2.99 See Answer

Question: On June 1, 20X1, William Tsang established


On June 1, 20X1, William Tsang established his own consulting firm. Selected transactions for the first few days of June follow.
1. Record the transactions on page 1 of the general journal. Omit descriptions. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability.
2. Record the adjusting journal entries that must be made on June 30, 20X1, on page 2 of the general journal. Omit descriptions.



On June 1, 20X1, William Tsang established his own consulting -1


Analyze: At the end of calendar year 20X1, how much of the rent paid on June 1 will have been charged to expense?

2.99

See Answer