Question

3.1 (LO 2, 3, 4) Sadie Cuono started her own consulting firm, Cuono Consulting, on May 1, 2020. The rial balance at May 31 is as follows. Cuono Consulting Trial Balance May 31, 2020 Credit Debit Account Number € 4,500 6,000 1,900 3,600 11,400 Cash 101 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue 112 126 130 149 € 4,500 2,000 18,700 9,500 201 209 Share Capital-Ordinary Service Revenue 311 400 726 Salaries and Wages Expense Rent Expense 6,400 729 900 €34,700 €34,700

Answer 1

ANSWER

As per the given question,

No Date Account Titles and Explanation Ref Debit Page - 14 Credit 1) May 31 900 Supplies expense Supplies (to record use of supplies) 631 426 126 900 2) May 31 732 250 Utilities expense Accounts payable (to record the utilities expense) 3) May 31 150 Insurance expense (3,600 / 24 months) Prepaid Insurance (to record the insurance expense) May 31 209 1,600 Unearned service revenue (2,000 - 400) Service revenue (to record the service revenue) 400 1,600 May 31 1,104 Salaries and Wages expense Salaries and Wages payable (to record the salary and wages expense) 726 212 1,104 May 31 190 Depreciation expense Accumulated Depreciation - Equipment 150 May 31 112 1,700 Accounts receivable Service revenue (to record the service revenue) 400 1,700

920 Working Notes: Calculation of Salary and Wages expense Salary and wages expense for each employee for 5 days Total Wages per day (920/5) Total Number of days for which salary due (Mon - Wed) Total Salary and wages due (184 x 3 days x 2 employee) 184 3 Days 1,104

Ledger Account Cash Date May 31 Ref Debit Account No Credit Description Balance 101 Balance 4,500 112 Account No Credit Debit Accounts Receivable Date Description May 31 Balance May 31 Adjusting Balance 6,000 7,700 1,700 Account No Credit 126 Balance Debit Supplies Date Description May 31 Balance May 31 Adjusting 1,900 900 1,000 Account No Credit Debit X Prepaid Insurance Date Description May 31 Balance May 31 Adjusting 130 Balance 3,600 3,450 150 149 Equipment Date Description May 31 Balance Account No Credit Debit Balance 11,400

Accumulated Depreciation - Equipment Date Description Ref Date Adjusting Debit Account No Credit 150 Balance 190 Account No Credit Ref Debit Accounts payable Date Description May 31 Balance May 31 Adjusting 201 Balance 4,500 4,750 250 Account No Credit Ref Debit Unearned Service Revenue Date Description May 31 Balance May 31 Adjusting 209 Balance 2,000 400 1,600 Salaries and Wages Payable Date Description Date Adjusting Ref Debit Account No Credit 1,104 212 Balance 1,104 Onwer's Capital Date Description May 31 Balance Account No Credit Ref Debit 301 Balance 18,700

Account No Credit Ref Debit Service Revenue Date Description May 31 Balance May 31 Adjusting May 31 Adjusting 400 Balance 9,500 11,100 12,800 1,600 1,700 631 Supplies expense Date Description Date Adjusting Account No Credit Ref Debit Balance 900 900 Depreciation expense Date Description Date Adjusting Account No Credit 717 Balance Debit Ref 34 190 Insurance expense Date Description Date Adjusting Account No unt No Credit Debit Ref 4 722 Balance 150 150 Account No Credit | Debit Salaries and Wages expense Date Description May 31 Balance May 31 Adjusting 726 Balance 6,400 7,504 4 1,104 Rent Expense Date Description May 31 Balance Account No Credit Debit 729 Balance 900

Utilities Expense Date Description Date Adjusting Account No Credit Ref Debit 732 Balance 250

Credit 4,500 7,700 1,000 3,450 11,400 Cuono Consulting Adjusted Trial Balance May 31, 2020 Account Number 101 Cash 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 149 Equipment 150 Accumulated Depreciation - Equipment 201 Accounts payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 301 Onwer's Capital 400 Service Revenue 631 Supplies expense 717 Depreciation expense 722 Insurance expense 726 Salaries and Wages expense 729 Rent Expense 732 Utilities Expense Total 190 4,750 400 1,104 18,700 12,800 900 190 150 7,504 900 250 37,944 € € 37,944

THANK YOU FOR THE QUESTION......KINDLY RATE.....IT HELPS ME A LOT

Answer 2

Je Jo Consultant Adjusted Trial Balance For the Month Ended June 30,2020 Debit Credit Cash $ 3,712 Account Receivable 3,904 Supplies 480 Accounts payable $1,382 Unearned service revenue 160 Owner's, Capital 5,760 Owner's Drawing 550 Service Revenue 4,300 Salaries and Wages Expense 1,260 Miscellaneous Expense 256 Supplies Expense 1,900 Salaries and wages payable 460 $12,062 $12,062