Sylvia Sweet opened Sweet Angels, Inc. on June 1, 2022. During June, the following transactions were completed:

June 1	Issued 5,000 shares of Cleaning Angels common stock for $13,000. Each share has a $1.25 par.
1	Borrowed $8,500 on a 2-year, 9% note payable.
1	Paid $250 for June for Internet and phone service.
2	Paid $8,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,850 was for the floor equipment and $3,150 for the window equipment).
2	Purchased cleaning supplies for $980 on account.
3	Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, June 6th.
3	Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $3,100 cash.
3	Obtained insurance coverage for $9,840 per year. Coverage begins on June 3, 2022. Sylvia paid $2,460 cash for the first quarter of coverage.
7	Paid $2.50 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock.
10	Paid $300 on amount owed on cleaning supplies.
13	Paid for employees wages for the week of June 6-10.
14	Billed customers $3,600 for cleaning services performed through June 10, 2022.
17	Received $600 from a customer for 4 weeks of cleaning services to begin on June 20, 2022.
20	Paid employees wages for the week of June 13-17.
21	Billed customers $4,300 for cleaning services performed through June 17.
22	Collected $2,400 cash from customers billed on June 14.
23	Paid $250 for Internet and phone services for July.
24	Declared and paid a cash dividend of $0.12 per share.
27	Collected $3,100 from customers billed on June 14 & 21.
27	Paid employees wages for the week of June 20-24.
28	Billed customers $3,900 for cleaning services performed through June 24th.
30	Received notice that a customer who was billed $200 for services performed June 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.)

Adjustment Data:

a. Services performed for customers through June 30, 2022, but unbilled and uncollected were $1,500.

b. Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected.

c. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value.

d. Record 1 month of insurance expense.

e. An inventory count shows $350 of supplies on hand at June 30^th.

f. Record services performed for the customer who paid in advance on June 17^th.

g. Accrue for wages owed through June 30, 2022.

h. Accrue for interest expense for one month.

Instructions:

1. Journalize the June transactions.
2. Post to ledger accounts.
3. Prepare a Preadjusting Trial Balance as of June 30, 2022.
4. Journalize the adjusting entries. (Round all amounts to whole dollars.)
5. Post the adjusting entries to the ledger accounts.
6. Prepare an Adjusted Trial Balance as of June 30, 2022.
7. Journalize the closing entries.
8. Post the Closing Entries to the ledger accounts.
9. Prepare a Post-Closing Trial Balance on June 30, 2022