The adjusted trial balance of Sergio Mendez, Attorney-at-Law, as of November 30, 20X1, after the company had completed the first month of operations, appears below. Appropriate adjustments have been made for the following items:
a. Supplies used during the month, $14,400.
b. Expired rent for the month, $13,600.
c. Depreciation expense for the month, $2,200.

INSTRUCTIONS
1. Record the adjusted trial balance in the Adjusted Trial Balance columns of the worksheet.
2. Prepare the adjusting entries in the Adjustments columns.
3. Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.
Analyze: Which contra asset account is on the adjusted trial balance?

Transcribed Image Text:

Account Name Sergio Mendez, Attorney-at-Law Adjusted Trial Balance Month Ended November 30, 20X1 Debit Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Sergio Mendez, Capital Sergio Mendez, Drawing Fees Income Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Totals $140,200 34,000 27,200 163,200 264,000 24,000 43,200 7,000 14,400 13,600 2,200 $733,000 Credit $2,200 68,000 320,000 342,800 $733,000