Richard's consulting (Pty Ltd), owned by Richard Chang, is a locally owned and operated business that has been offering management consulting. During the financial year ended 30 June 2021, the company did not declare and/or pay dividend. The unadjusted trial balance as at 30 June 2021 is as follows: RICHARD CONSULTING P/L Trial Balance (unadjusted) As at 30 June 2021 Debit Credit Cash at Bank $38,000 Supplies $15,000 $35.000 Display Equipment Loan Payable $23.000 Share Capital $25.000 Service Revenue $162,000 Rent Expense $22.000 Salaries Expenses $95,000 $3.000 Interest Expenses Utilities Expenses $2.000 S210,000 $210,000 Adjusting Transactions 1. Richard purchased the display equipment for $35,000 on 1 July 2020. It has a useful life of 5 years and no salvage value. The value of the asset depreciates equally over its useful life. 2. Richard is entitled to receive $30,000 of lesson fee from a corporate service. The service was rendered, but this revenue has not yet been recorded, and it is fully expected to be paid. 3. Supplies on hand at year end were counted, and amounted to $7,000 4. The rent expense of $2,000 for June 2021 was not recorded, and was not paid Adjusting Journal Entries Date Accounts Debit Credit 30/06/21 . 24 41 Depreciation expense for FY2021 30/06/21 Accrued revenue BO