B Sheffield started her own consulting firm, Sheffield Corp., on May 1, 2020. The trial balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
B Sheffield started her own consulting firm, Sheffield Corp., on May 1, 2020. The trial balance at May 31 is as follows. Sheffield Corp. Trial Balance May 31, 2020 Account Number 101 112 126 130 149 201 209 311. 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $4,400 5,800 2,100 2.400 11,400 3,400 1,100 $30,600 Credit $4,400 2,100 16,500 7,600 $30,600 In addition to those accounts listed on the trial balance, the chart of accounts for Sheffield Corp, also contains the following accounts and account numbers: No. 150 Accumulated Depreciacion-Equipment, No. 212 Salaries and Wages Payable. No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense Other data 1 2 3. 4 5 6 7. $1,100 of supplies have been used during the month, Utilities expense incurred but not paid on May 31, 2020.$200. The insurance policy is for 2 years. $500 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two employees who are paid $900 each for a 5-day work week. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months. Invoices representing $1,500 of services performed during the month have not been recorded as of May 31. Required Prepare the adjusting entries for the month of may. Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. Prepare an adjusted trial balance at may 31, 2020. B Sheffield started her own consulting firm, Sheffield Corp., on May 1, 2020. The trial balance at May 31 is as follows. Sheffield Corp. Trial Balance May 31, 2020 Account Number 101 112 126 130 149 201 209 311. 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $4,400 5,800 2,100 2.400 11,400 3,400 1,100 $30,600 Credit $4,400 2,100 16,500 7,600 $30,600 In addition to those accounts listed on the trial balance, the chart of accounts for Sheffield Corp, also contains the following accounts and account numbers: No. 150 Accumulated Depreciacion-Equipment, No. 212 Salaries and Wages Payable. No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense Other data 1 2 3. 4 5 6 7. $1,100 of supplies have been used during the month, Utilities expense incurred but not paid on May 31, 2020.$200. The insurance policy is for 2 years. $500 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two employees who are paid $900 each for a 5-day work week. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months. Invoices representing $1,500 of services performed during the month have not been recorded as of May 31. Required Prepare the adjusting entries for the month of may. Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. Prepare an adjusted trial balance at may 31, 2020.
Expert Answer:
Answer rating: 100% (QA)
Account Adjusting Entry Debit Credit Supplies Expense Debit Supplies 900 Supplies Credit Supplies Ex... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2019. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart...
-
Lula started his own consulting firm, Lula Consulting Inc, on May 1, 2001. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts...
-
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
PROJECT SCENARIO You are recently appointed as the IT Consultant and Software Architect in BMS a Software Architect firm. As your first project, you are assigned by the Project Manager to propose and...
-
Davis Corp. completed the following transactions in 2010, the first year of operation. 1. Issued 30,000 shares of $20 par common stock for $30 per share. 2. Issued 5,000 shares of $50 par, 4 percent,...
-
The profit and loss account of Innovative Products Limited for the years 2016 and 2017 is given below: The management was surprised to note that though the sales have increased by 9%, the profit...
-
What are some indicators that a digital device has been infected?
-
The Town of Wilson has a Water Utility Fund with the following trial balance as of July 1, 2011, the first day of the fiscal year: During the year ended June 30, 2012, the following transactions and...
-
Let M, N be closed subspaces of a Hilbert space H and P, Q the orthogonal projections with ran P = M, ran Q = N. Prove that the following conditions are equivalent:
-
Delaplane Computers gets most of its component parts from suppliers in Pacific Rim countries, who ship to the companys main distribution center near Long Beach, California, where computers are built...
-
How does diversity encompass many areas including underserved populations, socioeconomic status, language, acculturation level, traditions, belief systems, etc?
-
Name three sources of data for sports marketing. How might a marketer use these data?
-
Livingston Lures develops and markets electronic fishing lures that emit various sounds associated with baitfish. This feature makes a Livingston Lure much more effective than traditional lures...
-
How do experts expect the Internet of Things to transform the marketing research industry?
-
Belk has a chain of department stores across the South. Top management requires that each store manager collect, maintain, and respond to customer complaints (emails, letters, calls, etc.). Each...
-
How do packaged services differ from syndicated data?
-
Reactions of Metals with Acid Metal: Ca Part A Was there a reaction with HCI? Yes No Submit Previous Answers Correct Part B What did you observe? Select all that apply.
-
As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...
-
Bargain Wholesale Supply owns stock in Cyrus Corporation, which it intends to hold indefinitely because of some negative tax consequences if sold. Should the investment in Cyrus be classified as a...
-
What is responsibility accounting? Explain the purpose of responsibility accounting.
-
Knight Company reports the following costs and expenses in May. Instructions From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Periodcosts....
-
Suppose that you are a project manager asked to develop the network activity diagram and identify the critical path for a project based on the following information. Draw the activity network as a...
-
You are considering whether or not to crash your project. After asking your operations manager to conduct an analysis, you have highlighted the precrash and postcrash activity durations and costs of...
-
Reconfigure the Gantt chart in Problem 10.13 to include some different predecessor relationships. Optional: Solve this problem with Microsoft Project. a. Assume that activities B and C are linked...
Study smarter with the SolutionInn App