Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help as soon as possible Len Brian started his own consulting rm, Brian Consulting, on June 1, 2022. The trial balance at June

I need help as soon as possible

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Len Brian started his own consulting rm, Brian Consulting, on June 1, 2022. The trial balance at June 30 is as follows. BRIAN CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,972 Prepaid Insurance 3,960 Equipment 15,000 Accounts Payable $ 4,230 Unearned Service Revenue 5,200 Common Stock 21,972 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 920 $39,702 $39,702 In addition to those accounts listed on the trial balance, the chart of accounts for Brian also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: In addition to those accounts listed on the trial balance, the chart of accounts for Brian also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: Supplies on hand at June 30 total $720. A utility bill for $240 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4,400 of unearned service revenue by the end of the month. Salaries of $1,430 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. .\\'.'.U":PWN!' Invoices representing $4,320 of services performed by Brian during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June. (if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Supplies Expense 1,252 Supplies 1,252 2. Utilities Expense 240 Accounts Payable 240 3. Insurance Expense 330 Prepaid Insurance 330 4. Unearned Service Revenue 4,400 Service Revenue 4,400 5. Salaries and Wages Expense 1,430 Salaries and Wages Payable 1,430 6. Depreciation Expense 250 Accumulated Depreciation-Equipment 250 7. Accounts Receivable 4,320 Service Revenue 4,320Post 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 Receivable Supplies Prepaid Insurance EquipmentEquipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Service RevenueService Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Insurance Expense Utilities\fPrepare an adjusted trial balance at June 30, 2022. BRIAN CONSULTING Adjusted Trial Balance Debit Credit $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics Principles And Methods

Authors: Richard A. Johnson, Gouri K. Bhattacharyya

7th Edition

8126557745, 470904119, 978-0470904114

Students also viewed these Economics questions