Jason Wilcox Prob 5.7

Jason Wilcox Prob 5.7 - 1,600 (3) 150 1,750 1,750...

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Student Name: Jason Wilco Class: McGraw-Hil Problem 05- INTERNET CONSULTING SERVICE, INC. Worksheet For the Month Ended December 31, 2007 Adjusted Inco Trial Balance Adjustments Trial Balance State Account Debit Credit Debit Credit Debit Credit Debit Balance sheet accounts: Cash 49,100 49,100 Consulting fee 23,400 (7) 11,000 34,400 Prepaid office 6,300 (1) 2,100 4,200 Prepaid dues 300 (2) 50 250 Supplies 600 (3) 150 450 Equipment 36,000 36,000 Accumulated depreciation: e 10,200 (4) 600 10,800 Notes payable 5,000 5,000 Income taxes payable 12,000 (9) 5,000 17,000 Unearned consulting fees 5,950 (6) 2,850 3,100 Capital stock 30,000 30,000 Retained earnings 32,700 32,700 Dividends 60,000 60,000 Salaries payable (8) 1,700 1,700 Interest payable (5) 100 100 Income statement accounts: Consulting fees earned 257,180 (6) 2,850 271,030 (7) 11,000 Salaries expe 88,820 (8) 1,700 90,520 90,520 Telephone ex 2,550 2,550 2,550 Rent expense 22,000 (1) 2,100 24,100 24,100 Income taxes 51,000 (9) 5,000 56,000 56,000 Dues and sub 560 (2) 50 610 610 Supplies expe
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Unformatted text preview: 1,600 (3) 150 1,750 1,750 Depreciation e 6,600 (4) 600 7,200 7,200 Miscellaneous 4,200 4,200 4,200 Interest expense (5) 100 100 100 186,980 Net Income 84,000 Totals 353,030 353,030 23,550 23,550 371,430 371,430 271,030 ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! Adjustments: (1) Rent expense for December (6) Consulting services performed for clients who paid in advance (2) Dues and subscriptions expense for December (7) Services rendered but not billed (3) Supplies used in December ($600-$450) (8) Salaries earned but not paid (4) Depreciation expense ($36,000 / 60 mos.) (9) Estimated income taxes expense (5) Accrued interest on notes payable ox ill/Irwin-07 ome ement Balance Sheet Credit Debit Credit 49,100 34,400 4,200 250 450 36,000 10,800 5,000 17,000 3,100 30,000 32,700 60,000 1,700 100 271,030 271,030 184,400 100,400 84,000 271,030 184,400 184,400 ^ Correct! ^ Correct! ^ Correct!...
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This note was uploaded on 12/18/2010 for the course BME 254788 taught by Professor Mitchell during the Spring '10 term at SUNY Albany.

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Jason Wilcox Prob 5.7 - 1,600 (3) 150 1,750 1,750...

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