Now that you have completed the unadjusted trial balance, you are ready to record the end of month adjustments for June.

The purpose of adjusting entries is to ensure that the general ledger account balances reflect the revenues earned and expenses incurred during the accounting period.

Remember that the details of the end of month adjustments for June are as follows:

• Computer Equipment owned by the business: original purchase price was $56,000, estimated useful life was 7 years, and estimated residual value was $7,300 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
• A number of computer lessons totalling $4,300 were provided during the month of June for Turbo Tech but not yet invoiced.
• The estimated telephone bill payable as at the end of June is $100.
• Instructors work every single day during the week including weekends and are paid on a periodic basis. Wages were last paid up to and including June 16. Wages incurred after that day (from June 17 to June 30 inclusive) are estimated to have been $580 per day.
• Interest expense incurred during the month of June but not yet paid to ZNZ Bank for the bank loan is $990.
• Provided $3,350 worth of computer lessons during the month of June in relation to the cash received in advance from Pikea on June 11.
• Office supplies totaling $1,064 are still on hand at June 30.
• $1,200 worth of prepaid insurance expired during the month of June.

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Date	Description
1	Maria Fowler invested $105,000 cash into the business.
1	Purchased Computer Equipment for $56,000 cash.
1	Paid $7,200 for the next six month's insurance coverage.
1	Obtained a long-term loan of $198,000 from the ZNZ Bank.
3	Received $3,200 in cash from Handys Electronics for computer lessons provided on that day.
5	Paid $200 for a non-refundable account set-up fee to the telephone provider.
7	Purchased approximately two months worth of office supplies on credit for $2,800 from Big Telco.
8	Provided $7,000 of computer lessons on credit for Jerry Technology.
11	Received $6,700 cash from Pikea for future computer lessons.
17	Paid staff wages of $6,900 for the period up to and including yesterday.
19	Jerry Technology paid $2,100 in partial payment of their account.
21	Maria Fowler withdrew $2,000 cash from the business.
25	Made a partial payment of $1,680 for office supplies purchased on June 7.
25	Provided $6,700 of computer lessons to Hypertronics on credit.
27	Received a cash payment of $2,500 from students for computer lessons provided on that day.

GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select) 30 (select) Jun select) 30 select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 Select) (select) Jun 30 (select) select) (select) Jun 30 ((select) Jun 30 select) (select) Account: Accum Depn: Computer Equipment Account No. 161 Date Description Ref. Debit Credit Balance Jun 30 V Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Telephone Payable Account No. 221 Date Description Ref. Debit Credit Balance Jun 30 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Unearned Revenue Account No. 230 Date Ref. Debit Credit Balance Description 11 Revenue received in advance Jun GJ 6,700 6,700 CR Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Revenues Account No. 400 Date Ref. Debit Credit Balance Description 3 Received cash for services Jun GJ 3,200 3,200 CR Jun GJ 7,000 10,200 CR Jun 8 Services provided on credit 25 Services provided on credit 27 Received cash for services GJ 6,700 2,500 16,900 CR 19,400 CR Jun GJ Jun 30 v >> Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance Jun 17 Paid staff wages GJ 6,900 6,900 DR Jun 30 v Jun 30 Jun 30 > > Jun 30 Adjusted Balance Account: Telephone Expense Account No. 541 Date Description Ref. Debit Credit Balance Jun 5 Paid telephone expense GJ 200 200 DR Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance > Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance V Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Account: Depn Expense: Computer Equipment Account No. 560 Date Description Ref. Debit Credit Balance Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance