Question

Assignment PRINTER VERSION BACK NET CALCULATOR Maria Miller started her own consulting firm, Miller Consulting, on May 1, 2020. The trial balance at May 31 is as follows. RCES HW MILLER CONSULTING Trial Balance May 31, 2020 Credit tudy Account Number 101 112 126 130 149 Debit $ 4,700 6,100 1,700 2,400 12,000 201 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Rent Expense $4,800 209 301 400 2,000 16,300 8,500 726 3,300 729 1,400 $31,600 $31,600 In addition to those accounts listed on the trial balance, the chart of accounts for Miller Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. $700 of supplies have been used during the month.

Answer 1

Adjusting entries as follows:

Trn.	Account Titles	Debit	Credit
1	Supplies expense	$700
	Supplies		$700
2	Utilities expense	$300
	Utilities payable		$300
3	Insurance expense	$100
	Prepaid Insurance [($2400/2years) × 1/12]		$100
4	Unearned revenue	$300
	Service revenue		$300
5	Salaries and wages expense ($9000/5 days) × 2 Emply. × 1 day)	$3,600
	Salaries and wages payable		$3,600
6	Depreciation expense	$200
	Accumulated depreciation-office furniture		$200
7	Accounts receivable	$1,500
	Service revenue		$1,500

____________________________________________________________________________

Ledger posting as follows:

Cash				No. 101
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$4,700		$4,700
Accounts receivable				No. 112
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$6,100		$6,100
May. 31	Adjusting	$1,500		$7,600
Supplies				No. 126
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$1,700		$1,700
May. 31	Adjusting		$700	$1,000
Prepaid Insurance				No. 130
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$2,400		$2,400
May. 31	Adjusting		$100	$2,300
Equipment				No. 149
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$12,000		$12,000
Accounts payable				No. 201
Date	Explanation	Debit	Credit	Balance
May. 31	Balance		$4,800	$4,800
Unearned service revenue				No. 209
Date	Explanation	Debit	Credit	Balance
May. 31	Balance		$2,000	$2,000
May. 31	Adjusting	$300		$1,700
Service revenue				No. 400
Date	Explanation	Debit	Credit	Balance
May. 31	Balance		$8,500	$8,500
May. 31	Adjusting		$300	$8,800
May. 31	Adjusting		$1,500	$10,300
Salaries and wage expense				No. 726
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$3,300		$3,300
May. 31	Adjusting	$3,600		$6,900
Salaries and wage payable				No. 212
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting		$3,600	$3,600
Rent expense				No. 729
Date	Explanation	Debit	Credit	Balance
May. 31	Balance	$1,400		$1,400
Supplies expense				No. 631
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting	$700		$700
Utilities expense				No. 732
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting	$300		$300
Insurance expense				No. 722
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting	$100		$100
Depreciation expense				No. 717
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting	$200		$200
Accumulated depreciation-equipment				No. 150
Date	Explanation	Debit	Credit	Balance
May. 31	Adjusting		$200	$200
Owner's capital				No. 301
Date	Explanation	Debit	Credit	Balance
May. 31	Balance		$16,300	$16,300