Question

Len Richard started his own consulting firm, Richard Consulting, on June 1, 2022. The trial balance at June 30 is as follows. RICHARD CONSULTING Trial Balance June 30, 2022 Credit Debit $6,850 Cash Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable 5,200 Unearned Service Revenue Common Stock 21.982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,715 $39.727 $39.727

Answer 1

Richard Consulting Adjusting entries Date Account 1 Supplies expense Supplies Credit Debit $ 1,262 Calculation =1,982-720 $ 1,262 2 $ 250 Utilities expense Accounts Payable $ 250 3 $ 265 =3,180/12 Insurance expense Prepaid Insurance $ 265 $ 4,330 4 Uneanred Service Revenue Service Revenue $ 4,330 5 $ 1,450 Salaries and wages expense Salaries and wages payable $ 1,450 $ 250 Depreciation expense Accumulated Depreciation - Equipment $ 250 7 $ 4,270 Accounts Receivable Service Revenue $ 4,270

Richard Consulting T Accounts Date Debit Date Cash Op bal $ 6,850 Credit Date Date Credit Date Credit Debit Date Credit Accounts Receivable $ 7,000 $ 4,270 Debit Date Supplies $ 1,982 1 Debit Date Prepaid Insurance $ 3,180 3 Op bal Op bal Op bal 7 $ 1,262 $ 265 Bal. Bal. Bal. $ 720 Bal. $ 2,915 $ 6,850 Equipment $15,000 Op bal $ 11,270 Accum. Depr. - Equipment Op bal $ 6 $ . 250 Bal. $ 15,000 Accounts Payable Op bal 2 Bal. $ 250 Uneanred Service Revenue Op bal $ 5,200 $ 4,330 Common Stock Op bal $ $ Salaries and wages payable Op bal $ . 5 $ 1,715 $ 21,982 4,245 250 4 $ 870 Bal. $ 1,715 $ 21,982 Bal. Service Revenue Op bal 4 7 4,495 Bal. $ Salaries and wages expense 8,300 Op bal $ 4,000 4,330 5 $ 1,715 4,270 Rent expense $ 1,715 Bal. Depreciation expense $ . $ 250 $ $ $ Op bal Op bal 6 $ 16,900 Bal. Bal. $ 250 $ 5,715 Utilities expense $ - $ 250 Insurance expense $ - $ 265 $ 1,715 Supplies expense $ $ 1,262 Op bal 3 Op bal 2 Op bal 1 Bal. $ 265 Bal. $ 250 Bal. $ 1,262

Adjusted TB Debit Credit 6,850 11,270 720 2,915 15,000 250 4,495 870 Richard Consulting Account Names Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Uneanred Service Revenue Salaries and wages payable Common Stock Service Revenue Salaries and wages expense Rent expense Depreciation expense Insurance expense Utilities expense Supplies expense Totals 1,715 21,982 16,900 5,715 1,715 250 265 250 1,262 46,212 46,212