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-   -   Nick Waege started his own consulting firm, (https://www.askmehelpdesk.com/showthread.php?t=744320)

  • Apr 14, 2013, 05:07 PM
    shammie128
    Nick Waege started his own consulting firm,
    Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.

    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

    Total $39,490 $39,490


    Other data:

    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.
  • Apr 14, 2013, 05:55 PM
    pready
    What is your question? Items 1 through 7 are simple adjusting entries.

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