Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. Th
ID: 2469191 • Letter: K
Question
Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows.
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.
Other data:
Trial Balance
June 30, 2014 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,049 Prepaid Insurance 3,000 Equipment 15,000 Accounts Payable $ 4,240 Unearned Service Revenue 5,200 Common Stock 22,139 Service Revenue 8,000 Salaries and Wages Expense 4,000 Rent Expense
1,680
$39,579
$39,579
Explanation / Answer
LUMAS CONSULTING
June. 30, 2014
Unadjusted Trial Balance
Adjusting Entries
Adjusted Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$ 6,850.00
$ 6,850.00
Accounts Receivable
$ 7,000.00
$ 4,119.00
$11,119.00
Supplies
$ 2,049.00
$ 1,239.00
$ 810.00
(2049-810)
Prepaid Insurance
$ 3,000.00
$ 250.00
$ 2,750.00
(3000*1/12)
Equipment
$15,000.00
$15,000.00
Accounts Payable
$ 4,240.00
$ 277.00
$ 4,517.00
Unearned Service Revenue
$ 5,200.00
$ 4,142.00
$ 1,058.00
Common Stock
$22,139.00
$22,139.00
Service Revenue
$ 8,000.00
$ 8,261.00
$16,261.00
(4142+4119)
Salaries and Wages Expense
$ 4,000.00
$ 1,407.00
$ 5,407.00
Rent Expense
$ 1,680.00
$ 1,680.00
Supplies Expenses
$ 1,239.00
$ 1,239.00
(2049-810)
Utilities Expenses
$ 277.00
$ 277.00
Insurance Expenses
$ 250.00
$ 250.00
(3000*1/12)
Salaries and Wages Payable
$ 1,407.00
$ 1,407.00
Depreciation Expense
$ 250.00
$ 250.00
Accumulated Depreciation—Equipment
$ 250.00
$ 250.00
Total
$39,579.00
$39,579.00
$ 11,684.00
$ 11,684.00
$45,632.00
$45,632.00
LUMAS CONSULTING
June. 30, 2014
Unadjusted Trial Balance
Adjusting Entries
Adjusted Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$ 6,850.00
$ 6,850.00
Accounts Receivable
$ 7,000.00
$ 4,119.00
$11,119.00
Supplies
$ 2,049.00
$ 1,239.00
$ 810.00
(2049-810)
Prepaid Insurance
$ 3,000.00
$ 250.00
$ 2,750.00
(3000*1/12)
Equipment
$15,000.00
$15,000.00
Accounts Payable
$ 4,240.00
$ 277.00
$ 4,517.00
Unearned Service Revenue
$ 5,200.00
$ 4,142.00
$ 1,058.00
Common Stock
$22,139.00
$22,139.00
Service Revenue
$ 8,000.00
$ 8,261.00
$16,261.00
(4142+4119)
Salaries and Wages Expense
$ 4,000.00
$ 1,407.00
$ 5,407.00
Rent Expense
$ 1,680.00
$ 1,680.00
Supplies Expenses
$ 1,239.00
$ 1,239.00
(2049-810)
Utilities Expenses
$ 277.00
$ 277.00
Insurance Expenses
$ 250.00
$ 250.00
(3000*1/12)
Salaries and Wages Payable
$ 1,407.00
$ 1,407.00
Depreciation Expense
$ 250.00
$ 250.00
Accumulated Depreciation—Equipment
$ 250.00
$ 250.00
Total
$39,579.00
$39,579.00
$ 11,684.00
$ 11,684.00
$45,632.00
$45,632.00
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