Amount 30 0.02 interest rate 11500 on account 24 25 26 During January, the first month of operations, the following transactions occurred: 27 Date Event 28 2-Jan Paid for 12 months rent on office space 29 5-Jan Purchased office furniture. 5-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 31 11-Jan Performed services for various customers for cash and on account. 32 19-Jan Paid salaries to employees for 1 week. 33 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 34 22-Jan Purchased additional office supplies on account. 35 28-Jan Collected payments for amounts previously billed. 36 29-Jan Paid for utilities. 37 29-Jan Paid the bill for supplies purchased previously. 31-Jan Dividends were declared and paid. 39 Amount 9,000 8,950 30,000 loan amt 12,500 paid cash 6,560 11,760 5,650 8,950 1,986 10,590 500 38 40 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 41 42 43 44 6985 4680 45 46 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 47 295 comp equip 85 off furn 48 49 6,560 weekly 50 51 You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email. You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you email both please do so in the same Prepare adjusting entries for the month of January given the information provided. Post the adjusting entries to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab. Highlight the entire worksheet area and press the "ctrl" key and the "-" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed 1 ADJUSTING JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT CREDIT 2 DATE 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 1 1 Worksheet - ZKTZ Consulting Inc JANUARY ENTRIES UNADJUSTED TRIAL BALANCE BEGINNING NUMBERS ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT DEBIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 49,200 CREDIT 37,586 8,950 63,210 11,500 5650 9000 10,590 74,824 2,550 16,240 9,000 58,300 67,500 58,300 67,500 8,950 8,950 10,590 10,590 5,650 5,650 2 2 ACCOUNT 3 4 Cash 5 Accounts Receivable 6 Supplies 7 Prepaid Rent 8 Land 9 Computer Equipment 10 Accumulated Depreciation, Comp Equip 11 Office Furniture 12 Accumulated Depreciation, Off Furn 13 Accounts Payable 14 Salaries Payable 15 Interest Payable 16 Unearned Revenue 17 Long-term Notes Payable 18 Common Stock 19 Retained Earnings 20 Dividends 21 Service Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Utilities Expense 26 Interest Expense 27 Depreciation Expense, Comp Equip 28 Depreciation Expense, Office Furniture 29 11,760 30,000 11,760 30,000 1,75,000 175,000 500 500 24,000 24,000 6,560 6,560 1,986 1,986 30 185,590 185,590 117,946 117,946 246,410 246,410 31 32