Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assets = Liabilities + Stockholders Equity Cash + Accts. Rec. + Supplies + Prepd. Insur. + Equip. - Acc. Depr.- Equip. = Accts. Pay. +

image text in transcribed

Assets

=

Liabilities

+

Stockholders Equity

Cash +

Accts. Rec.

+ Supplies +

Prepd. Insur.

+ Equip. -

Acc. Depr.- Equip.

=

Accts. Pay.

+

Unearn. Serv. Rev.

+

Sal./Wages Pay.

+

Com. Stock

+

Retained Earnings

Rev. - Exp. - Div

Bal.

6,713 + 6,860 + 1,960 + 2,736 + 14,700 - 0 = 4,149 + 5,096 + 0 + 21,560 + 8,134 - 5,970 - 0

image text in transcribed

Assets

=

Liabilities

+

Stockholders Equity

Cash

+

Accts. Rec.

+

Supplies

+

Prepd. Insur.

+

Equip.

-

Acc. Depr.- Equip.

=

Accts. Pay.

+

Unearn. Serv. Rev.

+

Sal./Wages Pay.

+

Com. Stock

+

Retained Earnings

Rev.

-

Exp.

-

Div

Bal.

6,713 6,860 1,960 2,736 14,700 0 4,149 5,096 0 21,560 8,134 - 5,970 0

1.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Utilities Expense/Salaries & Wages Expense/Supplies Expense/Depreciation Expense/Insurance Expense/Service Revenue

2.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Salaries & Wages Expense/Depreciation Expense/Utilities Expense/Service Revenue/Supplies Expense/Insurance Expense

3.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Service Revenue/Insurance Expense/Salaries & Wages Expense/Supplies Expense/Depreciation Expense/Utilities Expense

4.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Utilities Expense/Service Revenue/Insurance Expense/Depreciation Expense/Salaries & Wages Expense/Supplies Expense

5.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Depreciation Expense/Utilities Expense/Insurance Expense/Supplies Expense/Service Revenue/Salaries & Wages Expense

6.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Service Revenue/Salaries & Wages Expense/Supplies Expense/Utilities Expense/Depreciation Expense/Insurance Expense

7.

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

select an account title

Supplies Expense/Salaries & Wages Expense/Utilities Expense/Depreciation Expense/Service Revenue/Insurance Expense

Totals

enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount
Thomas Taylor started his own consulting firm, Taylor Consulting, on June 1, 2022. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right-most column. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Supplies on hand at June 30 total $ 702. 2. A utility bill for $ 180 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 $ 4,018 of unearned service revenue by the end of the month. Salaries of $ 1,225 are accrued at June 30. 5. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $ 245 per month for 60 months. Invoices representing $ 3,822 of services performed during the month have not been recorded as of June 30. 7

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

Routledge Handbook Of Environmental Accounting

Authors: Jan Bebbington, Carlos Larrinaga, Brendan O'Dwyer, Ian Thomson

1st Edition

0367724901, 9780367724900

More Books

Students also viewed these Accounting questions

Question

20. What do you want them to do? (what actions should they take)?

Answered: 1 week ago