Julie Brown started her own consulting firm, Wedding Consulting, on May 1, 2008. The trialbalance at May 31 is as follows.WEDDING CONSULTINGTrial BalanceMay 31, 2008АссountNumber101Debit$ 6,5004,0003,6001,50012,000CreditCash110Accounts Receivable120130135Prepaid InsuranceSuppliesOffice Furniture$ 6,500Accounts PayableCommon StockService RevenueSalaries ExpenseRent Expense20031119,1004006,0005103,0005201,000$31.600$31.600In addition to those accounts listed on the trial balance, the chart of accounts for WeddingConsulting also contains the following accounts and account numbers: No. 210 Travel Payable,No. 320 Retained Earnings No. 540 Insurance Expense, No. 550 Travel Expense, and No. 560Supplies Expense.Other data:1. $500 of supplies have been used during the month.2. Travel expense incurred but not paid on May 31, 2003, $200.3. The insurance policy is for 2 years.Instructions(a) Journalize the adjusting entries for the month of May.(b) Prepare the adjusted trial balance(c) Prepare the income statement, retained earnings statement and balance sheet.(d) Fill the work sheet accordingly.Business Name:WEDDING CONSULTINGAccounting Period:May-08Account CodeAccountTrial BalanceAdjusting EntriesAdjusted Trial Balance Income StatementBalance SheetDebitCreditDebitCreditDebitCreditDebitCreditDebitCredit101cash110accounts receivable130supplies120prepaid insurance135office furnitureaccounts payabletravel payable200210311common stock320retained earnings400service revenue510salaries expense520rent expense540insurance expense550travel expense560supplies expenseTotal

Answered: Instructions (a) Journalize the…

Instructions (a) Journalize the adjusting entries for the month of May. (b) Prepare the adjusted trial balance (c) Prepare the income statement, retained earnings statement and balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
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