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Problem 4 2a accounting

16/11/2020 Client: arwaabdullah Deadline: 3 days

2/27/2014 Problem 4-2A

http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/4

Print by: MOHAMMAD JUMAH Doron-Spring 2014-Fri 11am / Chapter 4 Textbook Assignments

*Problem 4-2A

Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows.

LUMAS CONSULTING Trial Balance

June 30, 2014

Debit Credit

Cash $ 6,850

Accounts Receivable 7,000

Supplies 2,051

Prepaid Insurance 3,240

Equipment 15,000

Accounts Payable $ 4,260

Unearned Service Revenue 5,200

Common Stock 22,141

Service Revenue 8,000

Salaries and Wages Expense 4,000

Rent Expense 1,460

$39,601 $39,601

In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.

Other data:

1. Supplies on hand at June 30 total $730. 2. A utility bill for $221 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,258 of unearned service revenue by the end of the month. 5. Salaries of $1,312 are accrued at June 30.

6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.

7. Invoices representing $3,950 of services performed during the month have not been recorded as of June 30.

Your answer is partially correct. Try again.

Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No. Account Titles and Explanation Debit Credit

1.

2.

3.

Supplies Expense 730

Supplies 730

Utilities Expense 221

Accounts Payable 221

Insurance Expense 270

2/27/2014 Problem 4-2A

http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/4

4.

5.

6.

7.

Your answer is partially correct. Try again.

Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-accounts.) (Post entries in the order of journal entries presented in the previous question.)

Cash

Accounts Receivable

Equipment

Accumulated Depreciation-Equipment

Accounts Payable

Salaries and Wages Payable

Unearned Service Revenue

Common Stock

Service Revenue

Prepaid Insurance 270

Unearned Service Revenue 4,258

Service Revenue 4,258

Salaries and Wages Expense 1,312

Salaries and Wages Payable 1,312

Depreciation Expense 250

Accumulated Depreciation-Equipment 250

Accounts Receivable 3,950

Service Revenue 3,950

6/1 6,850

6/1 7,000

6/30 3,950

6/30 Bal. 10,950

6/1 15,000

6/30 250

6/30 Bal. 250

6/1 4,260

6/30 221

6/30 Bal. 4,481

6/30 1,312

6/30 Bal. 1,312

6/30 4,258 6/1 5,200

6/30 972

6/1 22,141

2/27/2014 Problem 4-2A

http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 3/4

Prepaid Insurance

Supplies

Salaries and Wages Expense

Rent Expense

Depreciation Expense

Insurance Expense

Utilities Expense

Supplies Expense

Your answer is partially correct. Try again.

Prepare an adjusted trial balance at June 30, 2014.

LUMAS CONSULTING

Adjusted Trial Balance

June 30, 2014

Debit Credit

$ $

6/1 8,000

6/30 4,258

6/30 3,950

16,208

6/1 3,240 6/30 270

6/30 Bal. 2,970

6/1 2,051 6/30 730

6/30 1,321

6/1 4,000

6/30 1,312

6/30 Bal. 5312

6/1 1,460

6/30 250

6/30 Bal. 250

6/30 270

6/30 Bal. 270

6/30 221

6/30 Bal. 221

6/30 730

6/30 Bal. 730

Cash 6,850

2/27/2014 Problem 4-2A

http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 4/4

Question Attempts: 1 of 3 used

$ $

Copy right © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserv ed.

Accounts Receivable 10,950

Equipment 15,000

Accumulated Depreciation-Equipment 250

Accounts Payable 4,481

Salaries and Wages Payable 1,312

Unearned Service Revenue 940

Common Stock 22,141

Service Revenue 16,208

Prepaid Insurance 2,970

Supplies 1,321

Salaries and Wages Expense 5,312

Rent Expense 1,460

Depreciation Expense 250

Insurance Expense 270

Utilities Expense 221

Supplies Expense 730

45,334 45,334

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