The Trial balance of the Hunt Company on May 1 , 2013 lists the entity’s beginning balances of assets, liabilities, and equity on that date. Company prepares financial statements monthly. Accounts Debit Credit Cash $35,000 Accounts receivable 5,000 Prepaid Rent 0 Office supplies 6,200 Building 18,000 Accumulated depreciation $12,000 Accounts payable 22,000 Salaries payable 4,000 Unearned service revenue 0 Capital 26.200 Drawings Service Revenue Rent expense Supplies Expense Depreciation Expense Salary Expense Total 64.200 64.200 Hunt Company completed the following transactions during May; May 1. Paid $3.500 cash for supplies. May 1. Paid rent in advance for May through December (8 months) is $5.600 May 3. Performed services for customer and received cash, $7.250 May 5. Performed services on account for $4.000 May 10. Collected in advance $2.500 for the service to be performed later. May 15. Collected $2.400 cash from a customer on account May 20. Owner withdraw cash of $1.200 May 30. Paid $4.000 cash on account The adjustment data given at May 31; Office supplies on hand at May 31, $2.200 Depreciation expense on the building for the month is $2.600 Unearned service revenue still unearned $500 Record adjusting entry for rent (see May 1) Accrued salary expense is $1.500 Requirements: Record each transaction occurred during May in the Journal. Key each transaction by its date. Post the transactions to the T-accounts that you recorded. (Open T-accounts for each of the accounts given in trial balance, do not forget to write beginning balances) Prepare unadjusted trial balance Journalize and post adjusting entries.
Question : The
Accounts Debit Credit
Cash $35,000
Prepaid Rent 0
Office supplies 6,200
Building 18,000
Accounts payable 22,000
Salaries payable 4,000
Unearned service revenue 0
Capital 26.200
Drawings
Service Revenue
Rent expense
Supplies Expense
Depreciation Expense
Salary Expense
Total 64.200 64.200
Hunt Company completed the following transactions during May;
May 1. Paid $3.500 cash for supplies.
May 1. Paid rent in advance for May through December (8 months) is $5.600
May 3. Performed services for customer and received cash, $7.250
May 5. Performed services on account for $4.000
May 10. Collected in advance $2.500 for the service to be performed later.
May 15. Collected $2.400 cash from a customer on account
May 20. Owner withdraw cash of $1.200
May 30. Paid $4.000 cash on account
The adjustment data given at May 31;
Office supplies on hand at May 31, $2.200
Depreciation expense on the building for the month is $2.600
Unearned service revenue still unearned $500
Record adjusting entry for rent (see May 1)
Accrued salary expense is $1.500
Requirements:
Record each transaction occurred during May in the Journal. Key each transaction by its date. Post the transactions to the T-accounts that you recorded. (Open T-accounts for each of the accounts given in trial balance, do not forget to write beginning balances)
Prepare unadjusted trial balance
Journalize and
Prepare adjusted trial balance on the same worksheet made for unadjusted trial balance
Prepare Hunt’s income statement for the period (May1-May31), statement of owners’ equity for the month ended May 31, 2013, and
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