The following amounts summarize the financial position of Little Black Dog Inc. on May 31, 202X Cash + + Assets Computers (net) 0 Land + Supplies + = Liabilities Accounts Note Payable Payable 4800 0 + Accounts Receivable 600 + + + Salaries Payable 0 Interest Payable 0 Shareholders' Equity Common Retained Shares Eamings 2400 2220 Balance 1560 60 7200 During June 202x, the business completed these transactions: June 1: Received a cash investment totalling $5400 in exchange for common shares. June 1: Purchased three computers. The company paid $1350 in cash and took out a bank loan of $2250 to cover the remaining balance owing. The loan bears interest of 10% to be paid on June 1, next year. The computers are expected to last 5 years. June 5: Paid $480 for the current month's office rent. June 9: The business was invoiced for a $3900 purchase of office supplies June 13: Performed services for a client and received $5400. June 20: Declared and paid a cash dividend of $360. June 23: Received $240 from a customer that was billed last month. June 25: Paid $2400 of a bill received earlier in the month. June 30: Billed a client for services rendered, $3000. June 30: A physical count received that $960 worth of supplies are still on hand. June 30: Paid $840 for an advertising campaign that had been run during the month and accrued employee salaries. Employees work 5 days each week and are paid $1500 in total every other Friday. The month ended on a Thursday. Employees were last paid 2 weeks ago. Other Information: 1) In the past, Little Black Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. Required: 1) Create all necessary joumal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer" tab. Note that the dates have been pre-populated. Ensure your joumal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the Income Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3" in the "Answer" tab. 4) Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5* in the "Answer" tab. 6) Using the method outlined in the textbook, joumalize the necessary closing entries for the month ended June 30, 202X. Place your answer under "Requirement 6" in the "Answer" tab
