Question1.ComprehensiveExercise(full

accountingcycle)(20points)

Thefollowingtransactionsandeventshave

occurredduringJune2020inBoTechCompany.

Date Transactiondescription

June1 Shareholdersinvested$100,000cashinexchange

forshares.

1 Purchasedequipmentfor$10,000cash.

1 Paid$1,200for12monthsofinsurance.

5 Paid$250foradvertisingonalocalnewspaper

10 Received$4,000cashinadvancefromacustomerforservicestobeperformedduringJuneandJuly.

15 Billedcustomers$2,000forservicesperformed.

20 Purchasedincash$300ofsupplies.

30 PaidDividendsof$500incash.

AdditionalinformationatJune30:

Equipmentdepreciatesatarateof$100per

month.

50%oftheservicerelatedtotransactionon

June10wasperformedduringJune.

Aninventorycountrevealedthat$100of

supplieswereconsumedduringJune.

Required

1. Preparethenecessaryjournalentriesforthe

monthandposttotheLedger.(32points)

2. PreparetheTrialBalance.(5points)

3. Prepareandpostthenecessaryadjusting

entries.(12points)

4. PreparetheAdjustedTrialBalance.(10

points)

5. PreparetheIncomestatement,Retaining

EarningsstatementandStatementof

financialPosition.(20points)

6. Prepareandposttheclosingentries.(16

points)

7. PreparethePost-ClosingTrialBalance.(5

points)