Kristi Williams offers family counseling services specializing in financial and marital problems. A trial balance at December 31, 20-- is shown. Kristi Williams Family Counseling ServicesUNADJUSTED TRIAL BALANCEDecember 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash8,730.00 2Office Supplies700.00 3Prepaid Insurance600.00 4Office Equipment18,000.00 5Computer Equipment6,000.00 6Notes Payable 8,000.007Accounts Payable 500.008Kristi Williams, Capital 11,400.009Kristi Williams, Drawing3,000.00 10Client Fees 35,800.0011Wages Expense9,500.00 12Rent Expense6,000.00 13Utilities Expense2,170.00 14Miscellaneous Expense1,000.00 15Totals55,700.0055,700.00 Information for year-end adjustments is as shown: (a) Office supplies on hand at year-end amounted to $100. (b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an expected useful life of 10 years and no salvage value. (c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected useful life of three years and no salvage value. Assume that Williams computes depreciation to the nearest full month. (d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy. Required:1.Prepare the work sheet for the year ended December 31, 20--.2.Prepare adjusting entries in a general journal.

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Answered: 1. Prepare the work sheet for the year…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

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Kristi Williams offers family counseling services specializing in financial and marital problems. A trial balance at December 31, 20-- is shown.

Kristi Williams Family Counseling Services

UNADJUSTED TRIAL BALANCE

December 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	8,730.00
2	Office Supplies	700.00
3	Prepaid Insurance	600.00
4	Office Equipment	18,000.00
5	Computer Equipment	6,000.00
6	Notes Payable		8,000.00
7	Accounts Payable		500.00
8	Kristi Williams, Capital		11,400.00
9	Kristi Williams, Drawing	3,000.00
10	Client Fees		35,800.00
11	Wages Expense	9,500.00
12	Rent Expense	6,000.00
13	Utilities Expense	2,170.00
14	Miscellaneous Expense	1,000.00
15	Totals	55,700.00	55,700.00

Information for year-end adjustments is as shown:

	(a) Office supplies on hand at year-end amounted to $100.
	(b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an expected useful life of 10 years and no salvage value.
	(c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected useful life of three years and no salvage value. Assume that Williams computes depreciation to the nearest full month.
	(d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy.

Required:

1.	Prepare the work sheet for the year ended December 31, 20--.
2.	Prepare adjusting entries in a general journal.

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1. Prepare the work sheet for the year ended December 31, 20--. 2. Prepare adjusting entries in a general journal.