http:/ezto.mheducation.com/hm.tp e for Curent Stud..Chapter 4 Lab iew Favorites

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http:/ezto.mheducation.com/hm.tp e for Curent Stud..Chapter 4 Lab iew Favorites Tools Help t Select The June 30, 2017, unadjusted trial balance for Trenton Consuiting after its first ye Trenton Consulting Unadjusted Trial Balance June 30, 2017 Unadjusted Trial Balance Account Debit Credit Cash Accounts receivable Prepaid rent Equipment Accounts payable Toni Trenton, capital Toni Trenton, withdrawals Consulting revenue Wages expense Insurance expense Rent expense 730 3,150 3.960 9,100 1,780 27,750 7,380 30,700 25 420 1,670 8,820 Totals 60,230 60 230 Additional information a. Annual depreciation on the equipment is $1,750. b. The balance in the Prepaid Rent account is for six months of rent commencing March c. Unpaid and unrecorded wages at June 30 totalled $3,700 d. Accrued revenues at June 30 totalled $4,600. Required: 1.-3. Use the above information to complete the work sheet TRENTON CONSUL Work Sheet For Year Ended June 3 Trial Accounts cevable Prepaid r 1.150

Explanation / Answer

Worksheet Unadjusted trial balance Adjustments Adjusted trial balance Income statement Balance sheet & statement of changes in equity Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 730 730 730 Accounts receivable 3150 3150 3150 Prepaid rent 3960 2640 (b) 1320 1320 Equipment 9100 9100 9100 Accounts payable 1780 1780 1780 Toni trenton, capital 27750 27750 27750 Toni trenton, withdrawals 7380 7380 7380 Consulting revenue 30700 4600 (d) 35300 35300 Wages expense 25420 3700 © 29120 29120 Insurance expense 1670 1670 1670 Rent expense 8820 2640 (b) 11460 11460 Totals 60230 60230 Depreciation expense 1750 (a) 1750 1750 Accumulated depreciation-Equipment 1750 (a) 1750 1750 Wages payable 3700 © 3700 3700 Unearned revenue 4600 (d) 4600 4600 Totals 12690 12690 70280 70280 44000 35300 Net loss 8700 -8700 Totals 26280 26280 Notes: b) Prepaid rent is for 6 months starting from march. So, Rent for Mar-June has to be charged to rent expenses Rent expenses=3960*4/6=2640

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