Q10: Tony Masasi started his own consulting firm, McGee Company, on June 1, 2012. The trial balance at June 30 is shown below/ MCGEE COMPANY Trial Balance June 30, 2012 Credit Debit 7150 6000 2000 3000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Revenue Owner's Capital Service Revenue Salaries Expense Rent Expense 15000 4500 4000 21750 7900 4000 1000 38150 38150 Additional information : 1. Supplies on hand at June 30 are $750. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2.800 of unearned service revenue has been earned at the end of the month. 5. Salaries of $1,900 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1.200 of services performed during the month have not been recorded as of June 30. Required: (a) Prepare the adjusting entries for the month of June. (b) Post the adjusting entries to the ledger accounts. (c) Prepare an adjusted trial balance at June 30, 2012.

Q10: Tony Masasi started his own consulting firm, McGee Company, on June 1, 2012. The trial balance at June 30 is shown below/ MCGEE COMPANY Trial Balance June 30, 2012 Credit Debit 7150 6000 2000 3000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Revenue Owner's Capital Service Revenue Salaries Expense Rent Expense 15000 4500 4000 21750 7900 4000 1000 38150 38150 Additional information : 1. Supplies on hand at June 30 are $750. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2.800 of unearned service revenue has been earned at the end of the month. 5. Salaries of $1,900 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1.200 of services performed during the month have not been recorded as of June 30. Required: (a) Prepare the adjusting entries for the month of June. (b) Post the adjusting entries to the ledger accounts. (c) Prepare an adjusted trial balance at June 30, 2012.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
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