 Revenue Income Summary 900 405 Jun 30 Cost of goods sold 605