Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The June 30, 2020, unadjusted trial balance for Trenton Consulting after its first year of operations follows: Trenton Consulting Unadjusted Trial Balance June 30, 2020
The June 30, 2020, unadjusted trial balance for Trenton Consulting after its first year of operations follows:
Trenton Consulting Unadjusted Trial Balance June 30, 2020 | ||||||
Unadjusted Trial Balance | ||||||
Account | Debit | Credit | ||||
Cash | $ | 690 | ||||
Accounts receivable | 2,950 | |||||
Prepaid rent | 3,720 | |||||
Equipment | 9,500 | |||||
Accounts payable | $ | 1,740 | ||||
Toni Trenton, capital | 26,870 | |||||
Toni Trenton, withdrawals | 6,980 | |||||
Consulting revenue | 30,300 | |||||
Wages expense | 25,020 | |||||
Insurance expense | 1,630 | |||||
Rent expense | 8,420 | |||||
Totals | $ | 58,910 | $ | 58,910 | ||
Additional information:
- Annual depreciation on the equipment is $1,550.
- The balance in the Prepaid Rent account is for six months of rent commencing March 1, 2020.
- Unpaid and unrecorded wages at June 30 totalled $3,300.
- Accrued revenues at June 30 totalled $4,200.
Required: 1. - 3. Use the above information to complete the work sheet.
4. Calculate the balance in the capital account as it would appear on the June 30, 2020, balance sheet.
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