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
DebitCredit
Cash$6,850
Accounts Receivable7,000
Prepaid Insurance2,952
Supplies2,478
Office Equipment15,000
Accounts Payable CREDIT $4,852
Unearned Service Revenue CREDIT5,200
Common Stock CREDIT 22,228
Service Revenue CREDIT 8,000
Salaries Expense4,000
Rent Expense2,000
TOTALS DEBT / CRED $40,280
Other data:
1Supplies on hand at June 30 total $982.
2.A utility bill for $225 has not been recorded and will not be paid until next month.
3.The insurance policy is for a year.
4.$3,950 of unearned service revenue has been earned at the end of the month.
5.Salaries of $1,276 are accrued at June 30.
6.The office equipment has a 5-year life with no salvage value and is being depreciated at $292 per month for 60 months.
7.Invoices representing $3,962 of services performed during the month have not been recorded as of June 30.
Prepare the adjusting entries for the month of June.
DateAccount/DescriptionDebitCredit
1. June 30Supplies Expense 1496
Supplies 1496
2. June 30Utilities Expense 225
Utilities Payable 225
3. June 30Insurance Expense
Prepaid Insurance
4. June 30Unearned Service Revenue
Service Revenue
5. June 30Salaries Expense
Salaries Payable
6. June 30Depreciation Expense 292
Accum. Depr.-Office Equipment 292
7. June 30Accounts Receivable
Service Revenue
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
DebitCredit
Cash$6,850
Accounts Receivable7,000
Prepaid Insurance2,952
Supplies2,478
Office Equipment15,000
Accounts Payable CREDIT $4,852
Unearned Service Revenue CREDIT5,200
Common Stock CREDIT 22,228
Service Revenue CREDIT 8,000
Salaries Expense4,000
Rent Expense2,000
TOTALS DEBT / CRED $40,280
Other data:
1Supplies on hand at June 30 total $982.
2.A utility bill for $225 has not been recorded and will not be paid until next month.
3.The insurance policy is for a year.
4.$3,950 of unearned service revenue has been earned at the end of the month.
5.Salaries of $1,276 are accrued at June 30.
6.The office equipment has a 5-year life with no salvage value and is being depreciated at $292 per month for 60 months.
7.Invoices representing $3,962 of services performed during the month have not been recorded as of June 30.
Prepare the adjusting entries for the month of June.
DateAccount/DescriptionDebitCredit
1. June 30Supplies Expense 1496
Supplies 1496
2. June 30Utilities Expense 225
Utilities Payable 225
3. June 30Insurance Expense
Prepaid Insurance
4. June 30Unearned Service Revenue
Service Revenue
5. June 30Salaries Expense
Salaries Payable
6. June 30Depreciation Expense 292
Accum. Depr.-Office Equipment 292
7. June 30Accounts Receivable
Service Revenue