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Class+Exercise+from+2-9-09+_1_ - ACCT 2101 Name CLASS...

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Unformatted text preview: ACCT 2101 Name CLASS EXERCISE Recording Adjusting Entries — More Examples Date Section Paula Norby started her own consulting Firm, Hometown Consulting on May 1 The trial balance at May 3i is as shown 593°“), J h I HOMETOWN CONSULTING Trial Balance May 31, 200-7 Debit Cash $ 6,500 Accounts Receivable 3.000 Prepaid insurance 3,600 Supplies 1.500 Office Furniture 12,000 Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries Expense 4000 Rent Expense 1,000 $31,600 Credit $ 3.500 4,000 19,100 5,000 $31,600 in addition to those accounts listed on the trial balance, the chart of accounts for Home» town Consulting also contains the following accounts: Accumulated DepreciationwLth'ce Furniture, Travel Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Travel Expense, and Supplies Expense. Other data: ADAM».— $500 of supplies have been used during the month. Travel costs incurred but not paicl are'$200. The insurance policy is for 3 years. $1,000 of the balance in the Unearnecl Service Revenue account remains unearned at the end of the month. Ln has two employees that are paid $600 each for a 5-day work week. 6. The office furniture has a 5~year life with no salvage value and is being depreciated at $200 per month for 60 months. 7. Invoices representing $2,000 of services performed during the month have not been recorded as of May 3i. Instructions Prepare the adjusting entries for the month of May. May 3i is a Wednesday and employees are paid on Fridays. Hometown Consulting ...
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