I need help to finish the adjustment entries. The general ledger and details about the adjustment are given in the attachments.

I need help to finish the adjustment entries. The general ledger and details about the adjustment are given in the attachments.

Attachment 1

Attachment 2

ATTACHMENT PREVIEW

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GENERAL LEDGER PRE ADJUSTING
Account: 
Cash
 
Account No. 100
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
63,034 DR
Jun
30
Total from
cash receipts
journal
CRJ
186,349
249,383 DR
Jun
30
Total from
cash
payments
journal
CPJ
44,619 204,764 DR
Jun
30
Interest
received
from the
bank
GJ
510
205,274 DR
Jun
30
Not-
Sufficient-
Funds (NSF)
check
GJ
1,100 204,174 DR
Jun
30
Bank service
charge
GJ
12 204,162 DR
Jun
30Balance
204,162 DR
Account: 
ARC – Accounts Receivable Control
 
Account No. 110
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
33,870 DR
Jun
20
Sales return
from Sweet
Tooth
GJ
3,456
30,414 DR
Jun
30
Total from
sales journal
SJ
61,072
91,486 DR
Jun
30
Total from
cash receipts
journal
CRJ
27,798
63,688 DR
Jun
30
Not-
Sufficient-
Funds (NSF)
check
GJ
1,100
64,788 DR
Jun
30Balance
64,788 DR
Account: 
Merchandise Inventory
 
Account No. 120
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
108,904 DR
Jun
20
Sales return
from Sweet
Tooth
GJ
2,112
111,016 DR
Jun
28Purchase
return to
GJ
944 110,072 DR

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Brennan
Imports
Group
Jun
30
Total from
sales journal
SJ
38,008
72,064 DR
Jun
30
Total from
purchases
journal
PJ
22,112
94,176 DR
Jun
30
Total from
cash receipts
journal
CRJ
64,688
29,488 DR
Jun
30
Total from
cash
payments
journal
CPJ
3,584
33,072 DR
Jun
30Balance
33,072 DR
Account: 
Office Supplies
 
Account No. 130
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
2,919 DR
Jun
3
Cash
purchase
CPJ
362
3,281 DR
Jun
30Balance
3,281 DR
Account: 
Prepaid Rent
 
Account No. 140
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
0
Jun
1Prepaid rent
CPJ
8,300
8,300 DR
Jun
30Balance
8,300 DR
Account: 
Prepaid Advertising
 
Account No. 141
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
9,000 DR
Jun
30Balance
9,000 DR
Account: 
Prepaid Insurance
 
Account No. 142
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
4,700 DR
Jun
30Balance
4,700 DR
Account: 
Office Furniture
 
Account No. 150
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
9,000 DR
Jun
30Balance
9,000 DR
Account: 
Accum Depn: Office Furniture
 
Account No. 151
Date
Description
Ref.
Debit
Credit
Balance
May
31Balance
2,222 CR
Jun
30Balance
2,222 CR

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ATTACHMENT PREVIEW

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The details of the end of month adjustments for June are as follows:
Office Furniture owned by the business: original purchase price was $9,000, estimated useful
life was 6 years, and estimated residual value was $1,000 at the end of the useful life.
Depreciation is calculated on a monthly basis using the straight line method. The monthly
depreciation charge is calculated as the yearly depreciation expense divided by the number of
months in a year.
Office Equipment owned by the business: original purchase price was $45,000, estimated useful
life was 12 years, and estimated residual value was $3,000 at the end of the useful life.
Depreciation is calculated on a monthly basis using the straight line method. The monthly
depreciation charge is calculated as the yearly depreciation expense divided by the number of
months in a year.
The water usage for the month of June is estimated to be $113.
The estimated electricity payable as at the end of June is $272.
Sales staff work every single day during the week including weekends and are paid on a weekly
basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from
June 25 to June 30 inclusive) are estimated to have been $330 per day.
Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank
loan is $255.
Office supplies totaling $2,723 are still on hand at June 30.
One month of prepaid rent expired during June. Remember that at the beginning of June, the
business paid two month’s worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.
When calculating the portion of prepayments that expire during the month of June, you are
asked to assume that an equal amount of expense is incurred per month.
After taking a physical count of inventory at the end of the month, the balance of inventory on
hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory
account. This means there is no adjusting entry required for inventory shrinkage.

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