P3-1A Tony Masasi started his own consulting firm, Masasi Company, Inc., on June 1, 2008. The trial balance at June 30 is shown on page 129.MASASI…

P3-1A Tony Masasi started his own consulting firm, Masasi Company, Inc., on June 1, 2008.The trial balance at June 30 is shown on page 129.MASASI COMPANY, INC.Trial BalanceJune 30, 2008Account Number Debit Credit101 Cash $ 7,150112 Accounts Receivable 6,000126 Supplies 2,000130 Prepaid Insurance 3,000157 Office Equipment 15,000201 Accounts Payable $ 4,500209 Unearned Service Revenue 4,000311 Common Stock 21,750400 Service Revenue 7,900726 Salaries Expense 4,000729 Rent Expense 1,000$38,150 $38,150In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,Inc. also contains the following accounts and account numbers:No. 158 Accumulated Depreciation—Office Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable,No. 631 Supplies Expense,No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 732 Utilities Expense.Other data:1. Supplies on hand at June 30 are $600.2. A utility bill for $150 has not been recorded and will not be paid until next month.3. The insurance policy is for a year.4. $2,500 of unearned service revenue has been earned at the end of the month.5. Salaries of $2,000 are accrued at June 30.6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250per month for 60 months.7. Invoices representing $1,000 of services performed during the month have not been recordedas of June 30.Instructions(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginningaccount balances and place a check mark in the posting reference column.(c) Prepare an adjusted trial balance at June 30, 2008.

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