Question

prepaid insurance is a 1 year policy starting May 1 p3.2a

numbers 3-7

et A es, post to repare an firm. Nardelli Consulting, on May 1 P3.1A (LO 2, 3, 4) Deanna Nardelli started her own consulting 2020. The trial balance at May 31 is as follows. Nardelli Consulting Trial Balance May 31, 2020 Credit Account Number 101 112 126 Debit $ 4,500 6,000 1,900 3.600 11,400 130 149 201 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 209 311 400 726 $ 2,200 2,000 20,000 7,500 729 3,400 900 $31,700 $31,700 In addition to those accounts listed on the trial balance, the chart of accounts for Nardelli Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation Equipmeni No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expens No. 722 Insurance Expense, and No. 732 Utilities Expense.

Answer 1

Nardelli Consulting Adjusting Enteries Trans. Particulars 1 Supplies Expense a/c To Supplies (Supplies expensed) Dr. Debit in $ Credit in $ 900 900 2 Dr. 250 Utilities Expense a/c To Accounts Payable (Expense accrued) 250 3 150 Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 3600 / 24 150 4 1600 Unearned Service Revenue a/c Dr. To Service Revenue (Revenue earned) 2000 - 400 1600 15 1080 Salaries and Wages Expense a/c Dr. To Salaries and Wages Payable (Salary accrued) 900 x 2 x 3/5 1080 6 190 Depreciation Expense a/c Dr. To Accum. Depre - Equip (To record depreciation) 190 1700 Accounts Receivable a/c Dr. To Service Revenue (Services provided on account) 1700

Worksheet For the period ending 31.5.2020 No. Particulars 101 Cash 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 149 Equipment 150 Accum. Depre - Equip 201 Accounts Payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 311 Common Stock 400 Service Revenue 631 Supplies Expense 717 Depreciation Expense 722 Insurance Expense 726 Salaries and Wages Expense 729 Rent Expense 732 Utilities Expense Totals Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 4500 4500 6000 1700 7700 1900 900 1000 3600 150 3450 11400 11400 190 190 2200 250 2450 2000 1600 400 1080 1080 20000 20000 7500 3300 10800 900 900 190 190 150 150 3400 1080 4480 900 900 250 250 31700317005870587034920 34920

Supplies Supplies Expense 900 Bal. 2000 Unearned Service Revenue Service Revenue 1600 Bal. Bal. 400 2000 900 900 900 2000 Bal. Supplies 1900 Supplies Expense Bal. 1900 900 1000 1900 Service Revenue Bal. 7500 Unearned Servic1600 10800 Accounts Receiv 1700 10800 10800 Bal. Accounts Payable Utilities Expense 250 Bal. 250 250 250 Salaries and Wages Expense Bal. 3400 Salaries and Wage 1080 Bal. 4480 4480 4480 Accounts Payable Bal. 2450 Utilities Expense 2450 2200 250 Bal. Salaries and Wages Payable Salaries and Wag 1080 1080 2450 Bal. 1080 1080 Insurance Expense Prepaid Insurance Bal. 150 Depreciation Expense Accum. Depre-EC 190 Bal. 190 150 150 190 190 Bal. Prepaid Insurance 3600 Insurance Expense Bal. 3600 150 3450 3600 190 Accum. Depre - Equip Depreciation Exp 190 190 Bal. 190 Bal. Service Revenue Accounts Receivable 6000 1700 Bal. 7700 7700 7700