Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Len Markstarted his own consulting firm, Mark Consulting, on June 1, 2022. The trial balance at June 30 is as follows. MARK CONSULTING Trial Balance
Len Markstarted his own consulting firm, Mark Consulting, on June 1, 2022. The trial balance at June 30 is as follows. MARK CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7.000 Supplies 1.977 Prepaid Insurance 3.600 Equipment 15.000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 21.977 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,300 $39.727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Mark also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense. Utilities Expense. and Supplies Expense. Other data: 1. 2. 3. 4. 5. 6. 7. Supplies on hand at June 30 total $720. A utility bill for $260 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4.250 of unearned service revenue by the end of the month. Salaries of $1.440 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. Invoices representing $4.110 of services performed by Mark during the month have not been recorded as of June 30. Pagarca. Erre egingos r. T- La Postharder of journal entrepren the questo Cash Accounts Receivable Supplies Prasidan Equipment Accumulated Depreciation Equipment V Accounts Payable Salaries and Payable Unnamed Service Revenue Common Stock Service Revenue Salaries and Wages Expande v V Rent Expen Depreciation Expanse Insurance Expense Uttes En V V Supplies Expanse
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started