rcises Homework Question 6 of 6 "View Policies Current Attempt in Progress Len Kumar started his own consulting firm, Novak Corp. on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. Assets Liabilities Prepd. Insur. Cash Accts. Rec 7,000 + Acc. Depr. Equip 0 + + Supplies + 1.982 Equip 15,000 + Unearn Serv. Rev. 5.200 Accts + Pay 4,270 + Sol/Wages Pay Sto 0 + 21,5 Bal. 6,850 + + 2.760 + Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right-most column. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Supplies on hand at June 30 total $720. A utility bill for $210 has not been recorded and will not be paid until next month The insurance policy is for a year. Services were performed for $4,100 of unearned service revenue by the end of the month. Salaries of $1.420 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. Invoices representing $4,090 of services performed during the month have not been recorded as of June 30 2. 3 4 5. 7 Len Kumar started his own consulting firm, Novak Corp, on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. sets Prepd. Insur. + Equip 2.760 + 15.000 Acc Depr. Equip. - 0 Liabilities Unearn Serv. Rev 5,200 Accts, Pay 4.270+ + Sal/Wages Pay 0 Stockholders' Equity Retained Earnings Rev. Exp. Dlv + 8.300 6,160 0 + Com Stock + 21,982 + + ne insurance policy is for a year 4. 5. Services were performed for $4,100 of unearned service revenue by the end of the month Salaries of $1,420 are accrued at June 30. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. Invoices representing $4,090 of services performed during the month have not been recorded as of June 30. 6. 7 Assets Accts. Rec Prepd. Insur Supplies Cash 6,850 Bal 7.000 1.982 1. 2. 3. 4. 5. 6. N Totals