Current Attempt in Progress Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. Credit KUMAR CONSULTING Trial Balance June 30, 2017 Debit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 2,640 Equipment 15.000 Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense 4,000 Rent Expense 2.265 $39,737 $ 4,255 5,200 21,982 8,300 $39.737 In addition to those accounts listed on the trial balance, the chart of accounts for Kumar also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense Other data: 1. 2. 3. Supplies on hand at June 30 total $720. A utility bill for $240 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4.190 of unearned service revenue by the end of the month Salaries of $1,250 are accrued at June 30. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. Invoices representing $4,080 of services performed during the month have not been recorded as of June 30. 5. 6. 7. Your answer is partially correct. Prepare the adjusting entries for the month of June. (If no entry is required, select "No Entry" for the account titles and enter for the amounts, Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 1. Supplies 240 Accounts Payable 240 2. Insurance Expenso 220 Prepaid Insurance 220 Prepaid Insurance 220 3. Accounts Receivable 4,190 Unearned Service Revenue 4,190 4. Salaries and Wages Expense 1.250 Salaries and Wages Payable 1,250 5. Depreciation Expense 250 Accumulated Depreciation-Equipment 250 6. Accounts Receivable 4,080 Service Revenue 4,080 7. Sales Revenue Unearned Sales Revenue Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T- Accounts.) (Post entries in the order of journal entries presented in the previous question.) Cash 6/1 Accounts Receivable Supplies Prepaid Insurance Equipment Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense 1 Prepare an adjusted trial balance at June 30, 2017 KUMAR CONSULTING Adjusted Trial Balance June 30, 2017 Debit Credit $ Cash 6,850 S Accounts Receivable 15,270 1,502 Supplies 2.420 Prepaid Insurance Equipment 14,750 Accounts Payable 4495 9.390 Unearned Service Revenue 21.982 Common Stock 12,380 Service Revenue 5.250 Salaries and Wages Expense 220 Insurance Expense Service Revenue 12,380 Salaries and Wages Expense 5.250 Insurance Expense 220 Rent Expense 2,265 Salaries and Wages Payable 1.250 closing stock 720 Depreciation Expense 250 49,497 S 49,497