SOS, someone please help i\'m in way over my head with this one. Thank you! Len
ID: 2336781 • Letter: S
Question
SOS, someone please help i'm in way over my head with this one. Thank you!
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 3D is as folows. UMAR CONSULTING Trial Balance une 30, 2017 Credit s 6,850 Accounts Receivable Prepaid Insurance 13,DD0 Accounts Payable Uneamed Service Revenue Common Stock Service Revenue Salaries and Wapes Expense Rent Expense $ 4,245 ,200 21,972 ,3DD ,655- 39,717 39,717 In addition to thase accounts Ested on the trial balarnce, the chart of accounts for Kurnar also contains the folowing accounts: Accumulated Depreciationn Equipment, Salaries and Wages Payable, Depreciation Expense, Insurarice Expense, Utiities Expense, and Supplies Expense. Other data 1. Supplies on hund at June 30 total $720. 2. A ulity bill for $240 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year 4. Services were performed for $4,360 of unearned service revenue by the end of the month. S. Salaries af $1,500 are accrued at June 30 6· The equipment has a 5-year life with no salvage value and is being depreciated at $25D per month for 60 months. 7. Invoices representing $4,230 of services performed during the month have not been recorded as of une 30.Explanation / Answer
Adjusting entries 1 Supplies expense 1252 (1972-720) Supplies 1252 2 Utilities expense 240 Accounts payable 240 3 Insurance expense 270 (3240/12) Prepaid insurance 270 4 Unearned service revenue 4360 Service revenue 4360 5 Salaries and wages expense 1500 Salaries and wages payable 1500 6 Depreciation expense 250 Accumulated depreciation-equipment 250 7 Accounts receivable 4230 Service revenue 4230 Adjusted trial balance Debit Credit Cash 6850 Accounts receivable 11230 Supplies 720 Prepaid insurance 2970 Equipment 15000 Accumulated depreciation - equipment 250 Accounts payable 4245 Salaries and wages payable 1500 Unearned service revenue 840 Common stock 21972 Service revenue 16890 Salaries and wages expense 5500 rent expense 1655 Insurance expense 270 Supplies expense 1252 Depreciation expense 250 Total 45697 45697
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