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.