Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P4.2 ( LO 2, 3), AP Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2022, The June transactions resulted in a
P4.2 ( LO 2, 3), AP Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2022, The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. Instructions a. Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the rightmost column. 1. Supplies on hand at June 30 total $720. 2. A utility bill for $180 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,100 of unearned service revenue by the end of the month. 5. Salaries of $1,250 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $3,900 of services performed during the month have not been recorded as of June 30. b. Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started