Prepare the adjusting entries for the month of may

Assignment Help Financial Accounting

Reference no: EM131201398

Pamela Quinn started her own consulting firm, Quinn Consulting, on May 1, 2012. The trial balance at May 31 is as shown below.

QUINN CONSULTING Thal Balance May 31, 2012
	Debit	Credit
Cash	$ 7,500
Accounts Receivable	3,000
Prepaid Insurance	3,600
Supplies	2,500
Equipment	12,000
Accounts Payable		$ 3,500
Unearned Service Revenue		4,000
Common Stock		19,100
Service Revenue		7,500
Salaries and Wages Expense	4,000
Rent Expense	1,500
	$34,100	$34,100

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

Other data:
1. $750 of supplies have been used during the month.
2. Utility costs incurred but not paid are $260.
3. The insurance policy is for 2 years.
4. $1,500 of the balance in the Unearned Service Revenue account remains unearned at the end of the month.
5. Assume May 31 is a Thursday and employees are paid on Fridays. Quinn Consulting has two employees that are paid $600 each for a 5-day work week.
6. The equipment has a 5-year life with no salvage value and is being depreciated at $200 per month for 60 months.
7. Invoices representing $1,980 of services performed during the month have not been recorded as of May 31.

Instructions
(a) Prepare the adjusting entries for the month of May.

(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.

Reference no: EM131201398

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