question adjusting entries dole carpet cleaners ended its first month of operations 4305597

question adjusting entries dole carpet cleaners ended its first month of operations 4305597

Question

Adjusting Entries Dole Carpet Cleaners ended its first month of operations on June 30. Monthly financial statements will be prepared. The unadjusted account balances are as follows: DOLE CARPET CLEANERS Unadjusted Trial Balance June 30, 2012 Debit Credit Cash Accounts Receivable Prepaid Rent $1,180 450 3,100 2,520 4,464 Pplies Equipment Accounts Payable Common Stock Retained Earnings Dividends Service Fees Earned 784 2,500 5,000 200 4,650 Wages Expense ,020 Totals $12,934 $12,934 The following information is also available 1. The balance in Prepaid Rent was the amount paid on June 1 for the first 5 months' rent. 2. Supplies on hand at June 30 were $825 3. The equipment, purchased June 1, has an estimated life of 6 years 4. Unpaid wages at June 30 were $200 5. Utility services used during June were estimated at $290. A bill is expected early in July 6. Fees earned for services performed but not yet billed on June 30 were $370. The firm uses the account Fees Receivable to reflect amounts due but not yet billed Required Prepare the adjusting entries needed at June 30 for the general journal

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