Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Helen Martin started her own consulting firm, Martin Consulting. on May 1, 2022. The trial balance at May 31 is as follows. In addition to

image text in transcribed
image text in transcribed
image text in transcribed
Helen Martin started her own consulting firm, Martin Consulting. on May 1, 2022. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Martin Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631. Supplies Expense.,No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. $800 of supplies have been used during the month. 2. Utifities expense incurred but not paid on May 31, 2022, $200. 3. An insurance policy for 2 years was purchased on May 1. 4. $200 of the balance in the unearned service revenue account remains unearned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. Martin Consulting has two employees, who are paid $900 each for a 5-day work week. 6. The office furniture has a 5 -year life with no salvage value. It is being depreciated at $210 per month for 60 months. 7. Invoices representing $1,800 of services performed during the month have not been recorded as of May 31 . Prepare an adjusted trial balance at May 31, 2022

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

The Human Resource Function Audit

Authors: Peter Reilly, Marie Strebler, Polly Kettley

1st Edition

0955970776, 978-0955970771

More Books

Students also viewed these Accounting questions