Ask Experts Questions for FREE Help !
Ask
    angelaray18's Avatar
    angelaray18 Posts: 1, Reputation: 1
    New Member
     
    #1

    May 6, 2012, 05:44 PM
    help with accounting homework for free
    Tony Masasi started his own consulting firm, Masasi Company, Inc. on June 1, 2008.
    The trial balance at June 30 is shown on page 129.
    Trial Balance
    June 30, 2008
    Account Number Debit Credit
    101 Cash $ 7,150
    112 Accounts Receivable 6,000
    126 Supplies 2,000
    130 Prepaid Insurance 3,000
    157 Office Equipment 15,000
    201 Accounts Payable $ 4,500
    209 Unearned Service Revenue 4,000
    311 Common Stock 21,750
    400 Service Revenue 7,900
    726 Salaries Expense 4,000
    729 Rent Expense 1,000
    $38,150 $38,150
    In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,
    Inc. also contains the following accounts and account numbers:No. 158 Accumulated Depreciation—
    Office Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable,No. 631 Supplies Expense,
    No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 732 Utilities Expense.
    Other data:
    1. Supplies on hand at June 30 are $600.
    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. $2,500 of unearned service revenue has been earned at the end of the month.
    5. Salaries of $2,000 are accrued at June 30.
    6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250
    per month for 60 months.
    7. Invoices representing $1,000 of services performed during the month have not been recorded
    as of June 30.
    Instructions
    (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.
    (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning
    account balances and place a check mark in the posting reference column.
    (c) Prepare an adjusted trial balance at June 30, 2008.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    May 7, 2012, 05:28 PM
    Quote Originally Posted by angelaray18 View Post
    Tony Masasi started his own consulting firm, Masasi Company, Inc., on June 1, 2008.
    The trial balance at June 30 is shown on page 129.
    Trial Balance
    June 30, 2008
    Account Number Debit Credit
    101 Cash $ 7,150
    112 Accounts Receivable 6,000
    126 Supplies 2,000
    130 Prepaid Insurance 3,000
    157 Office Equipment 15,000
    201 Accounts Payable $ 4,500
    209 Unearned Service Revenue 4,000
    311 Common Stock 21,750
    400 Service Revenue 7,900
    726 Salaries Expense 4,000
    729 Rent Expense 1,000
    $38,150 $38,150
    In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,
    Inc. also contains the following accounts and account numbers:No. 158 Accumulated Depreciation—
    Office Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable,No. 631 Supplies Expense,
    No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 732 Utilities Expense.
    Other data:
    1. Supplies on hand at June 30 are $600.
    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. $2,500 of unearned service revenue has been earned at the end of the month.
    5. Salaries of $2,000 are accrued at June 30.
    6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250
    per month for 60 months.
    7. Invoices representing $1,000 of services performed during the month have not been recorded
    as of June 30.
    Instructions
    (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.
    (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning
    account balances and place a check mark in the posting reference column.
    (c) Prepare an adjusted trial balance at June 30, 2008.
    So what do you do besides regurgitate accounting questions. In other words is there a specific question here

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Help with accounting homework for free [ 5 Answers ]

4. A corporation received its charter and began business this year. The company is authorized to issue 50,000 shares of $100 par, 10%, noncumulative, nonparticipating preferred stock, and 500,000 shares of no-par common stock. The following selected transactions occurred during this year: ...

Free help with accounting homework? [ 0 Answers ]

If you are developing a business and the initial business plan should include the chart of accounts, the assets the business will require, your investment, revenue at least three expenses and capital and withdrawal accounts. How would you start this plan on a spreadsheet?

Free accounting answers to accounting homework? [ 0 Answers ]

Dan Engles manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 3,200 ounces of grape concentrate at $0.06 per ounce 55 pounds of granulated sugar at $0.38 per pound 62 lemons at $0.63 each...

Accounting Free Homework Help? [ 3 Answers ]

Multiple-step income statements show?

Accounting homework help free [ 4 Answers ]

No. Account Title Debit Credit 101 Cash $7,500 104 short term investment 23,500 126 supplies 8,100 128 Prepaid insurance 8,600 167 Equipment 40,000 168 Accumulated depreciation-Equipment $20,000 173 Building 177,000 174 Accumulated depreciation-Building 59,000 ...


View more questions Search