Semester 2020/ X ACCT 122 MT FALL 2020 V4.p. X accounting exam.pdf X 466-644.202002/ACCT%20122%20MT%20FALL%202020%2014.pdf?_&d2|SessionVal=r5h2q Part I - Business Bookkeeping (17 marks) Stephanie Deaville is the owner of Beta Services. She has hired you to update the transactions for her business. Stephanie has provided you with the opening balances and a list of transactions for the month of June. The opening balances for the month of June are as follows: Beta Services Balance Sheet As at May 31, 2020 Assets Liabilities Cash $20,000 Accounts Payable Accounts Receivable 9,500 Unearned Revenue Prepaid Insurance o Note Payable Supplies on hand 800 Equipment 10,000 Accumulated ciation (4,000) Total Liabilities I Owner's Equity Deaville, Capital Total Assets $36,300 Total Liabilities & Owners' Equity $11,000 5,200 6,300 22,500 13,800 $36,300 Transactions for the month of June: Jun 1 Stephanie transferred personal equipment into the business. The equipment had a fair value of $32,000 Jun 4 Received $80,000 cash for services provided. Jun 7 Received $4,800 cash for services to be provided next year. Jun 10 Paid insurance of $9,600 for the upcoming year. Jun 12 Paid $9,200 cash to reduce the balance of accounts payable. Jun 15 Paid payroll worth $31,200. Jun 18 Paid $1400 interest on the note payable. Jun 23 Received telephone bill for $2200 which will be paid next month. Jun 25 Recorded business travel expenses worth $17,200 which will be paid next month. Jun 30 Purchased $1280 of supplies for cash. REQUIRED: 1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages. (12 marks) 2. Post only the cash transactions to the general ledger found on page 5