Return to Blackboard Kimmel, Survey of Accounting, 1e, for Central New Mexico Co

Question

Return to Blackboard Kimmel, Survey of Accounting, 1e, for Central New Mexico Community College Home Read, Study& Practice Gradebook ORION Assignment Open Assignment PRINTER VERSION BACK NEXT Problem 4-2 (Part Level Submission) Len Kumar started his own consulting firm, Splish Brothers Inc, on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. optional) Assets Liabilities + Stockholders Equity Retained Earnings Stock + Rev. - Exp. - Div 0+ 21,9728,300 5,085-0 Prepd Acc. Depr Accts. Uneam. Sal./Wages Com. Equip. Pay, +Serv. Rev.Pay. Accts CashRec. +Supplies Insur.+Equip, Bal. 6,8507,0001,972 3,84015,000 0-4,275 5,200+ (a) Record adjustments for the month of June that reflect the follo ng dato Provide explanations for specific revenue ond expense occounts in the right most column. (If a trnsaction results in a decrease in As Stockholders' Equity, place negative sign or parentheses in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Supplies on hand at June 30 total $720. 2. A utlity bill for $270 has not been recorded and will not be paid unbl next month 3. The insurance policy is for a year. 4. Services were performed for $4,330 of unearned service revenue by the end of the month. 5. Salaries of $1,390 are accrued at June 30. 6. The equipment hasa 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,280 of services performed during the month have not been recorded as of June 30. Assets Liabilities Stockholders' Equity Retained Earnings Exp, Accts. Prepd. Unearn. Sal./Wages Acc. Depr Equip, Com. CashRec. Supplies Insur. Equip, 6,850+ + StockRev 21,972+ Pay, Serv. Rev. + Pay. Div + -sona. . Bal. 7,000+ 1,972+ 3,840+ 15,000 4,275+ 5,200+ 8,300 5,085 Inc All Rights Reserved. A Division of lohn Wiley & SonsIns Version 4.24.5.1

Explanation / Answer

Cash Accouns Supplies prepaid Eqipment Accum Accounts unearned Sal & receivable insurance dep payable service wag payble bal 6,850 7,000 1,972 3,840 15,000 0 4,275 5,200 1 -1252 2 270 3 -320 4 -4,330 5 1,390 6 -250 7 4,280 totals 6,850 11,280 720 3,520 15,000 -250 4,545 870 1,390 Common Stock Revenue Expense Div bal 21,972 8,300 -5,085 0 1 -1252 Supplies expense 2 -270 Utility expense 3 -320 insurance expense 4 4,330 Service revenue 5 -1,390 Salaries & wage expense 6 -250 Depreciation expense 7 4,280 Service revenue totals 21,972 16,910 -8,567 0

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