Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is as follows.
MASASI COMPANY
Trial Balance
June 30, 2010
Acct Number
101 Cash $7,235
112 Accounts Receivable 6,066
126 Supplies 2,020
130 Prepaid Insurance 2,436
157 Office Equipment 13,260
201 Accounts Payable (Cr) $4,223
209 Unearned ServiceRevenue (Cr) 3,935
301 J. Masasi, Capital (Cr)20,046
400 Service Revenue (CR)7,934
726 Salaries Expense 4,067
729 Rent Expense 1,054
= $36,138 $36,138
In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation-Office 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 $575.
2. A utility bill for $179 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $2,522 of unearned service revenue has been earned at the end of the month.
5. Salaries of $2,106 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $221 per month for 60 months.
7. Invoices representing $1,212 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 page number(
b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances.
c)Complete the adjusted trial balance at June 30,2010.