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Canvas - XC@ Application Question #2 On June 1, 2020, Anthony Ferrara organized a business called Friend With A Truck for the purpos rental yard. The new business was able to begin operations immediately by purchasing the assets Rent-All, an equipment rental company that was going out of business. Friend With A Truck uses the following chart of accounts: USE THESE ACCOUNTS FOR YOUR JOURNAL ENTRIES - you may use abbreviations, Accounts Payable Accounts Receivable Accumulated Depreciation Rental Anthony Ferrara, Capital Equipment Anthony Ferrara, Withdrawals Cash Depreciation Expense Income Summary Interest Expense Interest Payable Maintenance Expense Notes Payable Office Supplies Office Supplies Expense Prepaid Rent Rent Expense Rental Equipment Rental Fees Earned Salaries Expense Salaries Payable Unearned Rental Fees Utilities Expense Canvas - XC The company closes its accounts and prepares financial statements at the end of each month. During June, the company entered into the following transactions 1 June 1 Anthony Ferrara deposited $127.000 cash in a bank account in the name of the business. June Purchased for $210,000 all the equipment formerly owned by Rent-All Paid $90,000 cash and issued a one- year note payable for $120,000. The equipment is estimated to have a useful life of 10 years. June 1 Paid $12,000 to Morrison Realty as four months advance rent on the rental yard and office formerly occupied by Rent-All June 3 June 5 Received $10,000 cash as advance payment on equipment rental from McBryan Construction Company. Purchased office supplies on account from Newport Office Company, $1,850. Payment due in 30 days. (These supplies are expected to last for several months.) Purchased on account (from Foley Parts Distributor) $360 in parts needed immediately to repair a rental June 9 tractor 15 18 June Not including the advance payment from the McBryan Construction Company, additional equipment rental fees earned during the first 15 days of June amounted to $8.900, of which $7.200 was received in cash. June Paid the account payable to Foley Parts Distributor. 5360 June 19 Collected $1,700 of the accounts receivable recorded on June 15. Rented a backhoe to Mission Landscaping at a price of $110 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Paid salaries. $6,400. No payroll deductions were made. June 29 Anthony Ferrara withdrew $3,000 cash from the business to make a mortgage payment for his personal residence June 24 June 29 June 30 Equipment rental fees earned during the second half of June and received in cash amounted to $7.850. Received a bill from Western Utilities for the month of June. 5340. Payment is due in 30 days. June 30 Canvas - X Tonic wrongyrrwrWWprowcy pry tractor hune 15 June 18 June 19 Not including the advance payment from the McBryan Construction Company, additional equipment rental fees eamed during the first 15 days of June amounted to $8,900, of which $7.200 was received in cash. Paid the account payable to Foley Parts Distributor, $360 Collected 51.700 of the accounts receivable recorded on June 15. June Rented a backhoe to Mission Landscaping at a price of $110 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Paid salaries. $6,400. No payroll deductions were made. Anthony Ferrara withdrew $3.000 cash from the business to make a mortgage payment for his personal residence 24 June 29 June 29 June 30 Equipment rental fees earned during the second half of June and received in cash amounted to $7,850. June 30 Received a bill from Western Utilities for the month of June, $340. Payment is due in 30 days. Adjusting Entries June 30 The information available on June 30 is as follows: the office supplies on hand are estimated at $1,160 $3.210 of the advance payment from McBryan Construction has been earned. 1. Journalize the above transactions for June 2. Prepare the two June 30 adjusting entries
