Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning
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Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.)
Prepare an adjusted trial balance at June 30, 2022.
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Len Thomas started his own consulting firm, Thomas Consulting, on June 1, 2022. The trial balance at June 30 is as follows. THOMAS CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,360 Equipment 15.000 Accounts Payable $4.220 Unearned Service Revenue 5,200 Common Stock 21.982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,510 $39,702 $39,702 In addition to those accounts listed on the trial balance, the chart of accounts for Thomas also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $720. 2. Autility bill for $240 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 $4,150 of unearned service revenue by the end of the month. 5. Salaries of $1,280 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 $4,100 of services performed by Thomas during the month have not been recorded as of June 30. Len Thomas started his own consulting firm, Thomas Consulting, on June 1, 2022. The trial balance at June 30 is as follows. THOMAS CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,360 Equipment 15.000 Accounts Payable $4.220 Unearned Service Revenue 5,200 Common Stock 21.982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,510 $39,702 $39,702 In addition to those accounts listed on the trial balance, the chart of accounts for Thomas also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $720. 2. Autility bill for $240 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 $4,150 of unearned service revenue by the end of the month. 5. Salaries of $1,280 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 $4,100 of services performed by Thomas during the month have not been recorded as of June 30.
Expert Answer:
Answer rating: 100% (QA)
Adjusting entries are posted to the ledger accounts as shown below Cash Particulars Amount Particulars Amount 16 6850 6850 0 Ending balance 6850 Accou... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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