Transaction Entries, Posting, Trial Balance, and Adjusting Entries Huang Karate School began business on June 1. Transactions for June are as follows. 1 Po Huang contributed his personal funds in exchange for common stock to begin the business 2 Purchased equipment for a total of Paid cash of $750, with the balance due in 30 days Paid 6 months' rent. Paid one-year premium on liability insurance. Paid June newspaper advertising. Billed participants for karate lessons to date. 3 4 5 6 7 Received from a local company funds to conduct 3 sessions. The 3 sessions will be June 29, July 6, and July 13, with a cost per session of 8 Collected on account from participants. 9 Paid to repair damage caused by an errant kick. 10 Billed participants for karate lessons to date. 11 Paid assistants' wages. $10,000 $4,750 $6,450 $876 $525 $2,200 $855 $285 $2,800 $275 $2,000 $950 Required Using the following accounts: Cash; Accounts Receivable; Prepaid Rent; Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable; Utilities Payable, Unearned Karate Fees; Common Stock; Karate Fees Earned; Advertising Expense; Repairs Expense, Wages Expense, Rent Expense; Insurance Expense, Depreciation Expense-Equipment, and Utilities Expense. a. Record the transactions in the general journal b. Post the transactions to the ledger accounts. c. Prepare an unadjusted trial balance as of June 30. d. Prepare and record the adjusting entries for rent expense, insurance expense, depreciation expense, utilities expense, and karate fees earned in the general journal. Depreciation expense for June is $150 and estimated utilities expense for June is $320. Post the adjusting entries to the ledger accounts in part b. Journal Entries T-Accounts Unadjusted Trial Balance Adjusted Journal Entries