Washington started his own company, Washington Consulting, on September 1, 2020. The trial balance at September...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Washington started his own company, Washington Consulting, on September 1, 2020. The trial balance at September 30 is as follows. WASHINGTON CONSULTING Trial Balance September 30, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Uneamed Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $ 6,750 7,000 2,000 2,880 15,000 4,000 2,000 $ 39,630 Credit $ 4,230 5,200 22,000 8,200 39,630 In addition to those accounts listed on the trial balance, the chart of account for Romeo Consulting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data collected: 1. Supplies on hand by the end of the month total $720 2. A utility bill for $180 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 $4,100 of unearned service revenue by the end of the month Instructions (a) Prepare the adjusting entries for the month of September 5. Salaries of $1,250 are accrued at September 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 $3,900 of services performed during the month have not been recorded as of September 30. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balance (Use T-accounts) (c) Prepare an adjusted trial balance at September 30, 2020. Washington started his own company, Washington Consulting, on September 1, 2020. The trial balance at September 30 is as follows. WASHINGTON CONSULTING Trial Balance September 30, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Uneamed Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $ 6,750 7,000 2,000 2,880 15,000 4,000 2,000 $ 39,630 Credit $ 4,230 5,200 22,000 8,200 39,630 In addition to those accounts listed on the trial balance, the chart of account for Romeo Consulting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data collected: 1. Supplies on hand by the end of the month total $720 2. A utility bill for $180 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 $4,100 of unearned service revenue by the end of the month Instructions (a) Prepare the adjusting entries for the month of September 5. Salaries of $1,250 are accrued at September 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 $3,900 of services performed during the month have not been recorded as of September 30. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balance (Use T-accounts) (c) Prepare an adjusted trial balance at September 30, 2020.
Expert Answer:
Answer rating: 100% (QA)
A WASHINGTON CONSULTING Adjusting Journal Entries Account titles and explanat... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Gil Vogel started his own consulting firm, Vogel Consulting, on June 1, 2012. The trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2022. The trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
Suppose that we have a linear program that is not in standard form. We could produce the dual by first converting it to standard form, and then taking the dual. It would be more convenient, however,...
-
1. A pump is needed to lift 750 L of water per minute a distance of 25.0 m. What power (in kW) must the pump be able to deliver? (1 L of water has a mass of 1 kg.) 2. A machine is designed to perform...
-
Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively. Determine their participation in the year's net income of $350,000 under each of the following...
-
What item is the key figure (that is, 100 percent) in a common-size income statement? A commonsize balance sheet?
-
1. Of the four options available to Angi, which is the most ethical? 2. Using the principles of distributive justice, who would Angi choose to become the research assistant? 3. From Heifetz's...
-
Como consecuencia de la pandemia del 2020, muchos ciudadanos recibieron partidas de $1,200, $600 del gobierno federal y estn por recibir $1,400 en las prximas semanas. esto tiene el efecto de...
-
Product mix and overtime decisions Excel Corporation manufactures three products at its plant. The plant capacity is limited to 120,000 machine hours per year on a single-shift basis. Direct material...
-
Explain the rights and responsibilities of debtors and creditors in such secured transactions as the bank has proposed and how this information may have a bearing on the company's decision to proceed...
-
Kilgore Natural Gas has a $1,000 par value bond outstanding that pays 13 percent annual interest. The current yield to maturity on such bonds in the market is 14 percent. Compute the price of the...
-
Find the equation of the line that passes through (-2,4) and is perpendicular to the line passing through (-4,(1)/(3)) and (-2,(2)/(5)). Write the equation in slope -intercept form.
-
Write the equation of a quadratic function in standard form for the parabola that passes through the given points. (-1,5),(4,0),(5,-7),(1,9),(3,5),(0,8).
-
Shrewsbury Technologies, which manufactures high-technology instruments for spacecraft, is considering the sale of a navigational unit to a private company that wishes to launch its own...
-
Cliff Company manufactures file cabinets. The following cost information is available for the month of December: Beginning work in process Direct materials Conversion cost December costs Direct...
-
Suppose a group compiled historical data about Old Faithful Geyser (Yellowstone National Park) from 1870 to 1987. Let x, be a random variable that represents the time interval (in minutes) between...
-
You have accepted the engagement of auditing the financial statements of the C. Reis Company, a small manufacturing firm that has been your auditee for several years. Because you were busy writing...
-
Alan Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2012. The truck is expected to have a salvage value of $4,000 at the end of its 4-year useful life. Compute annual...
-
Susan Cashin Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) 900...
-
You have the following information for Gas Saver Plus. Gas Saver Plus uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 1,500 litres at a cost of 40...
-
The following information is taken from the Fossil, Inc. 2015 annual report: Calculate Fossils actual and sustainable rate of growth in sales. How do the two rates of growth compare? What advice...
-
Presented below are selected financial data from the 2015 annual report of the Bristol-Myers Squibb Company: Required Using the ratio definitions from Exhibit 4.6, calculate the financial ratios for...
-
Presented below are selected financial data from the 2015 annual report of The Boeing Company: Required Using the ratio definitions from Exhibit 4.6, calculate the financial ratios for The Boeing...
Study smarter with the SolutionInn App