The Jones Telephone Company started a business on June 1 2013 to answer after-

The Jones Telephone Company started a business on June 1 2013 to answer after-hours telephone calls of professionals like lawyers physicians and
accountants. The following transactions for the company occurred and adjustments were made during June:

Date

June 1 Jerry Jones started the business by investing $6000 cash in the business

June 2 The company paid $1800 in advance for six months rent of office space

June 3 The company purchased telephone equipment costing $6000 paying $1500 down and signing a note payable for the balance owed

June 6 Bought $750 of office supplies on credit which is due in early July

June 15 Collected $900 from customers for services performed during the first half of the month

June 28 Jerry Jones withdrew $800 for personal use

June 29 The company received a bill for June utilities for $175 which is due in 30 days

June 30 The company paid $250 salary to a part time employee

June 30 The company billed customers $2000 for services performed during the second half of the month

June 30 The following adjustments were required:

a. Rent expense for June

b. Depreciation expense of $100 on telephone equipment

c. Interest of $50 on the note payable

d. Office supplies on hand at the end of the month totaled $450

Required:

1. Record the journal entries including adjusting entries for June

2. Prepare an Income Statement for the month of June

3. Prepare a Balance Sheet for the company on June 30