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I need assistance in posting adjusting entries for the following:

From the June 18 transaction

Bella Computers purchased $1,200.00 of office supplies on credit. At the end of the month there are $500.00 of supplies remaining.


From the June 2 transaction Bella Computers purchased office furniture and fixtures at a cost of $20,000, estimated to have a 10 year useful life, with no residual value. Depreciation is recorded using the straight line method (cost-residual value/estimated life).

From the June 4 transaction Bella Computers purchased machinery at a cost of $100,000, estimated to have a useful life of 7 years, with a salvage value of $9,000. Depreciation is recorded using the straight line method (cost-residual value/estimated life).


Bella Computers paid a 1 year prepaid lease for the sum of $1,000 per month. They make an adjustment at the end of the month to record one month's lease expiration.


From the June 10 transaction Bella Computers paid the premiums on June 10 for a two year policy that officially begins coverage on July 1 and will continue for 2 years. The prepaid premium for the entire 2 year policy is $3,600.00. They make an adjustment at the end of the month to record one month's insurance coverage expiration.


On June 30 Bella Computers owed the secretary / receptionist for 5 days of fees as an independent contractor.

I have completed the following for the unadjusted trial balance: I also have the General Journal completed ...


For the June 18 transaction, Office supplies ... On the adjusted trial balance ... should the new amount be $500 OR should this be $700? THANKS !!


DESCRIPTION DEBIT CREDIT

CASH $319,620

DEPOSIT ELECTRIC COMPANY $500

DEPOSIT WATER, SEWAGE, GARBAGE $200

DEPOSIT, TELEPHONE $250

OFFICE SUPPLIES $1,200

PREPAID INSURANCE $3,600

PREPAID LEASE $12,000

MACHINERY AND EQUIPMENT $100,000

FURNITURE & FIXTURES $20,000

ACCOUNTS PAYABLE $1,200 

UNEARNED REVENUE $50,000 

NOTES PAYABLE - FURNITURE & FIXTURES $20,000 

NOTES PAYABLE - MACHINERY & EQUIPMENT $90,000 

CAPITAL STOCK    $300,000 

ACCOUNTING & LEGAL EXPENSE $2,500

INDEPENDENT CONTRACTOR $900

UTILITIES EXPENSE $430

TOTALS $461,200 $461,200 

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B4
X V
DESCRIPTION
A
B
C
D
E
ADJUSTED TRIAL BALANCE
UI A w
AS AT JUNE 30
DESCRIPTION
DEBIT
CREDIT
CASH
$319,620
DEPOSIT ELECTRIC COMPANY
$500
DEPOSIT WATER, SEWAGE, GARBAGE
$200
DEPOSIT, TELEPHONE...

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