Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTINGTrial BalanceJune 30, 2022     Debit   Credit Cash   $ 6,850     Accounts Receivable   7,000     Supplies   2,012     Prepaid Insurance   4,260     Equipment   15,000     Accounts Payable       $ 4,250 Unearned Service Revenue       5,200 Common Stock       22,012 Service Revenue       8,300 Salaries and Wages Expense   4,000     Rent Expense   640          $39,762   $39,762 In addition to those accounts listed on the trial balance, the chart of accounts for Gary 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 $720. 2.   A utility bill for $190 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 $4,320 of unearned service revenue by the end of the month. 5.   Salaries of $1,260 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 $4,160 of services performed by Gary during the month have not been recorded as of June 30.           Prepare the adjusting entries for the month of June. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title for journal entry 1   enter a debit amount   enter a credit amount     enter an account title for journal entry 1   enter a debit amount   enter a credit amount   2. enter an account title for journal entry 2   enter a debit amount   enter a credit amount     enter an account title for journal entry 2   enter a debit amount   enter a credit amount   3. enter an account title for journal entry 3   enter a debit amount   enter a credit amount     enter an account title for journal entry 3   enter a debit amount   enter a credit amount   4. enter an account title for journal entry 4   enter a debit amount   enter a credit amount     enter an account title for journal entry 4   enter a debit amount   enter a credit amount   5. enter an account title for journal entry 5   enter a debit amount   enter a credit amount     enter an account title for journal entry 5   enter a debit amount   enter a credit amount   6. enter an account title for journal entry 6   enter a debit amount   enter a credit amount     enter an account title for journal entry 6   enter a debit amount   enter a credit amount   7. enter an account title for journal entry 7   enter a debit amount   enter a credit amount     enter an account title for journal entry 7   enter a debit amount   enter a credit amount

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows.

GARY CONSULTING
Trial Balance
June 30, 2022
    Debit   Credit
Cash
  $ 6,850    
Accounts Receivable
  7,000    
Supplies
  2,012    
Prepaid Insurance
  4,260    
Equipment
  15,000    
Accounts Payable
      $ 4,250
Unearned Service Revenue
      5,200
Common Stock
      22,012
Service Revenue
      8,300
Salaries and Wages Expense
  4,000    
Rent Expense
 
640
 
  
   
$39,762
 
$39,762

In addition to those accounts listed on the trial balance, the chart of accounts for Gary 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 $720.
2.   A utility bill for $190 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 $4,320 of unearned service revenue by the end of the month.
5.   Salaries of $1,260 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 $4,160 of services performed by Gary during the month have not been recorded as of June 30.
 
 
 
 
 
Prepare the adjusting entries for the month of June. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit
1.
enter an account title for journal entry 1
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 1
 
enter a debit amount
 
enter a credit amount
 
2.
enter an account title for journal entry 2
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 2
 
enter a debit amount
 
enter a credit amount
 
3.
enter an account title for journal entry 3
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 3
 
enter a debit amount
 
enter a credit amount
 
4.
enter an account title for journal entry 4
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 4
 
enter a debit amount
 
enter a credit amount
 
5.
enter an account title for journal entry 5
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 5
 
enter a debit amount
 
enter a credit amount
 
6.
enter an account title for journal entry 6
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 6
 
enter a debit amount
 
enter a credit amount
 
7.
enter an account title for journal entry 7
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for journal entry 7
 
enter a debit amount
 
enter a credit amount
 
 
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