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P3-1A  Tony Masasi started his own consulting firm, Masasi Company, Inc., on June 1, 2008. 

 

                                    MASASI COMPANY, INC.

                                           Trial Balance

                                           June 30, 2008

 

Account Number                           Debit              Credit

101   Cash                                    $ 7,150

112   Accounts Receivable                6,000

126   Supplies                                  2,000

130   Prepaid Insurance                    3,000

157   Office Equipment                    15,000

201   Accounts Payable                                      $ 4,500

209   Unearned Service Revenue                             4,000

311   Common Stock                                           21,750

400   Service Revenue                                           7,900

726   Salaries Expense                    4,000

729   Rent Expense                         1,000                       

                                                    $38,150         $38,150

 

In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc.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 $600.

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 $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 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 June 30, 2008.

 

 

Check figure: (c) Adj. trial balance $41,550

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