The following amounts summarize the financial position of Little Yellow Dog Inc. on May $31,202$X

During June $202$X$,$ the business completed these transactions:

June $1$: Received a cash investment totalling $$4000$ in exchange for common shares.

June $1$: Purchased three computers. The company paid $$1800$ in cash and took out a bank loan of $$4600$ to cover the remaining balance owing. The loan

bears interest of $10\%$ to be paid on March $1,$ next year. The computers are expected to last $5$ years.

June $5$: Paid $$240$ for the current month's office rent.

June $9$: The business was invoiced for a $$3600$ purchase of office supplies.

June $13$: Performed services for a client and received $$7200.$

June $20$: Declared and paid a cash dividend of $$240.$

June $23$: Received $$320$ 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, $$2800.$

June $30$: A physical count received that $$1280$ worth of supplies are still on hand.

June $30$: Paid $$800$ for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work $5$ days each

week and are paid $$3500$ in total every other Friday. The month ended on a Tuesday. Employees were last paid $2$ weeks ago.

Other Information:

In the past, Little Yellow 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:

Create all necessary journal entries $($including adjusting entries$)$ for the month of June $202$X$.$ Place your answer under "Requirement $1^{\text{i}\text{n}\text{t}\text{h}\text{e}}$

"Answer" tab. Note that the dates have been pre$-$populated. Ensure your journal entries match the appropriate date. Explanations are not required.

Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement $2"$ in the "Answer" tab.

Prepare the Income Statement for the month ended June $30,202$X$.$ List expenses in decreasing order by amount. Place your answer under

"Requirement $3"$ in the "Answer" tab.

Prepare the Statement of Retained Earnings for the month ended June $30,202$X$.$ Place your answer under "Requirement $4$ in the "Answer" tab."

Prepare the Balance Sheet at June $30,202$X$.$ Place your answer under "Requirement $5"$ in the "Answer" tab.

Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June $30,202$X$.$ Place your answer under

"Requirement $6"$ in the "Answer" tab. Explanations and dates are not required.