Account Title

Debit Credit

Cash $35,800

Accounts receivable $29,600

supplies $6,875

Prepaid advertising $13,000

Computer equipment$54,000

Accumulated amortization- computer equipment $0

furniture $120,000

Accumulated amortization- furniture

$0

Accounts payable $43,775

R. Watts, capital $98,000

R. Watts, withdrawals$45,000

Consulting revenue $227,100

Salaries expense $82,500

Supplies expense $0

Travel expense $32,100

Total $418,875 $418,875

2. Make a adjusted trial balance on dec 31,2020

The following adjustments information was available on December 31, 2020:

e.A physical count shows $5,100 of supplies remaining on hand on December 31.

f.The computer equipment has an expected useful life of four years with no residual value after four years. The computers were purchased on January 2 of this year, and the straight-line method of amortization is used.

g.The furniture, purchased on January 2, is expected to be used for eight years with no expected value after eight years. The straight-line method of amortization is used.

h.On October 1, Millennial Consulting hired an advertising firm to make a marketing plan and agreed to pay the firm $2,200 per month. Millennial Consulting paid for five months' work in advance and has made no adjusting entries for this during 2020. Record the portion of the prepayment that has been used to date.

i.The company's office manager, who earns $400 per day, worked the last five days of the year and will be paid on January 5, 2021