Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning
Fantastic news! We've Found the answer you've been seeking!
Question:
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.)
Prepare an adjusted trial balance at June 30, 2022.
Transcribed Image Text:
Len Thomas started his own consulting firm, Thomas Consulting, on June 1, 2022. The trial balance at June 30 is as follows. THOMAS CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,360 Equipment 15.000 Accounts Payable $4.220 Unearned Service Revenue 5,200 Common Stock 21.982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,510 $39,702 $39,702 In addition to those accounts listed on the trial balance, the chart of accounts for Thomas also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $720. 2. Autility bill for $240 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,150 of unearned service revenue by the end of the month. 5. Salaries of $1,280 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,100 of services performed by Thomas during the month have not been recorded as of June 30. Len Thomas started his own consulting firm, Thomas Consulting, on June 1, 2022. The trial balance at June 30 is as follows. THOMAS CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,360 Equipment 15.000 Accounts Payable $4.220 Unearned Service Revenue 5,200 Common Stock 21.982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,510 $39,702 $39,702 In addition to those accounts listed on the trial balance, the chart of accounts for Thomas also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $720. 2. Autility bill for $240 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,150 of unearned service revenue by the end of the month. 5. Salaries of $1,280 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,100 of services performed by Thomas during the month have not been recorded as of June 30.
Expert Answer:
Answer rating: 100% (QA)
Adjusting entries are posted to the ledger accounts as shown below Cash Particulars Amount Particulars Amount 16 6850 6850 0 Ending balance 6850 Accou... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
The following information concerns the adjusting entries to be recorded on November 30, 2014, for RaiLink's year just ended. a. The Office Supplies account started the year with a $4,800 balance....
-
The following information concerns the adjusting entries to be recorded on November 30, 2020, for RaiLink?s year just ended. a. The Office Supplies account started the year with a $4,800 balance....
-
During review of the adjusting entries to be recorded on December 31, 20X8, Grand Corporation discovered that it had inappropriately been using the cost method in accounting for its investment in...
-
During extension, why do we sometimes get joints (and veins) and other times shear fractures and faults?
-
Sidhu, a PA, is planning his first audit of Microservices Ltd., a local retailer of computers and related products. Microservices is a new company, and this is the clients first fiscal year of...
-
Encode the file by adding 5 to every byte in the file. Write a program that prompts the user to enter an input file name and an output file name and saves the encrypted version of the input file to...
-
On March 1,2020 , Sandollar Inc. issued \(\$ 30,000\) of bonds at 105 , paying \(8 \%\) cash interest semiannually on June 30 and December 31. The bonds are scheduled to mature December 31, 2023. On...
-
The comparative statements of Beulah Company are presented below. Additional data: The common stock recently sold at $19.50 per share. Instructions Compute the following ratios for 2014. (a) Current....
-
strictly doont use CHATGPT.Please type the answer with good explanation.Thank You a stock experienced annual returns of 11 percent, 16 percent, -7 percent, and -13 percent during the past four year...
-
The Elbow Bend Hotel is located in Calgarys East Village and has 100 Rooms total. The breakdown of room types is as follows: 40 Deluxe Rooms, 50 Executive Rooms and 10 Suites. The Suites are always...
-
This year, Midland Light and Gas (ML&G) paid its stockholders an annual dividend of $1.75 a share. A major brokerage firm recently put out a report on ML&G predicting that the company's annual...
-
1. Briefly explain the concept of stocks and their importance in financial markets. 2. Explain what common stock represents and its ownership features. 3. Illustrate the risk associated with common...
-
Rowan Company is considering two alternative investment projects. Each requires a $269,000 initial investment. Project A is expected to generate net cash flows of $79,000 per year over the next six...
-
2. Create a file named fname.txt with the following data. 7.1 8.2 9.3 10.4 11.5 12.6 Write a program that reads the file created above and stores the data into an the array named fname_coursework:....
-
SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity - based costing system that has four activity...
-
sin Q: 4 Differentiate the xnx, x>0 w.r.t. x. Q: 5 Find the equation of the tangent to the curve (x-7) (x-2)(x-3)' point where it cuts the x-axis.
-
PROBLEMSQuestion 3Caine Bottling Corporationis considering the purchase of a new bottling machine. The machinewould cost $220,300 and has anestimated useful life of 8 years w 2 answers
-
Suppose the concentration of glucose inside a cell is 0.1 mm and the cell is suspended in a glucose solution of 0.01 mm. a. What would be the free energy change involved in transporting 10-o mole of...
-
Select the correct answer for each of the following questions. 1. Peel Company received a cash dividend from a common stock investment. Should Peel report an increase in the investment account if it...
-
The preclosing trial balance at December 31, 20X1, for Lone Wolfs general fund follows. Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for...
-
At a recent staff meeting, the vice president of marketing appeared confused. The controller had assured him that the parent company and each of the subsidiary companies had properly accounted for...
-
Joyce Lee earns $30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first $94,200 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.8% and a SUTA...
-
The Form 941 tax deposit includes which of the following types of taxes withheld from the employee and paid by the employer? (a) Federal income tax and FUTA tax (b) Federal income tax and Social...
-
The W-4, which shows total annual earnings and deductions for federal and state income taxes, must be completed by the employer and given to the employee by January 31. True/False
Study smarter with the SolutionInn App