05 Jun Ken Ham started his own consulting firm, Hambone Consulting, on May 1, 2010. The trial balance at May 31 is as follows.
Question
Ken Ham started his own consulting firm, Hambone Consulting, on May 1, 2010. The trial balance at May 31 is as follows.
HAMBONE CONSULTING
Trial Balance
May 31, 2010
Account
Number
Debit
Credit
101
Cash
$ 5,700
112
Accounts Receivable
6,000
126
Supplies
1,900
130
Prepaid Insurance
3,600
149
Office Furniture
10,200
201
Accounts Payable
$ 4,500
209
Unearned Service Revenue
2,000
301
K. Ham, Capital
17,700
400
Service Revenue
7,500
726
Salaries Expense
3,400
729
Rent Expense
900
$31,700
$31,700
In addition to those accounts listed on the trial balance, the chart of accounts for Hambone Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation—Office Furniture, No. 212 Salaries Payable, No. 229 Travel Payable, No. 631Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 736 Travel Expense.
Other data:
1. $900 of supplies have been used during the month.
2. Travel expense incurred but not paid on May 31, 2010, $250.
3. The insurance policy is for 2 years.
4. $400 of the balance in the unearned service revenue account remains unearned at the end of the month.
5. May 31 is a Wednesday, and employees are paid on Fridays. Hambone Consulting has two employees, who are paid $800 each for a 5-day work week.
6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $170 per month for 60 months.
7. Invoices representing $1,200 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. Use J4 as the page 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 May 31, 2010.
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