Joey Cuono started his own consulting firm, Cuono Company SpA on June 1, 2017. The trial balance at June 30 is shown below. CUONO COMPANY SPA Trial Balance June 30, 2017 Account Number Debit Credit 101 Cash 6,182 112 Accounts Receivable 5,918 126 Supplies 1,814 130 Prepaid Insurance 4,668 157 Equipment 14,640 201 Accounts Payable 4,627 209 Unearned Service Revenue 4,025 311 Share Capital - Ordinary 21,070 400 Service Revenue 8,343 726 Salaries and Wages Expense 3,803 729 Rent Expense 1,040 38,065 38,065 1. In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company SpA also contains the following accounts and account numbers: No. 158 Accumulated Depreciation Equipment, No. 212 Salaries and Wages Payable, No. 63i Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: Supplies on hand at June 30 are 713. 2. A utility bill for 243 has not been recorded and will not be paid until next month. The insurance policy is for a year. 2,871 of unearned service revenue is recorded for services performed at the end of the month. Salaries of 1,980 are accrued at June 30. The equipment has a 4-year life with no residual value. It is being depreciated at 244 per month for 48 months. Invoices representing 1,257 of services performed during the month have not been recorded as of June 30. 3. 4 5. 6. 7 Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 30 2. June 30 3. June 30 4. June 30 5. June 30 6. June 30 7. June 30 Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.) No. 101 Ref Debit Credit Balance Cash Date Explanation June 30 Balance Accounts Receivable Date Explanation June 30 Balance No. 112 Ref Debit Credit Balance June 30 Adjusting 23 No. 126 Supplies Date June 30 Explanation Debit Credit Balance Ref Balance 33 No. 130 June 30 Adjusting Prepaid Insurance Date Explanation June 30 Balance Debit Credit Balance Ref No. 157 Debit Credit Balance No. 158 June 30 Adjusting 33 Equipment Date Explanation Ref June 30 Balance Accumulated Depreciation-Equipment Date Explanation Ref June 30 Adjusting 33 Accounts Payable Date Explanation Ref June 30 Balance Debit Credit Balance No. 201 Debit Credit Balance 23 No. 209 June 30 Adjusting Unearned Service Revenue Date Explanation June 30 Balance Debit Credit Balance Ref 13 No. 212 Ref Debit Credit Balance June 30 Adjusting Salaries and Wages Payable Date Explanation June 30 Adjusting Share Capital-Ordinary Date Explanation June 30 Balance 23 No. 311 Debit Credit Balance Ref No. 311 Ref Debit Credit Balance Share Capital-Ordinary Date Explanation June 30 Balance Service Revenue Date Explanation June 30 Balance No. 400 Ref Debit Credit Balance No. 631 Debit Credit Balance 13 No. 711 Debit Credit Balance No. 722 Debit Credit Balance June 30 Adjusting 33 June 30 Adjusting 13 Supplies Expense Date Explanation Ref June 30 Adjusting Depreciation Expense Date Explanation Ref June 30 Adjusting 33 Insurance Expense Date Explanation Ref June 30 Adjusting 33 Salaries and Wages Expense Date Explanation Ref June 30 Balance V June 30 Adjusting 33 Rent Expense Explanation Ref June 30 Balance V Utilities Expense Date Explanation Ref June 30 Adjusting Prepare an adjusted trial balance at June 30, 2017. No. 726 Debit Credit Balance No. 729 Date Debit Credit Balance No. 732 Debit Credit Balance 13 CUONO COMPANY SPA Adjusted Trial Balance Debit Credit
