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on July 31, 2019 after one month of operation the general ledger of Michael domenici, consultant, Contained the accounts and balances given below. a. on
on July 31, 2019 after one month of operation the general ledger of Michael domenici, consultant, Contained the accounts and balances given below.
On July 31, 2019, after one month of operation, the general ledger of Michael Domenici, Consultant, contained the accounts and balances given belo $ 24,810 Dr. 1,300 Dr. 820 Dr 8.400 DE 1,380 Dr 344 Dr. 10,162 Dr 6,060 Dr ACCOUNTS AND BALANCES Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Interest Furniture Accumulated Depreciation Furniture Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Interest Payable Unearned Consulting Fees Michael Domenici, Capital Michael Domenic, Drawing Consulting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Furniture Depreciation Expense Equipment Interest Expense 16,300 C 4,100 CE 4,320 CE 25 696 Cr 1,600 Dr. 7.600 CE 2,800 Dr. 200 DE 140 DE ADJUSTMENTS a. On July 31, an inventory of the supplies showed that items costing $500 wore on hand b. On July 1, the firm paid $8.400 in advance for six months of ront. c. On July 1, the firm purchased a one-year insurance policy for $1,380. d. On July 1, the firm paid $344 interest in advance on a four-month note that it issued to the bank. e. On July 1, the firm purchased office furniture for $10,162. The furniture is expected to have a useful life of six years and a salvage value of $1,450. f. On July 1, the firm purchased office equipment for $6,060. The equipment is expected to have a useful life of five years and a salvao value of $1,500 g. On July 1, the firm issued a three-month, 6 percent note for $7,000 h. On July 1, the firm received a consulting fee of $4,320 in advance for a one-year period. Required: 1. Prepare a partial worksheet with the following sections. Trial Balance, Adjustments, and Adjusted Trial Balance. Use the data about the firm's accounts and balances to complete the Trial Balance section 2. Enter the adjustments described above in the Adjustments section, 3. Complete the Adjusted Trial Balance section Analyze: By what total amount were the expense accounts of the business adjusted? Complete this question by entering your answers in the tabs below. Partial Worksheet Analyze Complete the partial worksheet. Michael Domenici, Consultant Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid interest Office Furniture Accumulated Depreciation-Omice Furniture Office Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Interest Payable Uneamed Consulting Fees Michael Domenici, Capital Michael Domenici, Drawing Consulting Fees Salaries Expense Ultes Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense-Furniture Depreciation Expense Equipment Interest Expense (0) Interest Expense () Totals 0S 0S 01 R 20. By what total amount were the expense accounts of the business adjusted? Complete this question by entering your answers in the tabs below. Partial Worksheet Analyze By what total amount were the expense accounts of the business adjusted? Expense accounts adjusted by a. on July 31 an inventory of the supply showed that items cost in $560 were on hand
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