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Prepare the adjusting entries for the month of June
I am having trouble preparing the adjusting entries. Any help would be greatly appreciated.
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 Rec 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 In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. 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. Prepare the adjusting entries for the month of June. |
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1. The amount will be the difference between your Supplies account and your supplies onhand. Your accounts will be Supplies and Supplies Expense
2. The amount is given and your accounts will be Utilities Payable and Utilities Expense. 3. The amount will be 1/12 of your prepaid insurance account. Your accounts will be Prepaid Insurance and Insurance Expense. 4. The amount is given to you. Your accounts will be Unearned Revenue and Service Revenue. 5. The amount is given to you. Your accounts will be Salaries Expense and Salaries Payable. 6. The amount is given to you. Your accounts will be Accumulated Depreciation and Depreciation Expense. 7. The amount is given to you. Your accounts will be Service Revenue and Accounts Receivable. |
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