Please I need help with the accounts my books are not balancing 07:59ll LTESearchmoodle.tru.caSahali Inc.'s ending trial balance from May 31, 2021 is below.You were hired as the accountant on June 1 and your task is tocomplete the accounting cycle for the year end of June 30. Thecompany prepares adjusting journal entries monthly, whichmeans the adjusting entries for May were prepared properly bythe former accountant.DebitCreditCash$ 8,660Accounts receivable7,440Supplies1,600EquipmentAccumulated depreciation-equipmentAccounts payableSalaries payable30,000$ 3,0006,2001,400Unearned revenue800Common shares20,000Retained earnings16,300$47,700$47,700During June, the following transactions were completed:Paid employees $2,200 for salaries due, of which $1,400 was for May salariespayable and $800 for June.Received $5,400 cash from customers in payment of accounts.June.46.Received $8,800 cash for services performed in June.Issued common shares for $5,000 cash.Purchased supplies on account, $2,000.Paid creditors $7,000 of accounts payable due.Paid June and July rent, $2,000 ($1,000 per month).111217212425Paid salaries related to June, $2,200.26Performed services on account, $1,600.27Received $1,300 from customers for services to be performed in the future.28Declared and paid a cash dividend, $575.28Paid income tax for the month, $600.Data for June necessary for adjusting entries:1. Supplies on hand total $800.2. Accrued salaries payable are $1,600.3. Accrued service revenue for $600.4. The equipment has a useful life of 5 years and theuses straight-line depreciation.company5. Unearned revenue of $800 has been earned.REQUIRED(a) Prepare the general journal entries to record the Junetransactions.(b) Set up T accounts, enter any opening balances, and post thegeneral journal entries prepared in part (a).(c) Prepare an unadjusted trial balance at June 30.(d) Prepare and post the adjusting journal entries for the month.(e) Prepare an adjusted trial balance at June 30.(f) Prepare(1) an income statement,(2) a statement of changes in equity, and(3) a balance sheet(a) Prenare the closing iournal entries

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Sahali Inc.'s ending trial balance from May 31, 2021 is below. You were hired as the accountant on June 1 and your task is to complete the accounting cycle for the year end of June 30. The company prepares adjusting journal entries monthly, which means the adjusting entries for May were prepared properly by the former accountant. Debit Credit Cash $ 8,660 Accounts receivable 7,440 Supplies 1,600 30,000 Equipment Accumulated depreciation- equipment Accounts payable $ 3,000 6,200

Sahali Inc.'s ending trial balance from May 31, 2021 is below. You were hired as the accountant on June 1 and your task is to complete the accounting cycle for the year end of June 30. The company prepares adjusting journal entries monthly, which means the adjusting entries for May were prepared properly by the former accountant. Debit Credit Cash $ 8,660 Accounts receivable 7,440 Supplies 1,600 30,000 Equipment Accumulated depreciation- equipment Accounts payable $ 3,000 6,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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