Reference no: EM131421456
Assignemnt: Accounting Adjusted Trial Balance
The assignment needs the excel sheet filled out completely. I've provided the template. Here is the problem:
For this assignment, you are required to present the seven correct journal entries in an Excel spreadsheet.
Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.
|
MODINE CONSULTING
Trial Balance
May 31, 2008
|
|
Account Number
|
|
Debit
|
Credit
|
|
101
|
Cash
|
$7,700
|
|
|
112
|
Accounts Receivable
|
4,000
|
|
|
126
|
Supplies
|
1,500
|
|
|
130
|
Prepaid Insurance
|
4,800
|
|
|
149
|
Office Furniture
|
9,600
|
|
|
201
|
Accounts Payable
|
|
$3,500
|
|
209
|
Unearned Service Revenue
|
|
3,000
|
|
301
|
L. Ace, Capital
|
|
19,100
|
|
400
|
Service Revenue
|
|
6,000
|
|
726
|
Salaries Expense
|
3,000
|
|
|
729
|
Rent Expense
|
1,000
|
|
In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation - Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No. 722 Insurance Expense; No. 736 Travel Expense; and No. 631 Supplies Expense.
Other data:
A. $500 worth of supplies has been used during the month.
B. Travel expenses incurred, but not payed, on May 31, 2008 are $200.
C. The insurance policy is for two years.
D. $1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.
E. May 31 is a Wednesday, and employees are paid on Fridays. Modine Consulting has two employees, who are paid $700 each for a five-day work week.
F. The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months.
G. Invoices representing $1,000 of services performed during the month have not been recorded as of May 31.
Instructions:
In Excel, following the six-column spreadsheet format used for the company Fast Forward in Chapter 3 of textbook, add the company name, the date of the statement, and today's date and then enter: (a) the debits and credits for the unadjusted trial balance for May 31; (b) the debits and credits adjustments at the end of May 31; and (c) the total debits and credits of the adjusted trial balance for the month of May. Label each adjustment A through G.
Attachment:- Template.xlsx
|
Describe the performance level expected of employees
: Real World Application: Describe the performance level expected of employees within your organization. Are these expectations fair or too relaxed?
|
|
Define what an isotope is
: Define what an isotope is. Describe/detail some isotopes of the element you picked. What specifically makes them the same element? What makes each of these isotopes different from one another?
|
|
What public financing resources are available to individuals
: What public financing resources are available to individuals with this particular mental condition?What are the eligibility requirements and restrictions to receive these funds?What happens if eligibility standards/requirements are not met by those w..
|
|
Problem regarding the magnitudes of the forces
: Three forces, 1, 2, and 3, all act on an object, as shown in the figure. The magnitudes of the forces are: F1 = 80.0 N and is 300 below positive x axis, F2 = 60.0 N and it makes 900 with positive x azis, and F3 = 40.0 N and it makes 1800 with p..
|
|
Compute the debits and credits for unadjusted trial balance
: Compute the debits and credits for the unadjusted trial balance for May 31; the debits and credits adjustments at the end of May 31; and the total debits and credits of the adjusted trial balance for the month of May.
|
|
What is the height of the table
: A ball is projected horizontally at 3m/s from a table and lands 120 cm away from the base of the table. What is the height of the table?
|
|
Find the velocity of the rain
: A car travels due east with a speed of 34.0 km/h. Raindrops are falling at a constant speed vertically with respect to the Earth. The traces of the rain on the side windows of the car make an angle of 58.0° with the vertical. Find the velocity of ..
|
|
Impact of inflation on the price and production cost
: All else the same, what is the sales volume (in heaters) in each of the next four years for which the project will break even - what is the project's NPV if production costs increase annually at the 5% inflation rate but the price per heater increas..
|
|
Distances from where the projectile
: A projectile is launched at ground level with an initial speed of47.5 m/s at an angle of 25.0°above the horizontal. It strikes a target above the ground 2.60 seconds later. What are the x and y distances from where the projectile was launched to w..
|