Posted by kathy on Monday, January 23, 2012 at 2:00am.
P4-2A Gil Vogel started his own consulting firm, Vogel Consulting, on June 1, 2012.
The trial balance at June 30 is as follows.
June 30, 2012
Cash $ 6,850
Accounts Receivable 7,000
Prepaid Insurance 2,880
Accounts Payable $ 4,230
Unearned Service Revenue 5,200
Common Stock 22,000
Service Revenue 8,300
Salaries and Wages Expense 4,000
Rent Expense 2,000
In addition to those accounts listed on the trial balance, the chart of accounts for Vogel
also contains the following accounts: Accumulated Depreciation—Equipment, Utilities
Payable, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities
Expense, and Supplies Expense.
1. Supplies on hand at June 30 total $720.
2. A utility bill for $180 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $4,100 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,250 are accrued at June 30.
6. The equipment has a 5-year life with no salvage value and is being depreciated at
$250 per month for 60 months.
7. Invoices representing $3,900 of services performed during the month have not been
recorded as of June 30.
(a) Prepare the adjusting entries for the month of June.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance
as beginning account balances. Use T accounts.
(c) Prepare an adjusted trial balance at June 30, 2012.
Answer This Question
More Related Questions
- acc 280 - P3-1 A Tony Masasi started his own consulting firm, Masasi Company, ...
- accounting - Accrued salaries 1 Bill’s Company Partial Worksheet For the Year ...
- principle of accounting - raper Consulting began operations and completed the ...
- Account - Howie Stars produces starts for elementary teachers to reward their ...
- accounting - E4-1 The trial balance columns of the worksheet for Briscoe Company...
- Trial Balance Sheet - need help with trial balance for Masasi company for June ...
- Accounting - Cash Question - "Compute the end-of-month balances for April, May...
- Accounting - E4-1 The trial balance columns of the worksheet for Briscoe Company...
- Accounting - Hankco accepts all major bank credit cards, including Omni Bank's, ...
- Accounting - Please Help. I can't get the balance sheet to balance out at at. I ...