Reference no: EM13856341

Problem: Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows.

LUMAS CONSULTING Trial Balance June 30, 2014

Cash	$ 6,850
Accounts Receivable	7,000
Supplies	2,053
Prepaid Insurance	3,240
Equipment	15,000
Accounts Payable		$ 4,260
Unearned Service Revenue		5,200
Common Stock		22,143
Service Revenue		8,000
Salaries and Wages Expense	4,000
Rent Expense	1,460
	$39,603	$39,603

In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.

Other data:

1. Supplies on hand at June 30 total $850.

2. A utility bill for $215 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. Services were performed for $4,323 of unearned service revenue by the end of the month.

5. Salaries of $1,387 are accrued at June 30.

6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.

7. Invoices representing $4,105 of services performed during the month have not been recorded as of June 30.

Required:

Prepare an adjusted trial balance at June 30, 2014.

Attachment:- 8838816_Solution (2).xlsx

Attachment:- LumusAccountingAdjustingEntries (1).png