Question 81 Psyche Company had the following adjusted trial balance. PSYCHE COMPANY Adjusted Trial Balance For the Month Ended June 30, 2015 Adjusted Trial Balance Debits Credits Cash Accounts Receivable $4,000 4,200 700 Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable $1,900 200 5,400 800 350 4,400 1,500 300 2,400 750 $13,450 $13,450 Instructions (a) Prepare closing entries at June 30, 2015 (b) Prepare a post-closing trial balance. (c) Prepare the stockholders' equity section of the June 30, 2015 balance sheet. Question #2: On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30. Sept. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were Sept. 9 Sold 40 backpacks for $35 each to Oliver Books, terms 2/10, n/30. Sept. 13 Sold 15 backpacks for $35 each to Heller Office Supply, terms n/30. Sept. 14 Paid Hunter in full, less discount Instructions Journalize the September transactions for Reid Supply