Instructions prepare in journal form without explanations

Assignment Help Accounting Basics

Reference no: EM13483390

The account balances appearing on the trial balance were taken from the general ledger of Flip's Copy Shop at June 30, 2012.

Additional information for the month of June which has not yet been recorded in the accounts is as follows:

a. A physical count of supplies indicates $300 on hand at June 30.

b. The amount of insurance that expired in the month of June was $200.

c. Depreciation on equipment for June was $400.

d. Rent owed on the copy shop for the month of June was $600 but will not be paid until July.

Flip's Copy Shop Trial Balance For the Month Ended June 30, 2012
Account Titles	Debit	Credit
Cash	$1,000
Supplies	1,100
Prepaid Insurance	2,200
Equipment	24,000
Accum. Depreciation- Equipment		$4,500
Accounts Payable		2,400
Notes Payable		4,000
Flip's Capital		15,300
Flip's Drawings	2,400
Service Revenue		4,900
Utilities Expense	400
Totals	$31,100	$31,100

Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.

Reference no: EM13483390

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