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Q: Question 2 Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows. WAEGELEIN CONSULTING Trial Balance June 30, 2010
Debit Credit Cash $6,850 Accounts Receivable 7,000 Prepaid Insurance 2,640 Supplies 2,000 Office Equipment 15,000 Accounts Payable $4,540 Unearned Service Revenue 5,200 Common Stock 21,750 Service Revenue 8,000 Salaries Expense 4,000 Rent Expense 2,000 $39,490 $39,490 Other data: 1 Supplies on hand at June 30 total $980. 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. $3,900 of unearned service revenue has been earned at the end of the month. 5. Salaries of $1,250 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June. Date Account/Description Debit Credit 1. June 30 2. June 30 3. June 30 4. June 30 5. June 30 6. June 30 7. June 30 Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T-Accounts. (List multiple items from largest to smallest amount, e.g. 10, 5, 2.) Cash Prepaid Insurance 6/30 Bal. 6/30 Bal. 6/30 6/30 Bal. Accounts Receivable 6/30 Bal. Supplies 6/30 6/30 Bal. 6/30 6/30 Bal. 6/30 Bal. Office Equipment Salaries Expense 6/30 Bal. 6/30 Bal. 6/30 Accumulated Depreciation - Office Equipment 6/30 Bal. 6/30 6/30 Bal. Rent Expense 6/30 Bal. Accounts Payable 6/30 Bal. Depreciation Expense 6/30 Utilities Payable 6/30 Bal. 6/30 6/30 Bal. Insurance Expense 6/30 Salaries Payable 6/30 Bal. 6/30 6/30 Bal. Utilities Expense 6/30 Unearned Service Revenue 6/30 Bal. 6/30 6/30 Bal. 6/30 Bal. Supplies Expense 6/30 Common Stock 6/30 Bal. 6/30 Bal. Service Revenue 6/30 Bal. 6/30 6/30 6/30 Bal. Complete the following adjusted trial balance at June 30, 2010. (If answer is zero, please enter 0, do not leave any fields blank.) WAEGELEIN CONSULTING Adjusted Trial Balance June 30, 2010 Debits Credits Cash $ $ Accounts Receivable Prepaid Insurance Supplies Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Service Revenue Common Stock Service Revenue Salaries Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Totals $ $
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Asked 7/18/2012 10:05:21 PM
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