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P3-1A Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2017 The trial balance at June 30 is shown below Cuono Company
P3-1A Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2017 The trial balance at June 30 is shown below Cuono Company Trial Balance June 30, 2014 Account title Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Share Capital Ordinary Service Revenue Salaries and Wages Expense Rent Expense Debit Credit $6,200 6,000 2,000 3,000 14,400 $ 4,700 4,000 20,000 7,900 4,000 1,000 $36,600 $36,600 In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Supplies Expense, Depreciation Expense, Insurance Expense, and Utilities Expense Other data: 1. Supplies on hand at June 30 are $1,100. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2,500 of unearned service revenue is recognized for services performed at the end of the month. 5. Salaries of $1,600 are accrued at June 30. 6. The equipment has a 4-year life with no residual value. It is being depreciated at $300 per month for 48 months. 7. Invoices representing $2,100 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2017
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