I am trying to figure out how to enter:
1. Total beginning balances and adjusting entires to the ledger account
2. Adjusted traial balance as of May 31, 2022
Elizabeth Brown started her own consulting firm, Brown Consulting, on May 1, 2022. The trial balance at May 31 is as follows. BROWN CONSULTING Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $4,600 112 Accounts Receivable 6,200 126 Supplies 2,100 130 Prepaid Insurance 2,400 149 Equipment 10,800 201 Accounts Payable $ 4,800 209 Unearned Service Revenue 1,900 301 16,300 Owner's Capital Service Revenue 400 7,900 726 Salaries and Wages Expense 3,300 729 Rent Expense 1,500 $30,900 $30,900 In addition to those accounts listed on the trial balance, the chart of accounts for Brown 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. $1,100 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2022, $200. 2. 3. 4. 5. An insurance policy for 2 years was purchased on May 1. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Brown Consulting has two employees, who are paid $1,000 each for a 5-day work week. The office furniture has a 5-year life with no salvage value. It is being depreciated at $180 per month for 60 months. Invoices representing $1,600 of services performed during the month have not been recorded as of May 31. 6. 7. (b) Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) No. 101 Cash Date Explanation Ref. Debit Credit Balance May 31 Balance No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 126 Supplies Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 130 Prepaid Insurance Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 34 No. 149 Equipment Date Explanation Ref. Debit Credit Balance May 31 Balance No. 150 Accumulated Depreciation Equipment Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 209 Uneared Service Revenue Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 14 No. 212 Salaries and Wages Payable Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 No. 301 Owner's Capital Date Explanation May 31 Balance Ref. Debit Credit Balance No. 400 Service Revenue Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 14 May 31 Adjusting 14 No. 631 Supplies Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 34 No. 717 Depreciation Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 No. 722 Insurance Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 No. 726 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 729 Rent Expense Date Explanation May 31 Balance Ref. Debit Credit Balance No. 732 Utilities Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14
