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. 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 choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accounts Receivable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Supplies choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Prepaid Insurance choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Equipment choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accumulated Depreciation-Equipment choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accounts Payable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Salaries and Wages Payable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Unearned Service Revenue choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/30 Bal.6/16/30 enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Common Stock choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance

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. 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 choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accounts Receivable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Supplies choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Prepaid Insurance choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Equipment choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accumulated Depreciation-Equipment choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Accounts Payable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Salaries and Wages Payable choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/16/306/30 Bal. enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Unearned Service Revenue choose a transaction date 6/16/306/30 Bal. enter a debit amount choose a transaction date 6/30 Bal.6/16/30 enter a credit amount choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance Common Stock choose the end date of the accounting period 6/16/306/30 Bal. enter a debit balance choose the end date of the accounting period 6/16/306/30 Bal. enter a credit balance

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1AP

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Question

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.

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
choose the end date of the accounting period 6/16/306/30 Bal.	enter a debit balance	choose the end date of the accounting period 6/16/306/30 Bal.	enter a credit balance
Accounts Receivable
choose a transaction date 6/16/306/30 Bal.	enter a debit amount	choose a transaction date 6/16/306/30 Bal.	enter a credit amount
choose a transaction date 6/16/306/30 Bal.	enter a debit amount	choose a transaction date 6/16/306/30 Bal.	enter a credit amount
choose the end date of the accounting period 6/16/306/30 Bal.	enter a debit balance	choose the end date of the accounting period 6/16/306/30 Bal.	enter a credit balance

Supplies
choose a transaction date 6/16/306/30 Bal.	enter a debit amount	choose a transaction date 6/16/306/30 Bal.	enter a credit amount
choose the end date of the accounting period 6/16/306/30 Bal.	enter a debit balance	choose the end date of the accounting period 6/16/306/30 Bal.	enter a credit balance

Prepaid Insurance
choose a transaction date 6/16/306/30 Bal.	enter a debit amount	choose a transaction date 6/16/306/30 Bal.	enter a credit amount
choose the end date of the accounting period 6/16/306/30 Bal.	enter a debit balance	choose the end date of the accounting period 6/16/306/30 Bal.	enter a credit balance

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