Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
Len Michael started his own consulting firm, Michael Consulting, on June 1, 2022. The trial balance at June 30 is as follows. MICHAEL CONSULTING Trial Balance June 30, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit Credit $ 6,850 7.000 2,002 3,000 15,000 $ 4,235 5,200 22,002 8,300 4,000 1,885 $39,737 $39,737 In addition to those accounts listed on the trial balance, the chart of accounts for Michael 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 Autility bill for $210 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4,270 of unearned service revenue by the end of the month. Salaries of $1,500 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 $4.010 of services performed by Michael during the month have not been recorded as of June 30. Question 6 of 6 -/5 Prepare the aujusting entries for the month of June. Try no entry is requireu, seret no entry for the account tres anu enter 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. 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

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

Students also viewed these Accounting questions

Question

Is SHRD compatible with individual career aspirations

Answered: 1 week ago