Ask Experts Questions for FREE Help !
Ask
    sexcgrljenn's Avatar
    sexcgrljenn Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 13, 2012, 03:59 PM
    Preparing Adjusted Trial Balances
    WAEGELEIN CONSULTING
    Trial Balance

    June 30, 2010
    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

    Post the adjusting entries to the ledger accounts.
    1. Supplies on hand at June 30 total $980.
    2. A utility bill for $180 has not been recorded and will not be paid until next month.
    3. The insurance policy is for a year.
    4. $3,900 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 $3,500 of services performed during the month have not been recorded as of June 30.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    May 13, 2012, 05:31 PM
    1. You need to reduce your supplies account balance from $2,000 to $980

    2. You need to record the utility bill.

    3. You need to record the insurance used during the period.

    4. You need to record the revenue that was earned during the period.

    5. You need to record the salaries for the period.

    6. You need to record depreciation for the period.

    7. You need to record the services performed.

    After you do your adjusting entries you need to do an adjusted trial balance.
    dee52's Avatar
    dee52 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 15, 2013, 11:06 PM
    T account
    dee52's Avatar
    dee52 Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Mar 15, 2013, 11:07 PM
    Waegelein t account entries
Not your question? Ask your question View similar questions
 

Add your answer here.


Check out some similar questions!

Making adjusted trial balances [ 1 Answers ]

Hello. I was able to do the closing entries but when I tried to incorporate the adjusted entries it didn't work so I am not sure how to incorporate them or if they are right based on the adjustments needed. Please help if you can Thank you! Debit Credit Debit Credit Debit Credit...

Preparing an adjusted trial balance [ 1 Answers ]

I am preparing an Adjusted trial balance for a class, the answer is at the bottom and I can't get my answer to compare. Here is where I might have made a mistake. 4 Received $3,950 cash from Alex’s Engineering Co. for the receivable from November. Credit cash Debt acct receivable ...

Doing adjusted Trial Balances [ 4 Answers ]

I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is I can't get them to balance. The balance is supposed to be 1,194,630. The template is attached I think I am having trouble with which ones are debits and credits... I know...

T-accounts and adjusted trial balances [ 3 Answers ]

I'm having trouble putting amounts in the right places for t-accounts and the adjusted trial balance. Please help.

View more questions Search