The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2018 was as follows: Chelsea Elliott, Marketing Services Unadjusted trial balance as at 30 June 2018 Account Debit Credit Cash at bank $7,000 Accounts receivable 19,530 GST receivable 2,340 Prepaid rent 1,890 Prepaid insurance 2,460 Office supplies 3,620 Office equipment 10,980 Accumulated depreciation - office equipment $2,220 Accounts payable 2,520 Unearned fees 990 Loan payable - due 2018 8,280 GST payable 7,250 C Elliott, capital 14,940 C Elliott, drawings 46,800 Fees revenue 124,570 C Elliott, capital C Elliott, drawings Fees revenue Salaries expense Telephone expense Rent expense 14,940 46,800 124,570 51,480 5,490 9,180 $160,770 $160,770 ZYour answer has been saved and sent for grading. See Gradebook for score details. Using the following information, prepare adjusting entries. Use the accounts shown in the trial balance and these additional accounts: salaries payable, interest payable, telephone account payable, depreciation expense, office supplies expense, insurance expense, interest expense. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 1,525.) 1. 2. 3. 4. Interest expense of $470 has accrued on the loan payable. A physical count of office supplies on 30 June shows $500 of unused supplies on hand. Depreciation of the office equipment this year is estimated to be $920. Half the amount in the unearned fees account had been earned by the end of the year. The amount in the prepaid rent account covers this June and the next 2 months. of prepaid insurance, 70% expired this period. Salaries expense accrued for the last 4 days in June amounts to $1,490. The telephone expense for June of $600 has not been recorded or paid. No tax invoice has been issued. 5. 6. 7. 8. Chelsea Elliott, Marketing Services General journal adjusting entries Particulars Debit Date 30 June 2018 Credit 1. Interest expense 470 + 470 Interest payable (Accrued interest on loan payable) 2. Office supplies 500 500 Office supplies expense (Office supplies used) 3. Depreciation expense office equipment 920 Accumulated depreciation office equipment 920 (Depreciation on office equipment) 4. Unearned fees 495 495 Fees revenue (Fees revenue received previously, now earned) 5. Rent expense 630 630 Prepaid rent (Rent expense for June) 6. Insurance expense 1722 1722 Prepaid insurance (Insurance prepaid now expired) 7. Salaries expense 1490 1490 Salaries payable (Accrued salaries payable) 8. Telephone expense 600 Telephone account payable 600 (Telephone expense for June) Open T accounts for the accounts shown in the trial balance and enter the 30 June balance in each account. Post the adjusting entries to the T accounts. adjusting entries. Leave blank any fields that do not require an entry. Round answers to 0 decimal places, e.g. 1,525.) Cash at bank Account receivable GST receivable Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated depreciation office equipment + Accounts payable Interest payable Telephone account payable Salaries payable Unearned fees Loan payable GST payable C Elliot, capital C Elliot, drawings Fees revenue Salaries expense Telephone expense Rent expense Interest expense Depreciation expense office equipment Office supplies expense Insurance expense