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

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

Problem 1Q

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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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