Len Donald started his own consulting firm, Donald Consulting, on June 1, 2025. The trial balance at June 30 is as follows. Donald Consulting Trial Balance June 30, 2025 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $7,000 7,150 2,150 3,060 15,180 Credit $4,380 5,350 22,150 8,450 4,150 1,640 $40,330 $40,330

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions:

1. Prepare the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T. Accounts)

2. Prepaid an adjusted trial balance at June 30, 2025.

 

 

 

No. Account Titles and Explanation
1
2
3.
4.
5.
6.
7.
Supplies Expense
Supplies
Utilitles Expense
Accounts Payable
Insurance Expense
Prepaid Insurance
Unearned Service Revenue
Service Revenue
Salarles and Wages Expense
Salarles and Wages Payable
Depreciation Expense
Accumulated Depreciation-Equipment
Accounts Receivable
Service Revenue
Debit
1,280
330
255
4,250
1,400
.....
.....
253
Credit
4,050
1,280
3:30
255
4,250
1,400
253
4,050
Transcribed Image Text:No. Account Titles and Explanation 1 2 3. 4. 5. 6. 7. Supplies Expense Supplies Utilitles Expense Accounts Payable Insurance Expense Prepaid Insurance Unearned Service Revenue Service Revenue Salarles and Wages Expense Salarles and Wages Payable Depreciation Expense Accumulated Depreciation-Equipment Accounts Receivable Service Revenue Debit 1,280 330 255 4,250 1,400 ..... ..... 253 Credit 4,050 1,280 3:30 255 4,250 1,400 253 4,050
Len Donald started his own consulting firm, Donald Consulting, on June 1, 2025. The trial balance at June 30 is as follows.
Cash
Donald Consulting
Trial Balance
June 30, 2025
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accounts Payable
Unearned Service Revenue
Common Stock
Service Revenue
Salaries and Wages Expense
Rent Expense
Debit
$7,000
7,150
2,150
3,060
15,180
4,150
1,640
Credit
$4,380
5,350
22,150
8,450
$40,330 $40,330
Transcribed Image Text:Len Donald started his own consulting firm, Donald Consulting, on June 1, 2025. The trial balance at June 30 is as follows. Cash Donald Consulting Trial Balance June 30, 2025 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit $7,000 7,150 2,150 3,060 15,180 4,150 1,640 Credit $4,380 5,350 22,150 8,450 $40,330 $40,330
Expert Solution
Explanation -

1. T-Accounts -

T-Accounts are ledgers prepared for an individual ledger account. Ledgers are prepared to record all the journals into specific ledgers and take out the ending balance to prepared trial balance.

 

2. Adjusted Trial Balance -

Adjusted trial balance is a statement that includes ending balance of all the ledgers.

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