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please and thank you. Im sorry its such a big problem. id appreciate the help Patricia Johnson started her own consulting firm, Johnson Consulting, on
please and thank you. Im sorry its such a big problem. id appreciate the help
Patricia Johnson started her own consulting firm, Johnson Consulting, on May 1, 2022. The trial balance at May 31 is as follows. JOHNSON CONSULTING Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $4,600 112 Accounts Receivable 6,000 126 Supplies 2,200 130 Prepaid Insurance 2.400 149 Equipment 12,000 201 Accounts Payable $4,500 209 Unearned Service Revenue 2,100 301 17.500 400 7.800 Owner's Capital Service Revenue Salaries and Wages Expense Rent Expense 726 3,300 729 1,400 $31.900 $31,900 In addition to those accounts listed on the trial balance, the chart of accounts for Johnson Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No.631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Question 10 of 10 2.67/8 $31,900 $31.900 In addition to those accounts listed on the trial balance, the chart of accounts for Johnson Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment. No.212 Salaries and Wages Payable, No.631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. 2 3. 4. $1,200 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2022, $300. An insurance policy for 2 years was purchased on May 1. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Johnson Consulting has two employees, who are paid $900 each for a 5-day work week. The office furniture has a 5-year life with no salvage value. It is being depreciated at $200 per month for 60 months Invoices representing $1,600 of services performed during the month have not been recorded as of May 31 5. 6. 7. (a) Your answer is correct Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts.(Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance May Balance 31 May 31 Adjusting 34 No. 126 Supplies Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 130 Prepaid Insurance Date Explanation Ref. Debit Credit Balance May Balance 31 May 31 Adjusting 34 No. 149 Equipment Date Explanation Ref. Debit Credit Balance May 31 Balance No. 150 Accumulated Depreciation- Equipment Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May 31 Balance 14 May Adjusting 31 Unearned Service Revenue Date Explanation No. 209 Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 34 No. 212 Salaries and Wages Payable Date Explanation Ref. Debit Credit Balance May 31 Adjusting 34 No. 301 Owner's Capital Date Explanation Ref. Debit Credit Balance May Balance 31 No. 400 Service Revenue Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 May 31 Adjusting 34 No. 631 Ref. Debit Credit Balance Supplies Expense Date Explanation May Adjusting 31 34 No. 717 Depreciation Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 34 No. 722 Insurance Expense Date Balance Explanation Ref. Debit Credit May 31 Adjusting 34 Step by Step Solution
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