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Problem 4 2a accounting

30/12/2020 Client: saad24vbs Deadline: 10 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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