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Len Kumar started his own consulting firm, Bramble Corp., on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted
Len Kumar started his own consulting firm, Bramble Corp., on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. Assets Liabilities + Stockholders' Equity Aucts. Prepd. Acc. Depr. Accts. Unearn. Sal./Wages Com. Retained Earnings Cash + Rec + Supplies + Insur. + Equip. - Equip. - Pay. + Serv. Rev. + Pay. + Stock + Rev. - Exp. - Div Bal. 6,850 + 7.000 + 1.972 + 2,520 + 15,000 - 0 - 4,220 + 5.200 + O + 21.972 + 8.300 - 6,350 - 0 Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right-most column. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Supplies on hand at June 30 total $720. 2. A utility bill for $210 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 $4.220 of unearned service revenue by the end of the month. 5. Salaries of $1,400 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 $4,210 of services performed during the month have not been recorded as of June 30. Assets Accts. Rec. Prepd. Insur. Supplies Cash + 6,850 7,000 1.972 2.520 Totals Liabilities Acc. Depr: Equip Accts. Pay. Equip Unearn Serv. Rev. + 5,200 Sal/Wage Pay 15,000 4,220 Sal./Wages Pay. Com. Stock Stockholders' Equity Retained Earnings Exp. 8,300 6,350 Rev. 21,972 Com. Stock Stockholders' Equity Retained Earnings Rev. 8,300 6,350 Exp. Div 21,972 Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances. Assets Liabilities Stockholders' Equity e Textbook and Media
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