Solution:
Luis Ruiz
Trial Balance |
||
for the month ended November 30 |
||
Account Titles |
Debit |
Credit |
Cash |
$14,340 |
|
Accounts Receivable |
$9,300 |
|
Prepaid Insurance |
$960 |
|
Supplies |
$1,500 |
|
Computer |
$10,000 |
|
Salaries Expense |
$1,200 |
|
Utility Expense |
$700 |
|
Capital Withdrawals |
$1,400 |
|
Accounts Payable |
$7,600 |
|
Service Revenue |
$10,800 |
|
Unearned Service Revenue |
$1,000 |
|
Capital |
$20,000 |
|
Totals |
$39,400 |
$39,400 |
Workings –
Debit |
Accounts Receivable |
Credit |
|||
Date |
Description |
Amount |
Date |
Description |
Amount |
10-Nov |
Service Revenue |
$6,000 |
12-Nov |
Cash |
$1,500 |
30-Nov |
Service Revenue |
$4,800 |
30-Nov |
Ending Balance (Balancing figure) |
$9,300 |
Total |
$10,800 |
Total |
$10,800 |
||
Debit |
Prepaid Insurance |
Credit |
|||
Date |
Description |
Amount |
Date |
Description |
Amount |
1-Nov |
Cash |
$960 |
30-Nov |
Insurance Expense |
$80 |
30-Nov |
Ending Balance |
$880 |
|||
Total |
$960 |
Total |
$960 |
||
Debit |
Accounts Payable |
Credit |
|||
Date |
Description |
Amount |
Date |
Description |
Amount |
9-Nov |
Cash |
$400 |
5-Nov |
Computer |
$6,500 |
6-Nov |
Supplies |
$1,500 |
|||
30-Nov |
Ending Balance |
$7,600 |
|||
Total |
$8,000 |
Total |
$8,000 |
||
Date |
Account Titles and Explanation |
Ref. No. |
Debit |
Credit |
30-Nov |
Insurance Expense |
$80 |
||
Prepaid Insurance |
$80 |
|||
(To record insurance expense for Nov. month - $960 x 1/12 = $80) |
||||
30-Nov |
Telephone Bill Expense |
$100 |
||
Telephone Bill Payable |
$100 |
|||
(To record telephone bill received but not paid) |
Adjusting entries are needed for Supplies Expense (Cost of supplies used during the period), Depreciation expense - Computer and the earned portion of unearned service revenue. However, since no information related to the above three events has been provided in the question, no adjustment entry can be made for these events.
Adjusted Trial Balance |
||
as of November 30 |
||
Account Titles |
Debit |
Credit |
Cash |
$14,340 |
|
Accounts Receivable |
$9,300 |
|
Prepaid Insurance |
$880 |
|
Supplies |
$1,500 |
|
Computer |
$10,000 |
|
Salaries Expense |
$1,200 |
|
Utility Expense |
$700 |
|
Telephone Bill Expense |
$100 |
|
Insurance Expense |
$80 |
|
Capital Withdrawals |
$1,400 |
|
Accounts Payable |
$7,600 |
|
Service Revenue |
$10,800 |
|
Telephone bill payable |
$100 |
|
Unearned Service Revenue |
$1,000 |
|
Capital |
$20,000 |
|
Totals |
$39,500 |
$39,500 |
Make trial balance , adjustments and adjusted trial balance The Accounting Cycle: Nov. 1: Luis Ruiz...
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