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Hello this is one problem but all images are connected Len Matthew started his own consulting firm, Matthew Consulting, on June 1, 2022. The trial
Hello this is one problem but all images are connected
Len Matthew started his own consulting firm, Matthew Consulting, on June 1, 2022. The trial balance at June 30 is as follows. MATTHEW CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,982 4,200 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,260 5,200 21,982 8,300 4,000 710 $39,742 $39,742 In addition to those accounts listed on the trial balance, the chart of accounts for Matthew 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. 4. 5. Supplies on hand at June 30 total $720. A utility bill for $280 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4,350 of unearned service revenue by the end of the month. Salaries of $1,400 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 $4,140 of services performed by Matthew during the month have not been recorded as of June 30. 6. 7. 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. 2. 3. 4. 5. 6. 7. 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 Accounts ReceivableStep by Step Solution
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