Reference no: EM132692060

Question - BROTHERS T Trial balance as at 30 June 2019

Debit Credit

Cash $9,480

Accounts Receivable 3,150

Prepaid Insurance 2,520

Supplies 2,350

Office Equipment 22,500

Accounts Payable $1,550

Service Revenue Received in Advance 1,500

Share Capital 20,000

Service Revenue 25,495

Salaries Expense 3,295

Rent Expense 5,250

Total $48,545 $48,545

Other data:

1- Supplies on hand at 30 June total $490.

2- An electricity bill for $110 has not been recorded and will not be paid until next month.

3- The insurance policy is for a year, commencing 1 February 2019.

4- Services were performed during the period in relation to $800 of Revenue Received in Advance.

5- Salaries of $770 are owed at 30 June.

6- The office equipment has a 5-year life with no resale value and is being depreciated at $375 per month for 60 months.

7- Invoices representing $1500 of services performed during the month have not been recorded as of 30 June.

Required - Prepare the adjusting entries for the month of June.