Tony Masasi started his own consulting firm, Masasi Company, Inc. on June 1, 2008. The trial balance at June 30 is as follows. MASASI COMPANY, INC. Trial Balance June 30, 2008 Account NumberDebitCredit$4,500 4,000 21,750 7,900 Rent Expense 1,000$38,150$38,150In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc. also contains the following accounts and account numbers: No. 158 Accumulated Depreciation–Office Equipment, No. 244 Utilities Payable, No. 212 Salaries Payable, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 732 Utilities Expense, and No. 631 Supplies Expense. Other data: Supplies on hand at June 30 are $600.A utility bill for $150 has not been recorded and will not be paid until next month.The insurance policy is for a year.$2,500 of unearned service revenue has been earned at the end of the month.Salaries of $2,000 are accrued at June 30.The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.Invoices representing $1,000 of services performed during the month have not been recorded as of June 30.Instructions(a) Prepare the adjusting entries for the month of June. J3 Account / Description Debit Credit $ $ $ $ $ $ $ (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. (If an amount should be blank, enter a zero. All boxes must be filled to be correct.)Cash No. 101Date Explanation Ref. Debit Credit BalanceAccounts Receivable No. 112Date Explanation Ref. Debit Credit BalanceSupplies No. 126Date Explanation Ref. Debit Credit BalancePrepaid Insurance No. 130Date Explanation Ref. Debit Credit BalanceOffice Equipment No. 157Date Explanation Ref. Debit Credit BalanceAccumulated Depreciation-Office Equipment No. 158Date Explanation Ref. Debit Credit BalanceAccounts Payable No. 201Date Explanation Ref. Debit Credit BalanceUnearned Service Revenue No. 209Date Explanation Ref. Debit Credit Balance 30 Adjusting J3 Salaries Payable No. 212Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 Utilities Payable No. 244Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 Common Stock No. 311Date Explanation Ref. Debit Credit BalanceService Revenue No. 400Date Explanation Ref. Debit Credit Balance 30 Adjusting J3 30 Adjusting J3 Supplies Expense No. 631Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 Depreciation Expense No. 711Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 Insurance Expense No. 722Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 Salaries Expense No. 726Date Explanation Ref. Debit Credit Balance 30 Adjusting J3 Rent Expense No. 729Date Explanation Ref. Debit Credit BalanceUtilities Expense No. 732Date Explanation Ref. Debit Credit BalanceJune 30 Adjusting J3 (c) Prepare an adjusted trial balance at June 30, 2008. (If an amount should be blank, enter a zero. All boxes must be filled to be correct.)MASASI COMPANY, INC. Adjusted Trial Balance June 30, 2008 Debit CreditCash $ $ $ $
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