Expert answer:Class Question 4 2a KUMAR CONSULTING

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Solved by verified expert:Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows.KUMAR CONSULTINGTrial BalanceJune 30, 2017DebitCreditCash$ 6,850Accounts Receivable7,000Supplies1,972Prepaid Insurance2,520Equipment15,000Accounts Payable$ 4,220Unearned Service Revenue5,200Common Stock21,972Service Revenue8,300Salaries and Wages Expense4,000Rent Expense2,350$39,692$39,692In addition to those accounts listed on the trial balance, the chart of accounts for Kumar 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 $210 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 $4,220 of unearned service revenue by the end of the month.5.Salaries of $1,400 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 $4,210 of services performed 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 ExplanationDebitCredit1.2.3.4.5.6.7.
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPost 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 6/16/306/30 Bal. 6/16/306/30 Bal.Accounts Receivable 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Supplies 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Prepaid Insurance 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Equipment 6/16/306/30 Bal. 6/16/306/30 Bal.Accumulated Depreciation-Equipment 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Accounts Payable 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Salaries and Wages Payable 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Unearned Service Revenue 6/16/306/30 Bal. 6/306/30 Bal.6/1 6/16/306/30 Bal. 6/16/306/30 Bal.Common Stock 6/16/306/30 Bal. 6/16/306/30 Bal.Service Revenue 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Salaries and Wages Expense 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Rent Expense 6/16/306/30 Bal. 6/16/306/30 Bal.Depreciation Expense 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Insurance Expense 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Utilities Expense 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.Supplies Expense 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal. 6/16/306/30 Bal.

SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare an adjusted trial balance at June 30, 2017.KUMAR CONSULTINGAdjusted Trial Balance June 30, 2017For the Month Ended June 30, 2017For the Year Ended June 30, 2017DebitCredit$$$$

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