The details of the end of month adjustments for June are as follows:

Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.

Office Equipment owned by the business: original purchase price was $52,000, estimated useful life was 8 years, and estimated residual value was $5,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.

The water usage for the month of June is estimated to be $116.

The estimated electricity payable as at the end of June is $290.

Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $320 per day.

Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $205.

Office supplies totaling $1,874 are still on hand at June 30.

One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance.

3 months of advertising remained pre-paid at the start of June.

5 months of insurance remained pre-paid at the start of June.