Solution-Prepare journal entries to record the June cash

Prepare journal entries to record the June cash transactions

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Reference no: EM132938633

Question - The unadjusted trial balance for Oriole Video Arcade at its fiscal year end of May 31, 2021, is as follows:

1. On May 31, 2021, Oriole Video Arcade had provided services but not collected or recorded $1,000 of revenue. On June 19, it collected this amount plus an additional $1,350 for revenue to be recognized in June.

2. There was $915 of supplies on hand on May 31, 2021.

3. The equipment has an estimated useful life of 10 years.

4. Accrued salaries to May 31 were $1,480. The next payday is June 2 and the employees will be paid a total of $2,010 that day.

5. The note payable has a 8% annual interest rate. Interest is paid monthly on the first day of the month.

6. As at May 31, 2021, there was $900 of unearned revenue.

Required - Prepare journal entries to record the June 2021 cash transactions.

Reference no: EM132938633

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Prepare journal entries to record the June cash transactions

Reference no: EM132938633

Reference no: EM132938633

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