ZuoTi.Pro
Question

Accounting (ACCT 300/301/303) Question 2 Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 3o, 2017 Debit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 6,850 7,000 2,007 3,120 15,000 4,250 5,200 22,007 8,300 4,000 1,780 $39,757 $39,757 In addition to those accounts lsted on the trial balance, the chart of accounts for kKumar ase contains the following accounts: Accumulated Deprecietion-Equipment, Salaries and Wages Payable, Depreclation Expense, Insurance Expense, Utilities Expense, and Supplies Expense Other data 1. Supplies on hand at June 30 total $720. 2. A utility bill for $190 has not been recorded and will not be paid untl next month The insurance pollcy is for a year 4. Services were performed for $4,330 of unearned service revenue by the end of the month 5. Salaries of $1,330 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 par month for 6o montha . Invoices representing $4,340 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June. (If no entry is required indented when the amount is entered. Do net indent manually.) Select-No Entry for the account titles ond enter 0 for the amount. Credit account titles are automatically Debit No. Account Titles and Explanation
ermediate Accounting, 16e Intermediate Accounting (ACCT 300/301/303) Prepare the adjusting entries for the month of June. (If no entry is required, select No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. De not indent manually.) No. Account Titles and Explanation 1. Debit 2. 3. 5. 6. HOW LESY OF ACCOUNTS Post the adjuating entries to the ledger accounts. Enter the totals from the trial balance as beginning in the previous question.) account balances. (Use T-Accounts)(Post entries in the order of journal entries presented
ackboard Lean Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 300/301/303) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account belances. (Use T.Accounts.) (Post entries in the onder of journal entries presented in the previous question OURCES
Chega.com PLUS Kieso, Intermediate Accounting, 16e SOURCES Salaries and Wages Payable Salaries and Wages Expense
Depreciation Expense Insurance Expense Utilities Expense Supplies Expense SHOW LIST OF ACCOUNTS LINK TO TEXT
LUS Kieso, Intermediate Accounting, 16e Prepare an URCES KUMAR CONSULTING Adjusted Trial Balance Debit Credit
business   accounting   
0 1
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

a) Adjusting Journal Entries 1) Supplies Expense (2007 - 720) Utilities expense 1287 Supplies 1287 2) 190 Accounts Payable 190 3) Insurance expense 260 Prepaid Insurance 260 4) Unearned Service Revenue 4330 Service Revenue 4330 5) Salaries & Wages expense 1330 Salaries &Wages Payable 1330 6) Depreciation expense 250 Accumulated Depreciation - equipment 250 7) Accounts Receivable 4340 Service Revenue 43402) Posting Adjusting Entries to Ledger accounts Cash 6850 Accounts Recaivable Opening Balance Opening Balance Servlce Revenue 7000 1310 Closing Balance 685 Closing Balance 11310 Prepaid Insurance Opening Balance 2007 Supplies expense 1287 Opening Balance 3120 Insurance expense 260 Closing Balance Closing Balarice 2860 Accumulated Depreciation equipment Equipment 15000 Opening Balance Opening Balance Depreciation expense 250 Closine Balance 15000 Closine Balance 250 Accounts Payable Salaries & Wages Payable Opening Balance Utilities expense Opening Balance Salaries &Wages expense 250 1330 Closing Balance 4440 Closing Balance 1330 Unearned Service Revenue Common Stock Service Revenue 4330 Opening Balarice 5200 Opening Balance 22007 Closing Balance 870 Closing Bulance 22007Service Revenue Salaries & Wages expense Opening Balance Uncarned Scrvicc Revcnue 8300 4330 4340 Opening Balance Salaries & Wages Payable 4000 1330 Closing Balance 16970 Accounts Receivable Closing Balance 53 Rent expense Depreciation expense Opening Balance 1780 Opening Balance Accumulated Depreciation equipment 250 Closing Balance 1780 Closing Balance Insurance ex Utilities expense Opening Balance Prepaid Insurance Opening Balance Accounts Payable 260 190 Closing Blance COosing Balance Sup Opening Balance Supplies 1287 Closing Balance 12873) Adjusted Trial Balance Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - equipment Accounts Payable Salaries & Wages Payable Unearned Service Revenue Common Stock Service Revenue Salaries & Wages expense Rent expense Depreciation expense Insurance expense Utilities expense Supplies expense 6850 11340 720 2860 15000 250 4440 1330 870 22007 16970 5330 1780 250 260 190 1287 45867 45867

0 1
Add a comment
Know the answer?
Add Answer to:
Accounting (ACCT 300/301/303) Question 2 Len Kumar started his own consulting firm, Kumar Consulting, on June...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...

    Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,007 Prepaid Insurance 2,160 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 22,007 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 2,735    $39,752 $39,752 In addition to those accounts listed on the trial balance, the...

  • Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...

    Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,987 Prepaid Insurance 3,480 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,987 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,415    $39,732 $39,732 In addition to those accounts listed on the trial balance, the...

  • Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...

    Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,987 Prepaid Insurance 3,480 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,987 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,415    $39,732 $39,732 An addition to those accounts listed on the trial balance, the...

  • Problem 4-02A Len Kenneth started his own consulting firm, Kenneth Consulting, on June 1, 2022. The...

    Problem 4-02A Len Kenneth started his own consulting firm, Kenneth Consulting, on June 1, 2022. The trial balance at June 30 is as follows. KENNETH CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,982 3,780 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,260 5,200 21,982 8,300 4,000 1,130 $39,742 $39,742 In addition to those accounts listed on the trial balance,...

  • Len John started his own consulting firm, John Consulting, on June 1, 2022. The trial balance...

    Len John started his own consulting firm, John Consulting, on June 1, 2022. The trial balance at June 30 is as follows. JOHN CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1.997 Prepaid Insurance 2.880 Equipment 15.000 Accounts Payable $4.255 Unearned Service Revenue 5.200 Common Stock 21.997 Service Revenue 8.300 Salaries and Wages Expense 4000 Rent Expense 2,025 $39.752 $39.752 In addition to those accounts listed on the trial balance, the chart of accounts...

  • Len Richard started his own consulting firm, Richard Consulting, on June 1, 2022. The trial balance...

    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 In addition to those accounts listed on the trial balance, the chart of accounts for...

  • Len David started his own consulting firm, David Consulting, on June 1, 2022. The trial balance...

    Len David started his own consulting firm, David Consulting, on June 1, 2022. The trial balance at June 30 is as follows. DAVID CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,992 Prepaid Insurance 3,120 Equipment 15,000 Accounts Payable $ 4,270 Unearned Service Revenue 5,200 Common Stock 21,992 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,800 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart...

  • Len William started his own consulting firm, William Consulting, on June 1, 2022. The trial balance...

    Len William started his own consulting firm, William Consulting, on June 1, 2022. The trial balance at June 30 is as follows. WILLIAM CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,007 Prepaid Insurance 3,060 Equipment 15,000 Accounts Payable $ 4,260 Unearned Service Revenue 5,200 Common Stock 22,007 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,850 $39,767 $39,767 In addition to those accounts listed on the trial balance, the chart...

  • Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance...

    Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance at June 30 is as follows. EDWARD CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,002 Prepaid Insurance 3,900 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,002 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,000    $39,752 $39,752 In addition to those accounts listed on the trial balance, the...

  • Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance...

    Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7.000 Supplies 2012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT