Instructions1. Journalize the necessary adjusting entries for June.2. Post the a

Instructions1. Journalize the necessary adjusting entries for June.2. Post the adjusting entries to T accounts. Identify each adjusting entry as ?oAdjusting.?? For those accounts that were adjusted determine an adjusted balance.3. Prepare an adjusted trial balance as of June 30.4. Prepare an income statement a retained earnings statement and a classified balance sheet.5. Journalize and post the closing entries for June. Identify each entry as ?oClosing.?? Determine post-closing balances.6. Prepare a post-closing trial balance as of June 30 2007.7. (Appendix) Prepare a statement of cash flows for June. Note that the June 16 payment on account of $640 was for a May purchase of supplies on account.8. (Appendix) Reconcile net income with net cash flows from operations for June.