Waegelein Consulting



Prepare the adjusting entries for the month of June.

WAEGELEIN CONSULTING

Journal Entry

Date

Accounts

Debit

Credit

1

Supplies expense

$1,020

 

 

Supplies

 

$1,020

 

 

 

 

2

Utilities expense

$180

 

 

Utilities payable

 

$180

 

 

 

 

3

Insurance expense

$220

 

 

Prepaid insurance

 

$220

 

 

 

 

4

Unearned service revenue

$3,900

 

 

Service revenue

 

$3,900

 

 

 

 

5

Salary Expense

$1,250

 

 

Salary payable

 

$1,250

 

 

 

 

6

Depreciation expense

$250

 

 

Accumulated deprecation - equipment

 

$250

 

 

 

 

 

 

 

7

Accounts Receivable

$3,500

 

 

Service revenue

 

$3,500

 

 

 

 

(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts Service rev. $15,400

Cash

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

$ 6,850

Account Rec

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

7,000

 

Adjusting

$3,500

 

$10,500

Supplies

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

2,000

 

Adjusting

 

$1,020

$980

Prepaid Insurance

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

2,640

 

Adjusting

 

$220

$2,420

Office Equipment

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

15,000

Accumulated Depreciation—Office Equipment

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

250

250

Accounts Payable

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

$ 4,540

Unearned Service Revenue

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

5,200

 

Adjusting

$3,900

 

$1,300

Salaries Payable

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

1,250

Utilities Payable

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

180

Common Stock

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

21,750

Service Revenue

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

8,000

 

Adjusting

$3,900

 

 

Adjusting

 

$3,500

$15,400

Supplies Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

1,020

Depreciation Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

250

Insurance Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

220

Salaries Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

4,000

 

Adjusting

$1,250

 

5,250

Rent Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

2,000

Utilities Expense

Date

Explanation

Debit

Credit

Balance

30-Jun-10

Balance

 

 

180

(c) Prepare an adjusted trial balance at June 30, 2010 trial balance $44,670

WAEGELEIN CONSULTING

Trial Balance

30-Jun-10

 

Debit

Credit

Cash

6850

 

Accounts Receivable

10,500

 

Prepaid ...