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Part B: Complete Problem 3-42 parts a and d (do not complete parts b, c and e) on page 137-138. P3-42. Preparing Adjusting Entries, Financial
Part B: Complete Problem 3-42 parts a and d (do not complete parts b, c and e) on page 137-138. P3-42. Preparing Adjusting Entries, Financial Statements, and Closing Entries Murdock Carpet Cleaners ended its first month of operations on June 30, 2015. Monthly financial statements will be prepared. The unadjusted account balances are as follows. MURDOCK CARPET CLEANERS Unadjusted Trial Balance June 30, 2015 Credit Debit 450 Equipment $ 760 2,000 5,300 4,650 Wages expense.. 1,020 $12,710 $12,710 The following information is available 1. The balance in Prepaid Rent was the amount paid on June 1 for the first four months' rent 2. Supplies available a June 30 were $820 3. Equipment, purchased June 1, has an estimated life of five years. 4. Unpaid and unrecorded employee wages at June 30 were $210 5. Utility services used during June were estimated al $300. A bill is expected early in July 6. Fees earned for services performed but not yet billed on June 30 were $380. The company uses the account Accounts Receivable to rellect amounts due but nol yet billed. Prepare its adjusting entries a June 30, 2015 using the financial statement efTects template. a. d. Prepare its income statement for June and its balance sheet at June 30, 2015
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