Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Len Anthony started his own consulting firm, Anthony Consulting, on June 1, 2022. The trial balance at June 30 is as follows. ANTHONY CONSULTING Trial

image text in transcribed
image text in transcribed
image text in transcribed
Len Anthony started his own consulting firm, Anthony Consulting, on June 1, 2022. The trial balance at June 30 is as follows. ANTHONY CONSULTING Trial Balance June 30, 2022 Debit Credit $6,850 Cash Accounts Receivable 7,000 Supplies 2,007 Prepaid Insurance 4,020 15,000 $4,245 5,200 Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 22,007 8,300 4,000 875 $39,752 $39,752 In addition to those accounts listed on the trial balance, the chart of accounts for Anthony also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: Other data: 1. Supplies on hand at June 30 total $720. 2. A utility bill for $280 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 $4,140 of unearned service revenue by the end of the month. 5. Salaries of $1,500 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,200 of services performed by Anthony during the month have not been recorded as of June 30. No. Account Titles and Explanation Debit Credit 1 2. 3. 4. 5. 6. 7

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

Auditing And Assurance Theory And Practice

Authors: Clifford Gomez

1st Edition

8120345665, 978-8120345669

More Books

Students also viewed these Accounting questions