Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Here are the questions, thank you. Prepare the adjusting entries for the month of June. (If no entry is required, select No Entry for the

image text in transcribedimage text in transcribed

Here are the questions, thank you.

image text in transcribedimage text in transcribed
Prepare the adjusting entries for the month of June. (If no entry is required, select "No Entry\" for the acoount titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) lilo. Date Account Title. and Explanation Debit Credit 2020 1. June 30 2 30 3 30 4 30 5 30 6 30 7 30 Len Jones started his own consultingrm, Jones Consulting Inc., on June 1, 2020' The trial balance at June 30 is as follows. JONES CONSULTING INC. Trial Balance June 30, 2020 Debit Credit Cash $ 7,050 Accounts receivable 6,800 Supplies 2,040 Prepaid insurance 2,880 Equipment 18,360 Accounts payable $ 4,030 Unearned revenue 4,800 Common shares 25,280 Service revenue 8,700 Salaries and wages expense 3,600 Rent expense 2,080 $42,810 $42,810 In addition to those accounts listed on the trial balance, the chart of accounts for Jones also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense Other data: 1. Supplies on hand atJune 30 total $680. 2. A utility bill for $160 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 $3,740 of unearned revenue by the end of the month. 5. Salaries of $1,290 are accrued at June 30. 6. The equipment has a ve-year life with no residual value and is being depreciated at $306 per month for 60 months. 7. Invoices representing $4,020 of services performed during the month have not been recorded as ofJune 30

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

12th edition

134725980, 9780134726656 , 978-0134725987

More Books

Students also viewed these Accounting questions

Question

6:00 .

Answered: 1 week ago

Question

1. Too understand personal motivation.

Answered: 1 week ago