prepare a 10 column work sheet for internet consulting service inc dated Decembe

Question

prepare a 10 column work sheet for internet consulting service inc dated December 31, 2018. at the bottom of your worksheet, prepare a breif explanation keyed to each adjusting entry Chapter 4 The Accounting Cycle: Accruals and Deferrals INTERNET CONSULTING SERVICE, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2018 $ 49,100 23,400 6,300 300 600 36,000 Prepaid office rent. . . . Prepaid dues and subscriptions . .. Equipment .. Accumulated depreciation: equipment Notes payable . . Income taxes payable . . Unearned consulting fees . Capital stock Retained earnings . Dividends Consulting fees earned. Salaries expense . Telephone expense Rent expense... $ 10,200 12,000 5,950 30,000 32,700 60,000 257,180 88,820 2,550 22,000 51,000 560 1,600 6,600 4,200 $353,030 Dues and subscriptions expense Depreciation expense: equipment 8. Salaries earned by employees but not paid as of December 31 amount to $1,700. 9. Income taxes expense for the year is estimated at $56,000. Of this amount, $51,000 has bece recognized as expense in prior months, and $39.00 has been paid to tax authorities company plans to pay the $17,000 remainder of its income tax liability on January 15

Explanation / Answer

Particulars Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash         49,100.00        49,100.00     49,100.00 Consulting Fees Receivable         23,400.00        11,000.00 (7)        34,400.00     34,400.00 Prepaid Office Rent            6,300.00       2,100.00 (1)           4,200.00        4,200.00 Prepaid Dues & Subscriptions               300.00             50.00 (2)              250.00           250.00 Supplies               600.00           150.00 (3)              450.00           450.00 Equipment         36,000.00        36,000.00     36,000.00 Accumulated Dep. - Equipment      10,200.00           600.00 (4)      10,800.00      10,800.00 Notes Payable        5,000.00        5,000.00        5,000.00 Income Tax Payable      12,000.00       5,000.00 (9)      17,000.00      17,000.00 Interest Payable                     -             100.00 (5)            100.00            100.00 Salaries Payable                     -         1,700.00 (8)        1,700.00        1,700.00 Unearned Consulting Fees        5,950.00          2,850.00 (6)        3,100.00        3,100.00 Capital Stock      30,000.00      30,000.00      30,000.00 Retained Earnings      32,700.00      32,700.00      32,700.00 Dividends         60,000.00        60,000.00     60,000.00 Consulting Fees Earned    257,180.00     13,850.00 (6) & (7)    271,030.00     271,030.00 Salaries Expenses         88,820.00          1,700.00 (8)        90,520.00     90,520.00 Telephone Expenses            2,550.00           2,550.00        2,550.00 Rent Expenses         22,000.00          2,100.00 (1)        24,100.00     24,100.00 Income Tax Expenses         51,000.00          5,000.00 (9)        56,000.00     56,000.00 Interest Expenses                         -                100.00 (5)              100.00           100.00 Dues & Subscriptions Expense               560.00                50.00 (2)              610.00           610.00 Supplies Expenses            1,600.00              150.00 (3)           1,750.00        1,750.00 Depreciation Expenses - Equipment            6,600.00              600.00 (4)           7,200.00        7,200.00 Miscellaneous Expenses            4,200.00           4,200.00        4,200.00 Totals       353,030.00    353,030.00        23,550.00     23,550.00      371,430.00    371,430.00 187,030.00     271,030.00 184,400.00    100,400.00 Net Income     84,000.00      84,000.00 271,030.00     271,030.00 184,400.00    184,400.00

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