The unadjusted trial balance of Prince Paralegal at October 31, 2023, is shown below:

The data needed for the month-end adjustments are as follows:

a. Unearned consulting revenue that still had not been earned at October 31, $22,050.

b. Rent still prepaid at October 31, $6,000.

c. Supplies used during the month, $3,465.

d. Amortization on furniture for the month, $11,125.

e. Amortization on building for the month, $1,600.

f. Accrued salaries expense at October 31, $4,395.

Required

1. Open ledgers for the accounts listed in the trial balance, inserting their October 31 unadjusted balances. Also open the Income Summary account (account #340). Date the balances of the following accounts October 1: Prepaid Rent, Supplies, Furniture, Accumulated Amortization—Furniture, Building, Accumulated Amortization— Building, Unearned Consulting Revenue, and Z. Prince, Capital.

2. Prepare the worksheet of Prince Paralegal for the month ended October 31, 2023.

3. Using the worksheet data, journalize and post the adjusting and closing entries, including explanations. Use dates and posting references. Use Page 12 as the journal’s page number.

Transcribed Image Text:

PRINCE PARALEGAL Unadjusted Trial Balance October 31, 2023 110 Cash 120 Accounts receivable 130 Prepaid rent 140 Supplies 150 Furniture 151 Accumulated amortization-furniture 160 Building 161 Accumulated amortization-building 180 Land 210 Accounts payable 220 Salaries payable 230 Unearned consulting revenue 300 Z. Prince, capital 330 Z. Prince, withdrawals 400 Consulting revenue 510 Salaries expense 520 Rent expense 530 Utilities expense 540 Amortization expense-furniture 550 Amortization expense-building 570 Supplies expense Total $ 32,050 63,895 9,900 3,780 140,735 307,350 76,000 17,550 8,280 0 4,590 0 0 0 $664,130 $ 25,300 49,450 32,805 0 23,850 476,205 56,520 $664,130