Reference no: EM13327429
Problem
The account balances appearing on the trial balance (below) 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.
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Flip s Copy Shop
Trial Balance
June 30, 2012
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Account Titles
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Debit
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Credit
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Cash
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$1,000
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Supplies
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1,100
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Prepaid Insurance
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2,200
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Equipment
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24,000
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Accum. Depreciation, Equipment
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$4,500
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Accounts Payable
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2,400
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Notes Payable
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4,000
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Flip s Capital
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15,300
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Flip s Drawings
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2,400
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Service Revenue
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4,900
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Utilities Expense
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400
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Totals
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$31,100
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$31,100
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Instructions:
a. Prepare in journal form, without explanations, the end of month adjusting entries for Flip's Copy Shop for the month of June.
b. Prepare a partial adjusted trial balance for the accounts provided.
c. Prepare in journal form, without explanations, the end of month closing entries for Flip's Copy Shop for the month of June.