The opening balances for the month of June are as follows: Beta Services Balance Sheet As at May 31, 2020 Assets Liabilities Cash $20,000 Accounts Payable $11,000 Accounts Receivable 9,500 Unearned Revenue 5,200 Prepaid Insurance 0 Note Payable 6,300 Supplies on hand 800 Equipment 10,000 Accumulated Depreciation (4,000) Total Liabilities 22,500 Owner's Equity Deaville, Capital 13,800 Total Assets $36,300 Total Liabilities & Owners' Equity $36,300 Transactions for the month of June: Jun 1 Stephanie transferred personal equipment into the business

The opening balances for the month of June are as follows:

Beta Services

Balance Sheet

As at May 31, 2020

Assets Liabilities

Cash $20,000 Accounts Payable $11,000

Accounts Receivable 9,500 Unearned Revenue 5,200

Prepaid Insurance 0 Note Payable 6,300

Supplies on hand 800

Equipment 10,000

Accumulated Depreciation (4,000) Total Liabilities 22,500

Owner's Equity

Deaville, Capital 13,800

Total Assets $36,300 Total Liabilities & Owners' Equity $36,300

Transactions for the month of June:

Jun 1 Stephanie transferred personal equipment into the business. The equipment had a fair value

of $40,000. $8,000

Jun 4 Received $100,000 cash for services provided. $20,000

Jun 7 Received $6,000 cash for services to be provided next year. $1,200

Jun 10 Paid insurance of $12,000 for the upcoming year. $2,400

Jun 12 Paid $11,500 cash to reduce the balance of accounts payable. $2,300

Jun 15 Paid payroll worth $39,000. $7,800

Jun 18 Paid $1750 interest on the note payable. $350

Jun 23 Received telephone bill for $2750 which will be paid next month. $550

Jun 25 Recorded business travel expenses worth $21,500 which will be paid next month. $4,300

Jun 30 Purchased $1600 of supplies for cash. $320

REQUIRED:

1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following

pages. (12 marks)

2. Post only the cash transactions to the general ledger found on page 5

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