186 journalize the six entries to adjust the accounts at december 31 hint one of the 4294872
186. Journalize the six entries to adjust the accounts at December 31. (Hint: One of the accounts was affected by two different adjusting entries).
|
|
Unadjusted |
Adjusted |
||
|
|
Debit |
Credit Balances |
Debit |
Credit Balances |
|
Cash |
5,000 |
|
5,000 |
|
|
Accounts Receivable |
32,000 |
|
32,600 |
|
|
Supplies |
3,600 |
|
100 |
|
|
Prepaid Insurance |
4,000 |
|
1,400 |
|
|
Equipment |
11,000 |
|
11,000 |
|
|
Accumulated Depreciation |
|
|
|
1,700 |
|
Wages Payable |
|
|
|
2,000 |
|
Unearned Fees |
|
8,900 |
|
3,500 |
|
Capital Stock |
|
10,000 |
|
10,000 |
|
Retained Earnings |
|
12,000 |
|
12,000 |
|
Fees Earned |
|
69,000 |
|
75,000 |
|
Wages Expense |
44,300 |
|
46,300 |
|
|
Supplies Expense |
|
|
3,500 |
|
|
Insurance Expense |
|
|
2,600 |
|
|
Depreciation Expense |
|
|
1,700 |
|
|
Total |
99,900 |
99,900 |
104,200 |
104,200 |
|
|
|
|
|
|
187. Jacki Lopez started JVL Consulting on January 1, 2014. The following are the account balances at the end of the first month of business, before adjusting entries were recorded:
|
Accounts Payable |
$300 |
|
Accounts Receivable |
750 |
|
Cash |
6,300 |
|
Consulting Revenue |
4,925 |
|
Equipment |
7,000 |
|
Capital Stock |
15,000 |
|
Dividends |
1,375 |
|
Prepaid Rent |
4,000 |
|
Supplies |
800 |
|
|
|
Adjustment data:
Supplies on hand at the end of the month: $150
Unbilled Consulting Revenue: $700
Rent expense for the month: $1,000
Depreciation on equipment: $90
(a) Prepare the required adjusting entries, adding accounts as needed.
(b) Prepare an Adjusted Trial Balance for JVL Consulting as of January 31, 2014.