Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show your work and how to solve for a-c. Please show the t accounts and how to solve. Comprehensive Problem Prepare adjusting entries, post

image text in transcribed

Please show your work and how to solve for a-c. Please show the t accounts and how to solve.

Comprehensive Problem Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. Ben and Jerry started his own consulting firm, on June 1, 2021. The trial balance at June 30 is as follows. Ben & Jerry Consultants Trial Balance June 30, 2021 Credit Debit S6,850 7.000 2,000 2.880 15.000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Uneamed Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense S4,230 5.200 22.000 8.300 4.000 2.000 S39.730 39.730 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. Instructions (a) Prepare the adjusting entries for the month of June. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-accounts.) (c) Prepare an adjusted trial balance at June 30, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

9780470128848

More Books

Students also viewed these Accounting questions