D 1 Randall James' Consulting Services Worksheet For the Month ended January 31, 2021 2 3 4 5 6 7 Trial Balance Adjustments Account Name Adi. Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 1 Cash 2 Accounts Receivable 93 Supplies 10 4 Prepaid Insurance 11 5 Prepaid Rent 12 6 Equipment 13 7 Accum Depr - Equip 14 8 Accounts Payable 15 159 Randall James, Capital 16 10 Randall James, Drawing 17 11 Income Summary 18 12 Fees Income 1913 Salaries Expense 20 14 Utilities Expense 21 15 Supplies Expense 22 16 Insurance Expense 23 17 Rent Expense 24 18 Depr Expense-Equip 25 19 Advertising Expense 25 20 Telephone Expense 27 21 Maintenance Expense 28 22 Totals 23 Net Income 30 24 31 25 Submission 3: 4. Prepare the Trial Balance section of the worksheet. (Worksheet tab) 5. Prepare the Adjustments section of the worksheet. (Worksheet tab) a. Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $5,200 on hand. b. Compute and record the adjustment for expired insurance for the month. c. Record the adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February. 1 2 Account: Cash Date Description Jan Beginning Balance 6 12 12 9 13 10 14 11 12 13 12 20 20 D Account #: Ref Debit Credit $ 111,350.00 $ $ 7,000.00 $ 8,400.00 $ $ 20,000.00 $ $ 4,000.00 $ $ 3,600.00 $ $ 4,500.00 S $ 750.00 S $ 20,700.00 S $ 12,500.00 $ $ 5,600.00 $ $ 7,065.00$ $ 3,600.00 $ $ 1,025.00$ $ 1,600.00 $ $ 3,000.00 $ $ 2,675.00 S $ 19,000.00 $ $ 32,800.00 $ 12,000.00 S $ 4,150.00 $ $ 10,000.00 $ 7,600.00 $ 100 Balance 111,350.00 104,350.00 95,950.00 115,950.00 119.950.00 116,350.00 120,850.00 121,600.00 142,300.00 154,800.00 160,400.00 153,335.00 149,735.00 148,710.00 150,310.00 147,310.00 144,635.00 163,635.00 130,835.00 118,835.00 114,685.00 104,685.00 112.285.00 14 15 16 21 22 23 17 24 18 23 23 19 29 31 21 22 31 31 24 3 25 31 25 27 Ref. $ S Account: Accounts Receivable Date Description Jan Beginning Balance 7 12 13 15 20 20 26 29 31 Account #: Debit Credit 5,000.00 $ 5,000.00 $ S 4,000.00 $ S 4,500.00 $ 2.300.00 $ 3,500.00 S S 5,600.00 $ S 1.600.00 $ 2,750.00 $ 1,620.00 S 110 Balance 5,000.00 10,000.00 6,000.00 1,500.00 3.800.00 7,300.00 1,700.00 100.00 2,850.00 4.470.00 S S $ S Account: Supplies Date Description Jan Beginning Balance Ref. $ $ Debit 1,000.00 7,000.00 Account #: Credit $ $ S 750.00 $ $ 120 Balance 1,000.00 8,000.00 7,250.00 12,250.00 14 20 $ 5,000.00 130 Account: Prepaid Insurance Date Description Jan Beginning Balance Account #: Credit Ref. Debit Balance $ $ $ $ 3 8,400.00 8,400.00 34 Account: Prepaid Rent Date Description Beginning Balance Account #: Credit Ref Debit 4,000.00 135 Balance 4,000.00 $ $ 2 3 -4 5 7 - Account: Equipment 9 Date Description Beginning Balance 1 Ref $ $ Account #: Debit Credit 11,000.00 15,000.00 $ S 140 Balance 11,000.00 26,000.00 3 e Account: Accumulated Depreciation - Equipment 7 Date Description Ref 3 Jan Beginning Balance Debit Account #: Credit $ 183.00 $ 141 Balance 183.00 11 3 Ref. Debit 4 Account: Accounts Payable Date Description 5 Jan Beginning Balance 20 Account #: Credit $ 3,500.00 $ $ 5,000.00 S $ $ 5,000.00 $ 200 Balance 3,500.00 8,500.00 5,500.00 10,500.00 7 21 $ 3,000.00 30 Account: Randall James, Capital Date Description Beginning Balance Ref. Debit Account #: Credit $ 128,667.00 $ 300 Balance 128,667.00 05 36 18 310 Account #: Credit Ref Debit Balance 10 Account: Randall James, Drawing 11 Date Description 12 Jan Beginning Balance 31 3 13 $ 12,000.00 $ $ $ 12,000.00 14. $ 15 16 17 320 18 Account: Income Summary Date Description eo Jan Beginning Balance Account #: Credit 19 Ref. Debit Balance $ 21 24 400 es 25 Account: Fees Income Date Description es Jan Beginning Balance Ref. Debit Balance Account #: Credit $ $ 25,000.00 $ $ 23,000.00 $ 16,000.00 $ $ 21,750.00 $ $ 9,220.00 $ 13 81 20 29 25,000.00 48,000.00 64,000.00 85,750.00 94,970.00 33 31 55 66 67 8 500 Account: Salaries Expense Date Description Beginning Balance Account #: Credit Ref Debit Balance 1 Jan $ S 31 $ 32,800.00 32,800.00 505 Account #: Credit Ref. 7 Account: Utilities Expense Date Description 9 Jan Beginning Balance 23 Debit Balance $ S $ 2,675.00 2,675.00 510 4 Account: Supplies Expense Date Description Jan Beginning Balance Account #: Credit 5 Ref Debit Balance $ 7 515 51 Account: Rent Expense Date Description Beginning Balance Account #: Credit Ref. Debit Balance El Jan S 6 520 Account #: Credit Ref Debit Balance $ E Account: Depreciation Expense - Equipment Date Description Beginning Balance 71 T2 73 525 s Account: Advertising Expense Date Description Beginning Balance Account #: Credit 75 Ref Debit Balance 78 $ $ 3,600.00 3.600.00 $ S 3,600.00 7,200.00 79 30 81 530 Account: Maintenance Expense Date Description Beginning Balance Ref. Account #: Credit Debit Balance 05 Jan 36 21 31 $ $ S $ S 7,065.00 4,150.00 7,065.00 11,215.00 37 38 69 535 Account #: Credit Ref. Debit Balance Account: Telephone Expense Date Description Beginning Balance 23 $ S 34 $ 1,025.00 1,025.00 35 540 * Account: Insurance Expense Date Description 20 Jan Beginning Balance Account : Credit Ref. Debit Balance S 31 3 14