Socrates.Com June 30, 2016 Account Title DR CR Cash 50,700 Accounts Receivable 1,250 Supplies 2.500 Prepaid Insurance 3,600 Accounts Payable 2,500 Wares Payable Interest Payable Unearned Fees 2,400 10,000 31,900 Jan and lason decided to form a Delaware corporation named Socrates.com to provide online software training and other services to internet users. The business started up on June 1, 2011. It's unadjusted trial balance for the first month of operation is as follows: Unadjusted Trial Balance d. The company discovers fees earned on June 30 in amount of $300 not booked, billed or collected. Assume there are four workdays remaining in June and the total payroll for a five day work week is (4) Enter the AJE amounts in the Adjustments columns of the spreadsheet that correspond with their account titles. When completed, Debit column should equal Credit column when totaled A (5) Combine Unadjusted Trial Balance amounts with those in Adjustments columns and enter net soubor bro enses or ot batllu v bubong or boost Notes Payable Common Stk FeesEarned 11,250 Total: 58,050 58,050 su entou want Instructions: (1) Complete General Ledger (T-Accounts) by recording above Unadjusted Trial Balance amounts for each account title. $3,000. (3) Post Ales to the General Ledger and net the amounts. amounts in the Adjusted Trial Balance columns of spreadsheet. (2) Complete Adjusting Journal Entries (IES) below for June 30, 2011 for the following transactions: borbom non ottanu sol.d a. Prepaid Insurance policy is a one year policy purchased June 1 San o olsa od b. An inventory count of supplies shows $1,800 on hand at end of month. c. Notes Payable amount is a single promissory note for $20,000 signed June 1. It is a two year note with 6% simple interest payable at maturity. (Note: Interest-Principal x Time x Rate). obno e. As of June 30, fifty percent (506) of work has been performed for unearned for lachrancos). Hi. shortus annos Stag onos orti lalo novena Tanaman yunobis Socrates.com End of Period Spreadsheet For the month anded 30.2016 Unad usted Trial Balance Adjustments Adjusted Trial Bal Income Statement Balance Sheet Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr 50,700 1,250 2,500 3,600 2,500 Account Titles Cash Accounts Receivable Supples Prepaid Insurance Accounts Payable Wages Payable Interest Payable Uneamed Fees Notes Payable Common Stock Fees Earned Fees Earned Prepaid Insurance Exp. Supplies Exp. Interest Exp. Wages Exp. 2,400 10,000 31,900 11,250 Totals: 58,050 58,050 Gain/Loss $31,900 0 SHAREHOLDERS EQUITYA STOCKHOLDERS EQUITY Common Common Stock Beginning Retained Earnings Add Profit gain) Deduct Loss Sub-total Less Dividends Ending Retained Earnings Total stockholders' equity INCOME STATEMENT REVENUE EXPENSES Total Expenses: Profit or Loss: BALANCE SHEET ASSETS Total Assets LABILITIES Totaltabilities 31,90d STOCKHOLDERS EQUITY Common Stock Beginning Retained Earnings Add Profit Deduct Loss Sub-total Tess Dividends Ending Retained Earnings Total stockholders' equity Total abilities and stockholdersgulty Assets Lobite Stockholders Equity Part 1. General Concepts: 1. Cash vs. Accrual Accounting: (Estimated time: 8 minutes) Answer the following four questions based on the fact pattern below: Jean is a computer programmer. On June 25th she finished developing a tax software product and began offering it online and in her retail store. On July 2nd, Matt purchased her product online by VISA credit card. VISA card transactions are treated same as receiving cash. Mary visited the retail store on July 10th. She was impressed so she purchased the product that same day but did not pay Jean until August 15th