P3-1B

Jason Elsner started his own consulting firm, Elsner Company, on June 1, 2017.

The trial balance at June 30 is shown below.

ELSNER COMPANY

Trial Balance

June 30, 2017

Account Number Debit Credit

101 Cash $ 7,150

112 Accounts Receivable 6,000

126 Supplies 2,000

130 Prepaid Insurance 3,000

157 Equipment 15,000

201 Accounts Payable $ 4,500

209 Unearned Service Revenue 4,000

301 Owner's Capital 21,750

400 Service Revenue 7,900

726 Salaries and Wages Expense 4,000

729 Rent Expense 1,000

$38,150 $38,150

Other data:

1. Supplies on hand at June 30 are $750.

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. $2,800 of unearned service revenue is recognized for services performed during the month.

5. Salaries of $1,900 are accrued at June 30.

6. The equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.

7. Invoices representing $1,200 of services performed during the month have not been recorded as of June 30.