Masasi’s Trial Balance

discovering Adjusting Entries, Posting and Preparing an familiarised Trial rest period MASASI COMPANY, INC. Trial offset June 30, 2008 Account Number debit entry creed 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid damages 3,000 157 Office Equipment 15,000 201 Accounts due $ 4,500 209 Unearned profit taxation 4,000 311 Common seam 21,750 400 Service tax 7,900 726 Salaries set down 4,000 729 rent Expense 1,000 innate $38,150 Total $38,150 In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,Inc. lso contains the side by side(p) accounts and account numbers none 158 amass dispraiseOffice Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable, No. 631 Supplies Expense,No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data 1. Supplies on hand at June 30 are $600. 2. A advantage bill for $150 has not been enter and will not be paid until nex t month. 3. The insurance policy is for a year. 4. $2,500 of unearned emolument revenue has been earned at the end of the month. 5. Salaries of $2,000 are accrued at June 30. 6.The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the rascal number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2008. Use the templates in Appendix D.Complete all three tabs. (a) J3 get word Account Titles and definition Ref. debit entry faith 2008 June 30 Supplies Expense 631 1,400 Supplies 126 ? ,400 ($2,000 $600) 30 Utilities Expense 732 ? 50 Utilities Payable 244 ? 150 30 Insurance Expense 722 ? 50 Prepaid Insurance 130 ? 250 ($3,000 ? 12 months) 30 Unearned Service Revenue 209 2,500 Service Revenue 400 2,500 30 Salaries Expense 726 2,000 Salaries Payable 212 2,000 30 Depreciation Expense 711 ? 250 Accumulated Depreciation Office Equipment 158 ? 250 ($15,000 ? 0 months) 30 Accounts Receivable 112 1,000 Service Revenue 400 1,000 (b) CashNo. 101 assure Explanation Ref. calculate Credit isotropy 2008 June 30 rest period ? 7,150 Accounts ReceivableNo. 112 interpret Explanation Ref. Debit Credit quietus 2008 June 30 equilibrate ? ? 6,000 30 Adjusting J3 1,000 ? 7,000 SuppliesNo. 126 Date Explanation Ref. Debit Credit equalizer 2008 Jun e 30 Balance ? ? 2,000 30 Adjusting J3 1,400 ? 600 Prepaid InsuranceNo. 130 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? ? ,000 30 Adjusting J3 250 ? 2,750 Office EquipmentNo. 157 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? 15,000 Accumulated DepreciationOffice EquipmentNo. 158 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 250 250 Accounts PayableNo. 201 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? ? 4,500 Unearned Service RevenueNo. 209 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? ? 4,000 30 Adjusting J3 2,500 ? 1,500 Salaries PayableNo. 212 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 2,000 2,000 Utilities PayableNo. 244 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 ? 150 150 Common StockNo. 311 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? 21,750 Service RevenueNo. 400 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? ? 7,900 30 Adjusting J3 2,500 10,400 30 Adjusting J3 1,000 11,400 Supplies ExpenseNo. 631 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 1,400 1,400 Depreciation ExpenseNo. 711 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 250 ? 250 Insurance ExpenseNo. 722 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 250 ? 250 Salaries ExpenseNo. 726 Date Explanation Ref. Debit Credit Balance 2008 June 30 Balance ? ? ,000 30 Adjusting J3 2,000 ? 6,000 Rent ExpenseNo. 729 Date Explanation Ref. Debit Credit Balance 2008 June 30 Ba lance ? 1,000 Utilities ExpenseNo. 732 Date Explanation Ref. Debit Credit Balance 2008 June 30 Adjusting J3 150 ? 150 (c)MASASI COMPANY, INC. Adjusted Trial Balance June 30, 2008 Debit Credit Cash $? 7,150 Accounts Receivable ,000 Supplies 600 Prepaid Insurance 2,750 Office Equipment ? 15,000 Accumulated DepreciationOffice Equipment $ 50 Accounts Payable 4,500 Unearned Service Revenue 1,500 Salaries Payable 2,000 Utilities Payable 150 Common Stock ? 1,750 Service Revenue ? 11,400 Supplies Expense 1,400 Depreciation Expense 250 Insurance Expense 250 Salaries Expense ,000 Rent Expense 1,000 Utilities Expense 150 $41,550 $41,550 http//www. google. com. vn/url? sa=t&rct=j&q=&esrc=s&source=web&cd=16&ved=0CGEQFjAFOAo&url=http%3A%2F%2Fww2. justanswer. com%2Fuploads%2FBusinessTutor%2F2010-01-13_004112_P3-2A. doc&ei=veS2UK-uBuahigf5iIGgAw&usg=AFQjCNGG338kPyI9kN i9KfLTWh4V2fYbfg& dog-iron=rja