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QUESTION - Prepare an adjusted trail balance GoodJob Inc. provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on
QUESTION - Prepare an adjusted trail balance
GoodJob Inc. provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, 2020 is shown below. Other data: 1. Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $26400. 2. The company determined that $14700 of previously unearned consulting fees had been earned at December 31. 3. Office supplies on hand at December 31 total $380 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years. 5. The company prepaid its nine-month rent agreement on June 1, 2020. 6. The company prepaid its six-month insurance policy on December 1, 2020 7. Accrued but unpaid salaries total $13250 at December 31,2020. 8. On September 1, 2020, the company borrowed $66000 by signing an eight-month, 4 percent note payable. The entire amount, plus interest, is due March 31, 2021. Goodjob Inc. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Credit Account Cash Accounts receivable Debit 304,150 99,000 880 3,960 1,650 79,200 Office supplies Prepaid rent Unexpired insurance Office equipment Accumulated depreciation office equipment Accounts payable Notes payable (due 3/1/12) Interest payable Income taxes payable Dividends payable Unearned consulting fees Capital stock Retained earnings Dividends Consulting fees earned Rent expense Insurance expense Office supplies expense Depreciation expense : office equipment Salaries expense Utilities expense Interest expense Income taxes expense Totals 26,400 4,400 66,000 660 9,900 3,500 24,200 220,000 44,000 3,500 550,000 16,170 2,420 4,950 12,100 363,000 5,280 3,300 49,500 949,060 949,060Step by Step Solution
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