On June. 3 2000 Jack Kemp invested $20,000 cash to start the Keg Bar and grill

3 Paid rent for the office $6,000 which covers a three-month period. 4 Purchased chair and other office furniture for $4,800 from Lowes Office Supply.

Paid $1,000 cash for down payment with the balance due in 30 days.

5 Purchased and paid $1,700 for supplies.

6 Performed services for $7,000 in cash.

7 Paid $800 cash for advertising expense.

10 Purchased vehicle for $3,600 from Special Moves Inc. Paid a down payment of $500 with the balance due in 30 days.

11 Performed services for $5,500 on account.

12 Paid $3,800 cash to Lowes Office Supply as payment on account.

13 Performed services for $1,500 in cash.

14 Paid $2,000 for an employees salary.

17 Received payments of $4,000 from credit clients on account. '

20 Paid $1,000 to Special Moves Inc. as payment on account.

25 Received a telephone bill for $200 which will be paid next month.

27 Paid the monthly electric bill for $300. 28 Issued cheque to Jack Kemp for $3,000 for personal living expenses.

30 Paid $2,000 cash for the salary of an employee .

Prepare the journal entries for the month of June. Assign page numbers to the journal and include a short description for each journal entry. 3. Post the journal entries to the ledger accounts.

At the end of June 2000, the Keg Bar and grill had the following adjustments: 1. Supplies used during June totaled $500. 2. Expired rent for the month $2,000. 3. The chair and other furniture that were purchased on June 4 has an expected useful life of 5 years and no salvage value. Calculate and record the monthly depreciation expense. 4. The vehicle that was purchased on June 10 has an expected useful life of 3 years and no salvage value. Calculate and record the monthly amortization expense. 5. Service worth $1,000 was done for a client and the client will pay next month in February.

Complete the worksheet for the month. 2. Prepare an income statement. 3. Prepare a statement of owners equity. 4. Prepare a balance sheet. PART 3 1. Prepare the closing entries using the income summary account for June 2. Prepare the post-closing trial balance.