P3-1A Joey Cuono started his own consulting firm, Cuono Company SpA on June 1, 2017. The...

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P3-1A Joey Cuono started his own consulting firm, Cuono Company SpA on June 1, 2017. The trial balance at June 30 is shown below. Account Number 101 112 126 130 157 201 209 311 400 726 729 CUONO COMPANY SPA Trial Balance June 30, 2017 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Share Capital-Ordinary Service Revenue Salaries and Wages Expense Rent Expense Debit € 6,200 6,000 1,600 3,000 14,400 4,400 1,000 €36,600 Credit € 4,700 4,000 20,000 7,900 €36,600 In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com- pany SpA also contains the following accounts and account numbers: No. 158 Accumulated Depreciation Equipment, No. 212 Salaries and Wages 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 €340. 2. A utility bill for €185 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 is recorded for services performed at the end of the month. 5. Salaries of €1,600 are accrued at June 30. 6. The equipment has a 4-year life with no residual value. It is being depreciated at €300 per month for 48 months. 7. Invoices representing €2,400 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) Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. Post the adjusting entries to the ledger accounts. (c) Prepare an adjusted trial balance at June 30, 2017. P3-1A Joey Cuono started his own consulting firm, Cuono Company SpA on June 1, 2017. The trial balance at June 30 is shown below. Account Number 101 112 126 130 157 201 209 311 400 726 729 CUONO COMPANY SPA Trial Balance June 30, 2017 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Share Capital-Ordinary Service Revenue Salaries and Wages Expense Rent Expense Debit € 6,200 6,000 1,600 3,000 14,400 4,400 1,000 €36,600 Credit € 4,700 4,000 20,000 7,900 €36,600 In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com- pany SpA also contains the following accounts and account numbers: No. 158 Accumulated Depreciation Equipment, No. 212 Salaries and Wages 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 €340. 2. A utility bill for €185 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 is recorded for services performed at the end of the month. 5. Salaries of €1,600 are accrued at June 30. 6. The equipment has a 4-year life with no residual value. It is being depreciated at €300 per month for 48 months. 7. Invoices representing €2,400 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) Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. Post the adjusting entries to the ledger accounts. (c) Prepare an adjusted trial balance at June 30, 2017.

Answer rating: 100% (QA)

J3 ADJUSTING ENTRIES June 2017 126 Supplies 1600 631 Supplies Expense 1260 101 Cash 340 To record us... View the full answer