For this assignment, you are required to present the seven correct journal entri

Question

For this assignment, you are required to present the seven correct journal entries in an Excel spreadsheet. Assignment Template attached below Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below. MODINE CONSULTING Trial Balance May 31, 2008 Account Number Debit Credit 101 Cash $7,700 112 Accounts Receivable 4,000 126 Supplies 1,500 130 Prepaid Insurance 4,800 149 Office Furniture 9,600 201 Accounts Payable $3,500 209 Unearned Service Revenue 3,000 301 L. Ace, Capital 19,100 400 Service Revenue 6,000 726 Salaries Expense 3,000 729 Rent Expense 1,000 In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation – Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No. 722 Insurance Expense; No. 736 Travel Expense; and No. 631 Supplies Expense. Other data: $500 worth of supplies has been used during the month. Travel expenses incurred, but not payed, on May 31, 2008 are $200. The insurance policy is for two years. $1,000 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Modine Consulting has two employees, who are paid $700 each for a five-day work week. The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months. Invoices representing $1,000 of services performed during the month have not been recorded as of May 31. Instructions: In Excel, following the six-column spreadsheet format used for the company Fast Forward in Chapter 3 of textbook, add the company name, the date of the statement, and today’s date and then enter: (a) the debits and credits for the unadjusted trial balance for May 31; (b) the debits and credits adjustments at the end of May 31; and (c) the total debits and credits of the adjusted trial balance for the month of May. Label each adjustment A through G.

Please have answer in the above format

Modine Option #1- Mod 2- CT Templa plate for your Journal Entires Journal # Acct # Account Name Debit Credit A B C D E F G Modine Worksheet Unadj Trial Balance Adjustments Adj trial Balance Debit Credit Debit Credit Debit Credit 101 Cash 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 149 Office Furniture 150 Accumulated Depreciation 201 Accounts Payable 209 Unearned Revenue 212 Salaries Payable 229 Travel Payable 301 Ace, Capital 400 Service Revenue- Journal D Service Revenue- Journal G 736 Travel Expense 631 Supplies Expense 717 Depreciation Expense 722 Insurance Expense 726 Salaries Expense 736 Rent Expense TOTALS

Explanation / Answer

journal acct account name debit credit A 631 supplies expense 500 126 to supplies 500 B 736 Travel expense 200 229 Trave payable 200 C 722 insurance expense 200 130 prepaid insurance 200 D 209 Unearned service rev 2,000 400 Sales revenue 2,000 E 726 Salaries expense 840 212 Salaries payabe 840 F 717 Depreciation 160 150 To Acc Depreciation 160 G 112 Account receivable 1,000 400 Service revenue 1,000 Adjustments Adjusted Trial bal Debit Credit Debit Credit Debit Credit 101 Cash 7,700 0 7,700 112 account receivable 4,000 1,000 5,000 126 supplies 1,500 500 1,000 130 prepaid insurance 4,800 200 4,600 149 Office Furniture 9,600 9,600 150 accumulated Dep 0 160 160 201 accounts payable 3,500 3,500 209 Unearned revenue 3,000 2,000 1,000 212 Salaries payable 840 840 229 Travel payable 200 200 301 Ace, capital 19,100 0 19,100 400 Service revenue-D 6,000 2,000 8,000 Service revenue-G 1,000 1,000 736 Travel expense 200 200 631 supplies expense 500 500 717 Depreciation expense 160 160 722 insurance expense 200 200 726 Salaries expense 3,000 840 3,840 736 Rent expense 1,000 1,000 total 31,600 31,600 33,800 33800

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