P3-1A Logan Krause started her own consulting firm, Krause Consulting, on May 1,
ID: 2541813 • Letter: P
Question
P3-1A Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. KRAUSE CONSULTING Trial Balance May 31, 2017 Account Number Debit 4,500 6,000 1,900 3,600 11,400 Credit 101 112 126 130 149 201 209 301 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Reventue Owner's Capital Service Revenue $ 4,500 2,000 18,700 9,500 Salaries and Wages Expense Rent Expense 6,400 900 $34,700 $34,700Explanation / Answer
Answer 1. Adjusting Entry Date Particulars Dr. Amt. Cr. Amt. 1 Supplies Expense ($1,900 - $900) 1,000.00 Supplies 1,000.00 (Record the supplies expense) 2 Utilities Expense 250.00 Accounts Payable 250.00 (record the utilities expense) 3 Insurance Expense ($3,600 / 24) 150.00 Prepaid Insurance 150.00 (Record the insurance expense) 4 Unearned Service Revenue ($2,000 - $400) 1,600.00 Service Revenue 1,600.00 (Record the service revenue) 5 Salaries & Wages Expense ($920 X 3/5 X 2) 1,104.00 Salaries & Wages Payable 1,104.00 (record the salaries & wages expense) 6 Depreciation Expense 190.00 Accumulated Depreciation 190.00 (record the depreciation expense) 7 Accounts Receivable 1,700.00 Service Revenue 1,700.00 (Record the service revenue) Answer 2. Cash Accounts Receivable Supplies Beg. Bal. 4,500.00 Beg. Bal. 6,000.00 Beg. Bal. 1,900.00 1,000.00 1 7 1,700.00 End. Bal. 4,500.00 End. Bal. 7,700.00 End. Bal. 900.00 Prepaid Insurance Equipment Accumulated Depreciation Beg. Bal. 3,600.00 150.00 3 Beg. Bal. 11,400.00 Beg. Bal. - 190.00 6 End. Bal. 3,450.00 End. Bal. 11,400.00 End. Bal. 190.00 Accounts Payable Unearned Service Revenue Salaries & Wages Payable Beg. Bal. 4,500.00 Beg. Bal. 2,000.00 Beg. Bal. - 250.00 2 4 1,600.00 1,104.00 5 End. Bal. 4,750.00 End. Bal. 400.00 End. Bal. 1,104.00 Owner's Capital Service Revenue Salaries & Wages Expense Beg. Bal. 18,700.00 Beg. Bal. 9,500.00 Beg. Bal. 6,400.00 1,600.00 4 5 1,104.00 1,700.00 7 End. Bal. 18,700.00 End. Bal. 12,800.00 End. Bal. 7,504.00 Rent Expense Supplies Expense Utilities Expense Beg. Bal. 900.00 Beg. Bal. - Beg. Bal. - 1 1,000.00 2 250.00 End. Bal. 900.00 End. Bal. 1,000.00 End. Bal. 250.00 Insurance Expense Depreciation Expense Beg. Bal. - Beg. Bal. - 3 150.00 Beg. Bal. 190.00 End. Bal. 150.00 End. Bal. 190.00 Answer 3. KRAUSE CONSULTING Adjusted Trial Balance For the Month Ended May 31-2017 Accounts Title Debits Credits Cash 4,500.00 Accounts Receivable 7,700.00 Supplies 900.00 Prepaid Insurance 3,450.00 Equipment 11,400.00 Accumulated Depreciation 190.00 Accounts Payable 4,750.00 Unearned Service Revenue 400.00 Salaries & Wages Payable 1,104.00 Owner's Capital 18,700.00 Service Revenue 12,800.00 Salaries & Wages Expense 7,504.00 Rent Expense 900.00 Supplies Expense 1,000.00 Utilities Expense 250.00 Insurance Expense 150.00 Depreciation Expense 190.00 Total 37,944.00 37,944.00
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