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