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    Adjusting Entries, Post T-accounts, Adjusted trial balance

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    Josh Stein started his own consulting firm, Astromech Consulting, on June 1, 2007. The trial balance at June 30 is as follows.

    ASTROMECH CONSULTING
    Trial Balance
    June 30, 2007
    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

    In addition to those accounts listed on the trial balance, the chart of accounts for Astromech also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.

    Other data:
    1. Supplies on hand at June 30 total - $980
    2. A utility bill has not been recorded and will not be paid until next month - $180
    3. The insurance policy is for a year.
    4 $2,900 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 $3,000 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.
    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    06/30/07 Account title Amount
    Account title Amount

    (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.

    Cash Accounts Receivable

    Prepaid Insurance Supplies

    Office Equipment Accum Depreciation - Office Equip

    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

    (c) Prepare an adjusted trial balance at June 30, 2007.

    ASTROMECH CONSULTING
    Adjusted Trial Balance
    June 30, 2007
    Debit Credit
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Account title
    Formula Formula

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    https://brainmass.com/business/trial-balance/adjusting-entries-post-accounts-adjusted-trial-balance-340519

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    Solution is provided in a separate excel file attached.

    Josh Stein started his own consulting firm, Astromech Consulting, on June 1, 2007. The trial balance at June 30 is as follows.

    ASTROMECH CONSULTING
    Trial Balance
    June 30, 2007
    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

    In addition to those accounts listed on the trial balance, the chart of accounts for Astromech also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.

    Other data:
    1. Supplies on hand at June 30 total - $980
    2. A utility bill has not been recorded and will not be paid until next month - $180
    3. The insurance policy is for a year.
    4 $2,900 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 ...

    Solution Summary

    This solution helps adjusting entries, post t-account and adjusted trial balance.

    $2.19