N 5 6 Adjustments 1. The equipment was used for the third year. 2. Prepaid insurance...

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N 5 6 Adjustments 1. The equipment was used for the third year. 2. Prepaid insurance was adjusted for Oct-Dec usage. 3. Unearned revenue was updated to show 3 months of work completed. 4. A final count of supplies showed $ 310 remaining. 100 Tyler consulting services Opening Trail balance Month ended Nov 30, 20XX Account Names Cash 110 Accounts Recieveable- Franklin 115 Accounts Recieveable- Washington Debet Credit 36, 100 1,900 1,400 120 Supplies 900 130 Prepaid Insurance 2,400 140 Equipment 5,000 141 Accumulated-Depreciation- Equipment 200 Accounts Payable- Gusto Inc. 2,000 3,200 210 Wages Payable 220 Unearned Revenue 300 Leach Tyler, Capitol 302 Leach Tyler, Drawing 310 Retained Earnings 400 Revenue Eared 500 Wages Expenses 501 Utilities Expenses 1,600 3,000 34,200 40, 100 9,600 104,000 35, 200 502 Supplies Expenses 503 Rent Expenses 504 Depreciation Expenses 505 Insurance Expenses TOTAL 8,800 1,600 24, 200 157,600 157,600 Notes: 1. Equipment was purchased Jan 1 two years ago it has a useful life of 5 years 2. The Prepaid Insurance was purchased Oct 1" It is a 6 month policy. No adjustments have been made 3. The unearned Revenue was prepaid by Roman Inc. On Oct 1" and covers 6 months of work. No adjustments have been made DELL E I m 5 Questions for Part 2. 1. Prepare the Adjusted trial balance 2 Prepare the Income statement, Statement of owner's equity, and the balance sheet. 3. Prepare the Closing journal entries and Post-closing trial balance Dec. 1st - Collected $525 from Franklin from a previous engagement in Oct. Dec. 2nd Paid $1,410 on Gusto's Inc. invoice from a previously recorded transaction with check #1301. Dec 3rd Paid December rent of $2,175 with check #1302. Dec 4th Completed additional work for Washington, sent invoice #Y77P for $1,320 due in 1 month. Dec. 5th Paid employee from work previously expensed in Nov. with payment due Dec. 5th using check #1303. Dec. 8th - Purchased land on a note for $38,725 to be used for future construction of a new office building. Land and Notes payable will have account numbers of 150 and 240, respectively. Dec. 9th- Paid $1,330 to cover all utilities for the month of Dec using check #1304. Dec. 10th Completed $585 worth of work for a repeat customer who pays cash immediately upon completion. Dec. 11th - Collected $790 from Washington from a previous engagement in Nov. Dec. 12th - Our employee earned two weeks of pay amounting to $1,720, to be Dec. 23rd. employee took vacation from Dec. 15th-Dec. 31st. No pay will accrue * Dec. 15th - Leah Tyler, the owner, withdrew $3,060 for personal use using check #1305. Dec. 16th - Completed a large job for Franklin for $11,110. Sent invoice #Y78P due Jan. 31st. Dec. 22nd-Franklin paid $2,770 to pay off some of his balance due. Dec. 23rd - Paid our employee for the work expensed Dec. 12th. DELL F9 28 F3 F4 F5 F6 F7 F8 #m 3 94 $ 95 6 F10 F11 8* F12 0 N 5 6 Adjustments 1. The equipment was used for the third year. 2. Prepaid insurance was adjusted for Oct-Dec usage. 3. Unearned revenue was updated to show 3 months of work completed. 4. A final count of supplies showed $ 310 remaining. 100 Tyler consulting services Opening Trail balance Month ended Nov 30, 20XX Account Names Cash 110 Accounts Recieveable- Franklin 115 Accounts Recieveable- Washington Debet Credit 36, 100 1,900 1,400 120 Supplies 900 130 Prepaid Insurance 2,400 140 Equipment 5,000 141 Accumulated-Depreciation- Equipment 200 Accounts Payable- Gusto Inc. 2,000 3,200 210 Wages Payable 220 Unearned Revenue 300 Leach Tyler, Capitol 302 Leach Tyler, Drawing 310 Retained Earnings 400 Revenue Eared 500 Wages Expenses 501 Utilities Expenses 1,600 3,000 34,200 40, 100 9,600 104,000 35, 200 502 Supplies Expenses 503 Rent Expenses 504 Depreciation Expenses 505 Insurance Expenses TOTAL 8,800 1,600 24, 200 157,600 157,600 Notes: 1. Equipment was purchased Jan 1 two years ago it has a useful life of 5 years 2. The Prepaid Insurance was purchased Oct 1" It is a 6 month policy. No adjustments have been made 3. The unearned Revenue was prepaid by Roman Inc. On Oct 1" and covers 6 months of work. No adjustments have been made DELL E I m 5 Questions for Part 2. 1. Prepare the Adjusted trial balance 2 Prepare the Income statement, Statement of owner's equity, and the balance sheet. 3. Prepare the Closing journal entries and Post-closing trial balance Dec. 1st - Collected $525 from Franklin from a previous engagement in Oct. Dec. 2nd Paid $1,410 on Gusto's Inc. invoice from a previously recorded transaction with check #1301. Dec 3rd Paid December rent of $2,175 with check #1302. Dec 4th Completed additional work for Washington, sent invoice #Y77P for $1,320 due in 1 month. Dec. 5th Paid employee from work previously expensed in Nov. with payment due Dec. 5th using check #1303. Dec. 8th - Purchased land on a note for $38,725 to be used for future construction of a new office building. Land and Notes payable will have account numbers of 150 and 240, respectively. Dec. 9th- Paid $1,330 to cover all utilities for the month of Dec using check #1304. Dec. 10th Completed $585 worth of work for a repeat customer who pays cash immediately upon completion. Dec. 11th - Collected $790 from Washington from a previous engagement in Nov. Dec. 12th - Our employee earned two weeks of pay amounting to $1,720, to be Dec. 23rd. employee took vacation from Dec. 15th-Dec. 31st. No pay will accrue * Dec. 15th - Leah Tyler, the owner, withdrew $3,060 for personal use using check #1305. Dec. 16th - Completed a large job for Franklin for $11,110. Sent invoice #Y78P due Jan. 31st. Dec. 22nd-Franklin paid $2,770 to pay off some of his balance due. Dec. 23rd - Paid our employee for the work expensed Dec. 12th. DELL F9 28 F3 F4 F5 F6 F7 F8 #m 3 94 $ 95 6 F10 F11 8* F12 0