P3-1A Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P3-1A Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below. MASASI COMPANY Trial Balance June 30, 2010 Account Number Debit Credit 101 Cash $ 7.150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201 Accounts Payable $ 4,500 4,000 209 Unearned Service Revenue 301 T. Masasi, Capital 21,750 400 Service Revenue 7,900 726 4,000 Salaries Expense Rent Expense 729 1,000 $38,150 $38,150 In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation Office Equipment, No. 212 Salaries Payable, No. 244 Utilities Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are $600, 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2.500 of unearned service revenue has been earned at the end of the month. 5. Salaries of $2,000 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 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. Use J3 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as be- ginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2010. P3-1A Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below. MASASI COMPANY Trial Balance June 30, 2010 Account Number Debit Credit 101 Cash $ 7.150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201 Accounts Payable $ 4,500 4,000 209 Unearned Service Revenue 301 T. Masasi, Capital 21,750 400 Service Revenue 7,900 726 4,000 Salaries Expense Rent Expense 729 1,000 $38,150 $38,150 In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation Office Equipment, No. 212 Salaries Payable, No. 244 Utilities Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are $600, 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2.500 of unearned service revenue has been earned at the end of the month. 5. Salaries of $2,000 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 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. Use J3 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as be- ginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2010.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution j3 Supplies expenses Supplies Utility expense... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below. In addition to those accounts listed on the trial balance, the chart of...
-
The ending bank statement balance at November 30 is $6,750. The bank statement shows a service charge of $65, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total...
-
In addition to those mentioned in the case, what are some other advantages associated with the hiring of local managers in emerging markets?
-
Prepare a sensitivity analysis question with an Excel Sensitivity analysis report and answer it. Make sure your question asks about the following a. Optimal solution b. Optimal objective function c....
-
Deer Valley Lodge, a ski area near Salt Lake City, has plans to eventually add five new chairlifts. Suppose that one of the lifts costs $2.2 million, and preparing the slope and installing the lift...
-
Visit the website of Alpha Analytics (www.alpha-analytics.com/home). Briefly describe their data cleaning and validation techniques and how they are applied.
-
The ratio of sudden load to equivalent static load is. (a) 3 (b) 2 (c) 1.5 (d) \(\quad 1 / 2\)
-
Wren Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims...
-
HISTORY OF PSYCHOLOGY PART 1 : Phrenology was a wildly popular but untrue scientific theory. Find another popular but untrue scientific theory. Find a URL on the internet exploring at least one more...
-
The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2016. The wages are separated into the quarters in which they were paid to the individual...
-
Find grad f. Graph some level curves f = const. Indicate Vf by arrows at some points of these curves. 1. f = (x + 1)(2y 1) 2. f = 9x2 + 4y2 3. f = y/x 4. (y + 6)2 + (xr 4)2 5. f = x* + y* 6. f =...
-
What does the MM theory with no taxes state about the value of a levered firm versus the value of an otherwise identical but unlevered firm? What does this imply about the optimal capital structure?
-
What is securitization? What are its advantages to borrowers? What are its advantages to lenders?
-
What are some inventory ordering costs? As defined here, are these costs fixed or variable?
-
What are some methods firms can use to accelerate receipts?
-
How can cash discounts be used to influence sales volume and the DSO?
-
Sandy who lives in sunny Santa Monica, California is considering selling a vacant lot she owns. If Sandy sells her vacant lot and wants to invest into another piece of real property and qualify for...
-
Fill in each blank so that the resulting statement is true. A solution to a system of linear equations in two variables is an ordered pair that__________ .
-
Using the information in P25-5B, compute the overhead controllable variance and the overhead volume variance.
-
On September 1, 2010, the account balances of Rand Equipment Repair were as follows. During September the following summary transactions were completed. Sept. 8 Paid $1,400 for salaries due...
-
On July 1, Goetz Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 300 shares of the treasury stock for cash...
-
What are the three main considerations involved in managing subcontractors?
-
Why is float a valuable resource, and why is free float more valuable than total float?
-
Describe the situation for which but-for or collapsed as-built analysis is most appropriate.
Study smarter with the SolutionInn App