Please correctly perform the adjusting journal entries by creating a general journal Suzanne Johnson has just provided you with the preliminary unadjusted trial balance for 5 31 17 (below) Assume this trial balance has been correctly prepared Summer's year end is June 30th General Ledger Account Name Unadjusted T B 5 31 17 Debit Credit Cash 325,800 Accounts Receivable 211,543 Allowance for Doubtful Accounts 84,962 Inventory 1,641,300 Prepaid expenses 19,500 Building 700,000 Furniture Equipment 125,000 Land 452,600 Accum Depreciation 205,564 Investments 185,200 Goodwill 630,000 Other Intangible Assets 115,600 Accounts Payable 1,056,340 Dividends Payable 0 Interest Payable 5,100 Unearned Revenue 158,660 Accrued Wages 41,630 Payroll Taxes Payable 8,850 Long Term Debt 650,000 Common Stock 920,000 Paid in Capital 105,000 Treasury Stock 400,000 Retained Earnings 607,017 Sales Revenue 9,880,540 Cost of Goods Sold 6,145,876 Advertising Expense 185,000 Bad Debt Expense 0 Depreciation Expense 0 Insurance Expense 60,101 Interest Expense 53,214 Investment Income 13,230 Gain on sale of PPE 0 Legal and Accounting Expense 193,340 Office supplies Expense 187,613 Payroll Tax Expense 156,975 Property Tax Expense 104,570 Repair and Maintenance Expense 192,809 Utilities Expense 57,134 Wage Expense 1,593,718 Total 13,736,893 13,736,893 1 $850,000 of product was sold on account This product had a cost of goods sold of $480,000 2 $75,800 received from customer for sales made on account in previous months 3 The following invoices totaling $65,000 were received and recorded on account Legal and Accounting Expense of $22,000 Office Supplies Expense of $6,500 Utilities Expense of $15,200 Repair Maintenance of $21,300 4 $121,000 of inventory was purchased on account and received into the warehouse during June The company uses a perpetual inventory system 5 $88,750 of vendor invoices were paid during June These invoices had already been accrued into accounts payable in May 6 On June 1 a customer made a $85,800 deposit for product sales to be made in July 2017 7 Total June wages were $95,000, of which $81,650 were paid in June and $13,350 were to be paid in July Payroll taxes should be ignored when you record this entry 8 On July 1, 2016, Summer sold equipment with an original cost of $10,000 and accumulated depreciation of $7,000 for $5,000 In June 2017, Summer realized this entry had not yet been recorded Hint Since this equipment was sold on 7 1 16, make sure not to include it in the calculation of year end depreciation Suzanne also provided you the following information that she thought may be helpful in preparing the year end financial statements 9 On January 1, 2017, ABC Corp had paid Summer $135,000 in advance for 8 months of consulting services starting on January 1, 2017 Suzanne has been properly recording consulting revenue each month 10 Bad debt expense has been estimated at $21,500 Bad debt expense is recorded annually at the end of the year, and has not yet been recorded 11 Monthly interest expense on long term liabilities is $6,235 Interest should be accrued every month but has not yet been accrued for June 12 The Prepaid Expense account includes a one year insurance policy purchased and recorded on January 1, 2017 for $13,200 Suzanne has been properly recognizing insurance expense each month through the end of May 13 Depreciation is recorded annually on the straight line basis at the end of the fiscal year (i e , no depreciation expense has been recorded yet for 2017) The company owns one building which has a useful life of 30 years and is assumed to have a $200,000 salvage value Furniture and equpment are assumed to have a useful life of 10 years with no salvage value Hint Don't forget the impact of entry 8 14 On June 1, 2017, Summer declared a dividend of $142,000, to be paid on October 20, 2017 Do not use a separate Dividends account Debit the amount directly to Retained Earnings

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Please correctly perform the adjusting journal entries by creating a general journal: Suzanne Johnson has just provided you with the preliminary unadjusted trial balance for

Please correctly perform the adjusting journal entries by creating a general journal:

Suzanne Johnson has just provided you with the preliminary unadjusted trial balance for 5/31/17 (below). Assume this trial balance has been correctly prepared. Summer's year end is June 30th.

General Ledger Account Name	Unadjusted T/B 5/31/17
	Debit	Credit
Cash	325,800
Accounts Receivable	211,543
Allowance for Doubtful Accounts		84,962
Inventory	1,641,300
Prepaid expenses	19,500
Building	700,000
Furniture & Equipment	125,000
Land	452,600
Accum Depreciation		205,564
Investments	185,200
Goodwill	630,000
Other Intangible Assets	115,600
Accounts Payable		1,056,340
Dividends Payable		0
Interest Payable		5,100
Unearned Revenue		158,660
Accrued Wages		41,630
Payroll Taxes Payable		8,850
Long Term Debt		650,000
Common Stock		920,000
Paid-in Capital		105,000
Treasury Stock	400,000
Retained Earnings		607,017
Sales Revenue		9,880,540
Cost of Goods Sold	6,145,876
Advertising Expense	185,000
Bad Debt Expense	0
Depreciation Expense	0
Insurance Expense	60,101
Interest Expense	53,214
Investment Income		13,230
Gain on sale of PPE		0
Legal and Accounting Expense	193,340
Office supplies Expense	187,613
Payroll Tax Expense	156,975
Property Tax Expense	104,570
Repair and Maintenance Expense	192,809
Utilities Expense	57,134
Wage Expense	1,593,718
Total	13,736,893	13,736,893

1. $850,000 of product was sold on account. This product had a cost of goods sold of $480,000.
2. $75,800 received from customer for sales made on account in previous months.
3. The following invoices totaling $65,000 were received and recorded on account:
Legal and Accounting Expense of $22,000
Office Supplies Expense of $6,500
Utilities Expense of $15,200
Repair & Maintenance of $21,300
4. $121,000 of inventory was purchased on account and received into the warehouse during June. The company uses a perpetual inventory system.
5. $88,750 of vendor invoices were paid during June. These invoices had already been accrued into accounts payable in May.
6. On June 1 a customer made a $85,800 deposit for product sales to be made in July 2017.
7. Total June wages were $95,000, of which $81,650 were paid in June and $13,350 were to be paid in July. Payroll taxes should be ignored when you record this entry.
	8. On July 1, 2016, Summer sold equipment with an original cost of $10,000 and accumulated depreciation of $7,000 for $5,000. In June 2017, Summer realized this entry had not yet been recorded. Hint: Since this equipment was sold on 7/1/16, make sure not to include it in the calculation of year-end depreciation.
Suzanne also provided you the following information that she thought may be helpful in preparing the year-end financial statements.
9. On January 1, 2017, ABC Corp. had paid Summer $135,000 in advance for 8 months of consulting services starting on January 1, 2017. Suzanne has been properly recording consulting revenue each month.
10. Bad debt expense has been estimated at $21,500. Bad debt expense is recorded annually at the end of the year, and has not yet been recorded.
11. Monthly interest expense on long-term liabilities is $6,235. Interest should be accrued every month but has not yet been accrued for June.
12. The Prepaid Expense account includes a one-year insurance policy purchased and recorded on January 1, 2017 for $13,200. Suzanne has been properly recognizing insurance expense each month through the end of May.
13. Depreciation is recorded annually on the straight line basis at the end of the fiscal year (i.e., no depreciation expense has been recorded yet for 2017). The company owns one building which has a useful life of 30 years and is assumed to have a $200,000 salvage value. Furniture and equpment are assumed to have a useful life of 10 years with no salvage value. Hint: Don't forget the impact of entry #8
14. On June 1, 2017, Summer declared a dividend of $142,000, to be paid on October 20, 2017. Do not use a separate Dividends account. Debit the amount directly to Retained Earnings.