Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,007 Prepaid Insurance 2,160 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 22,007 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 2,735 $39,752 $39,752 In addition to those accounts listed on the trial balance, the chart of accounts for Kumar also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $720. 2. A utility bill for $280 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 $4,390 of unearned service revenue by the end of the month. 5. Salaries of $1,390 are accrued at June 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 $4,030 of services performed during the month have not been recorded as of June 30. Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.)

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 1COP: The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows.

KUMAR CONSULTING Trial Balance June 30, 2017
	Debit	Credit
Cash	$ 6,850
Accounts Receivable	7,000
Supplies	2,007
Prepaid Insurance	2,160
Equipment	15,000
Accounts Payable		$ 4,245
Unearned Service Revenue		5,200
Common Stock		22,007
Service Revenue		8,300
Salaries and Wages Expense	4,000
Rent Expense	2,735
	$39,752	$39,752

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

Other data:

1.		Supplies on hand at June 30 total $720.
2.		A utility bill for $280 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 $4,390 of unearned service revenue by the end of the month.
5.		Salaries of $1,390 are accrued at June 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 $4,030 of services performed during the month have not been recorded as of June 30.

Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions