In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com- pany SpA also contains the following accounts and account numbers: No. 158 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are €340. 2. A utility bill for €185 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. €2,500 of unearned service revenue is recorded for services performed at the end of the month. 5. Salaries of €1,600 are accrued at June 30. 6. The equipment has a 4-year life with no residual value. It is being depreciated at €300 per month for 48 months. 7. Invoices representing €2,400 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. (b) Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. Post the adjusting entries to the ledger dj. trial balance 41,085 accounts. (c) Prepare an adjusted trial balance at June 30, 2017.
In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com- pany SpA also contains the following accounts and account numbers: No. 158 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are €340. 2. A utility bill for €185 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. €2,500 of unearned service revenue is recorded for services performed at the end of the month. 5. Salaries of €1,600 are accrued at June 30. 6. The equipment has a 4-year life with no residual value. It is being depreciated at €300 per month for 48 months. 7. Invoices representing €2,400 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. (b) Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. Post the adjusting entries to the ledger dj. trial balance 41,085 accounts. (c) Prepare an adjusted trial balance at June 30, 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Joey Cuono started his own consulting firm, Cuono Company SpA on June 1, 2017. The
![prepare adjusted trial balance.
CUONO COMPANY SpA
Trial Balance
(LO 5, 6, 7)
June 30, 2017
Account Number
Debit
Credit
101
Cash
€ 6,200
112
Accounts Receivable
6,000
1,600
3,000
14,400
Supplies
Prepaid Insurance
Equipment
Accounts Payable
Unearned Service Revenue
Share Capital–Ordinary
126
130
157
€ 4,700
4,000
201
209
311
20,000
7,900
400
Service Revenue
Salaries and Wages Expense
Rent Expense
726
4,400
729
1,000
€36,600
€36,600
148
3 Adjusting the Accounts
In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com-
pany SpA also contains the following accounts and account numbers: No. 158 Accumulated
Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense,
No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.
Other data:
1. Supplies on hand at June 30 are €340.
2. A utility bill for €185 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. €2,500 of unearned service revenue is recorded for services performed at the end of the
month.
5. Salaries of €1,600 are accrued at June 30.
6. The equipment has a 4-year life with no residual value. It is being depreciated at €300
per month for 48 months.
7. Invoices representing €2,400 of services performed during the month have not been
recorded as of June 30.
Instructions
(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for
your journal.
(b) Enter the totals from the trial balance as beginning account balances and place a
check mark in the posting reference column. Post the adjusting entries to the ledger
(c) Adj. trial balance
€41,085
accounts.
(c) Prepare an adjusted trial balance at June 30, 2017.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e38b2b5-eec8-4021-a3b4-a8a4ae328930%2Ff351edb1-d5d0-4a1d-9aae-615744ac70bc%2Fhcwvlsw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:prepare adjusted trial balance.
CUONO COMPANY SpA
Trial Balance
(LO 5, 6, 7)
June 30, 2017
Account Number
Debit
Credit
101
Cash
€ 6,200
112
Accounts Receivable
6,000
1,600
3,000
14,400
Supplies
Prepaid Insurance
Equipment
Accounts Payable
Unearned Service Revenue
Share Capital–Ordinary
126
130
157
€ 4,700
4,000
201
209
311
20,000
7,900
400
Service Revenue
Salaries and Wages Expense
Rent Expense
726
4,400
729
1,000
€36,600
€36,600
148
3 Adjusting the Accounts
In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Com-
pany SpA also contains the following accounts and account numbers: No. 158 Accumulated
Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense,
No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.
Other data:
1. Supplies on hand at June 30 are €340.
2. A utility bill for €185 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. €2,500 of unearned service revenue is recorded for services performed at the end of the
month.
5. Salaries of €1,600 are accrued at June 30.
6. The equipment has a 4-year life with no residual value. It is being depreciated at €300
per month for 48 months.
7. Invoices representing €2,400 of services performed during the month have not been
recorded as of June 30.
Instructions
(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for
your journal.
(b) Enter the totals from the trial balance as beginning account balances and place a
check mark in the posting reference column. Post the adjusting entries to the ledger
(c) Adj. trial balance
€41,085
accounts.
(c) Prepare an adjusted trial balance at June 30, 2017.
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