Reference no: EM132419601

"Green valley Corporation was incorporated on June 1, 2020. The company had the following transactions during June:

Part A

a. Common Stock- $10,000 cash

b. equipment for $6,000 on credit

c. Purchased $750 of supplies on credit. record as unused supplies

d. Paid two months of newspaper advertising for $500 (record as prepaid advertising expense)

e. Collected $12,000 of three-month subscription revenue for its ONLINE REVIEW magazine, effective June 1 (record as unearned subscription revenue)

f. Paid the following expenses in cash: telephone, $350; rent for June, $500

g. Collected $5,000 revenue in cash from advertisers for the June edition of ONLINE REVIEW magazine

h. Paid half of the equipment purchased June 1

i. Paid $2,000 for supplies purchased

j. Paid the following expenses in cash: telephone, $250; salaries, $3,000

k. Received a $200 bill for electricity used during the month (recorded as Utilities Expense).

l. The June portion of advertising paid in transaction (d) has expired.

m. One month of the subscriptions revenue collected June 5(e) has been earned.

n. A physical count indicates that $100 of supplies is still on hand.

o. $200 of commission expense is owed on the June portion of the subscriptions revenue.

p. Two days of salary for June 29 and 30 are unpaid, amounting to $600.

q. The equipment purchased in transaction (b) has an estimated useful life of 5 years.

r. Income taxes payable at June 30 amount to $50."

Questions

Question 1: Assume that the company's year-end is June 30. Help with the following; an income statement, statement of changes in equity, and balance sheet.

Question 2: Closing entries.

Question 3: Post-closing trial balance.