Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Make corrective entries for May. Use J4 as the page number for the diary. b. Transfer the correction entries to the ledger accounts. Enter

a. Make corrective entries for May. Use J4 as the page number for the diary.
b. Transfer the correction entries to the ledger accounts. Enter the balance from the test balance sheet as the beginning balance of the account and mark checked as a reference.
c. Create a revised balance sheet on May 31, 2020. d. Prepare the operating results and profit statements for May and the financial statements as of May 31, 2020.
e. Making and transferring accounting entries.
f. Make a balance sheet after closing. image text in transcribed
102, 1, Sadie Cone started her own consulting firm, Cuono Consulting, on May 1, 2020. The al balance May 31 is as follows. Cone Consulting Tr Balance May 31, 2020 Credit Krunt Number 101 Debit 4.500 6.000 1.900 3.600 11.400 201 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Share Capital --Ordinary Service Revenue Salaries and Wages Expense Rent Expense 4,500 2.000 18,700 9.500 6,400 900 634.700 34,700 le to those ide the trial balance, the chart of accounts for Con Consulting to the following account and costumers No. 150 Accumulated Depreciation Equipment, Na 212 Salaries and Wapes Payable, No 6 Supplies Expense No. 717 Depreciation Expense, No. 722 I ance Expense and No. 732 Ultes Expense. Other data 1. EX of supplies have been used during the month 2. Utilities expense incurred but not paid on May 31, 2020, E250. The insurance policy is for 2 years. 4. 400 of the balance in the cared service revenue account remains unearned at the end of the 5 May 31 is a Wednesday, and employees are paid on Fridays. Cuoco Consulting has two employees, who are paid 920 cach for a 5-day work week. 6. The office furniture has a 5-year life with no residual value. It is being depreciated at 190 per month for 60 months. 7. Invoices representing 1,700 of services performed during the month have not been recorded as of May 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

state what is meant by the term performance management

Answered: 1 week ago