Posted: April 26th, 2016

Prepare an adjusted trial balance at June 30, 2014?

Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial
balance at June 30 is shown below.

Trial Balance
June 30, 2014

Number Debit Credit
101 Cash $6,200
110 Accounts Receivable 6,000
120 Prepaid Insurance 3,000
130 Supplies 2,000
135 Office Equipment 14,400
200 Accounts Payable 4,700
230 Unearned Service Revenue 4,000
311 Common Stock 20,000
400 Service Revenue 7,900
510 Salaries Expense 4,000
520 Rent Expense 1,000
$36,600 $36,600

In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: No. 158

No. 136 Accumulated Depreciation – Office Equipment,
No. 210 Utilities Payable,
No. 220 Salaries Payable,
No. 530 Depreciation Expense,
No. 540 Insurance Expense,
No. 550 Utilities Expense, and
No. 560 Supplies Expense

Other data:

1). Supplies on hand at June 30 are $1,100.
2). A utility bill for $150 has not been recorded and will not be paid until next month.
3). The insurance policy is for a year.
4). $2,500 of unearned service revenue has been earned at the end of the month.
5). Salaries of $1,600 are accrued at June 30.
6). The equipment has a 5-year life with no salvage value. It is being depreciated at $300 per month for 48 months.
7). Invoices representing $2,100 of services performed during the month have not been recorded as of June 30.
a). Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually.)

b). Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account
balances. (Post entries in the order of journal entries posted in the previous part of the question.)

c). Prepare an adjusted trial balance at June 30, 2014.

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