Problem:
. Worksheet
1. Use the following information to record adjustments in the Adjustments column of the worksheet:
? furniture: Depreciation on the furniture owned by the business for the month of June is $156.
? equipment: Depreciation on the equipment owned by the business for the month of June is $366.
? Electricity expense for the month of June is estimated to be $874.
? The water usage for the month of June is estimated to be $235.
? The amount of wages incurred during the month of June but not yet paid to sales staff is $1,320.
? Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $275.
? Interest earned from short-term investments in BitiBank for the month of June is $100.
? The value of office supplies used during the month of June is $4,037.
? $3,000 worth of prepaid rent expired during the month of June.
? $3,000 worth of prepaid advertising was used up in June.
? $590 worth of prepaid insurance expired during the month of June.
2. Adjusting entries
Use the worksheet to help journalize adjustments for June.
a. Record adjusting entries in the general journal.
b. Post the adjusting entries from the general journal to the relevant ledgers