Linda ace started her own consulting firm

Assignment Help Accounting Basics

Reference no: EM131014003

For this assignment, you are required to present the seven correct journal entries in an Excel spreadsheet.
Assignment Template attached below

Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.

TEMPLETE BELOW


Modine		Option #1- Mod 2- CT Templa	plate for your		Journal Entires


Journal #	Acct #	Account Name	Debit	Credit
A

B

C

D

E

F

G


	Modine
	Worksheet

		Unadj Trial Balance			Adjustments		Adj trial Balance
		Debit	Credit		Debit	Credit	Debit	Credit
101	Cash
112	Accounts Receivable
126	Supplies
130	Prepaid Insurance
149	Office Furniture
150	Accumulated Depreciation
201	Accounts Payable
209	Unearned Revenue
212	Salaries Payable
229	Travel Payable
301	Ace, Capital
400	Service Revenue- Journal D
	Service Revenue- Journal G
736	Travel Expense
726	Supplies Expense
717	Depreciation Expense
722	Insurance Expense
	Salaries Expense
736	Rent Expense


		TOTALS

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:

$500 worth of supplies has been used during the month.

Travel expenses incurred, but not payed, on May 31, 2008 are $200.

The insurance policy is for two years.

$1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.

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.

The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months.

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.

Reference no: EM131014003

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