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Required: Based on the following information:

Prepare the closing entries for June for Betty Barnes Bakery.

Betty Barnes Bakery began business on June $1$st$.$

Withdrawals $$40,000$

Revenue $$100,000$

Salary expense $$20,000$

Rent expense $$10,000$

$1.$ On July $1$st$.$ Story Smith paid Binny Barnes

Business Solutions a cash advance of $$100,000$ for

Business Services to be provided in the future. In

July, Binny Barnes Business Solutions provided

Story Smith with $$70,000$ in business services.

Required: Record the journal entry on July $1$st and the

adjusting journal entry on July $31$st$.$

$2.$ The Depreciation Expense for Allie$$s Archery for

August is $$40,000.$

Required: Record the Adjusting Journal Entry for

August $31$st$.$

$3.$ Carrie$$s Candies purchased supplies for $$20,000$

cash on September $1$st$.$ On September $30$th$,$ $$4,000$

in supplies were unused.

Required: Record the journal entry on September $1$st and the

adjusting journal entry on September $30$th$.$

$4.$ The Employees of Darla$$s Donuts earned $$50,000$ in

October. This salary expense has not been recorded

as of October $31$st$.$

Required: Record the adjusting journal entry on October $31$st$.$

$5.$ Ellory$$s Engineering earned $$70,000$ in revenue in

November. This revenue has not been recorded as

of November $30$th$.$

Required: Record the adjusting journal entry on November

$30$th$.$

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