The opening balances for the month of June are as follows:

Beta Services

Balance Sheet

As at May 31, 2020

Assets;

Cash $20,000, Accounts Receivable 9,500, Prepaid Insurance 0, Supplies on hand 800, Equipment 10,000, Accumulated Depreciation (4,000), Total Assets $36,300 .

liabilities;

Accounts Payable $11,000

Unearned Revenue 5,200

Note Payable 6,300

Total Liabilities 22,500

Owner's Equity

Deaville, Capital 13,800

Total Liabilities & Owners' Equity $36,300

Transactions for the month of June:

Jun 1 Stephanie transferred personal equipment into the business. The equipment had a fair value

of $40,000. $8,000

Jun 4 Received $100,000 cash for services provided. $20,000

Jun 7 Received $6,000 cash for services to be provided next year. $1,200

Jun 10 Paid insurance of $12,000 for the upcoming year. $2,400

Jun 12 Paid $11,500 cash to reduce the balance of accounts payable. $2,300

Jun 15 Paid payroll worth $39,000. $7,800

Jun 18 Paid $1750 interest on the note payable. $350

Jun 23 Received telephone bill for $2750 which will be paid next month. $550

Jun 25 Recorded business travel expenses worth $21,500 which will be paid next month. $4,300

Jun 30 Purchased $1600 of supplies for cash. $320

REQUIRED:

1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following

pages.

2. Post only the cash transactions to the general ledger found on page 5.