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The company has the following account balances on June 1, 2020. (all accounts have their normal balances) Drawings: 1000 Cash: 20000 Service revenue: 50000 Capital:

The company has the following account balances on June 1, 2020. (all accounts have their normal balances)

Drawings: 1000

Cash: 20000

Service revenue: 50000

Capital: 15000

Depreciation Expense: 700

Equipment: 30000

Accounts Payable: 5000

Insurance Expense: 500

Unearned Service Revenue: 4000

Prepaid Service Revenue: 500

Accounts Receivable: 4000

Rent Expense: 5000

Salaries Expense: 16000

Accumulated Depreciation - Equipment: 3000

During June 2018, the following events took place. Where appropriate, record a journal entry for each transaction. If no journal entry is required, write no entry.

  1. On June 2, the company prepaid rent for July to September for $6,000.

Date

Account name & description

Debit

Credit

  1. On June 8, someone invested $3,000 cash and a computer system valued at $2,000 into the company.

  1. On June 10, the company collected $4,000 it was owed on account.

  1. On June 15, The company provided a quotation for membership fees to a corporation looking to provide fitness benefits to its employees. The quotation was for $10,000. The corporation will decide next month if it is a good fit.

  1. On June 22 the company provided product and collected $5,000.

  1. On June 24 the company received a $1,000 bill for advertising expense that it will pay in the near future.

  1. On June 27 the company paid $2,000 cash on account.

  1. On June 29, the owner withdrew $600 for personal use.

  1. On June 30, the company purchased $1,000 of supplies on account.

  1. On June 30, the company paid employee salaries of $3,000.

Explanation is needed if the item needs to to be calculated.

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