Problem 4-2A Ken Lumas started his own consulting firm, Lumas Consulting, on Jun

Question

Problem 4-2A Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows LUMAS CONSULTING Trial Balance June 30, 2014 Debit Credit 6,850 7,000 2,049 3,000 15,000 Cash Accounts Receivable Supplies Prepaid Insurancee Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 4,240 5,200 22,139 8,000 4,000 1,680 $39,579 $39,579 In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense

Explanation / Answer

No Account Titles and Explannation Debit Credit 1 Closing stock Supplies account $               820.00 P&L Acccount $                    820.00 2 P&L Acccount $               271.00 Utility Expenses account $                    271.00 3 Prepaid Insurance account $           3,000.00 Insurance premium Account $                3,000.00 4 services earned account $           4,135.00 P&L Acccount $                4,135.00 5 P&L Acccount $           1,375.00 salaries acccount $                1,375.00 6 P&L Acccount $               250.00 Depreciation Account $                    250.00 7 services earned account $           3,970.00 P&L Acccount $                3,970.00

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