Masasi’s Trial Balance

Accounting Adjusting Entries, Posting and Preparing an Adjusted Trial Balance MASASI COMPANY, INC. Trial Balance June 30, 2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers 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 Total $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 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 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers. Use the templates in Appendix D.
Complete all three tabs. (a) J3 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | |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 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |7,150 | Accounts ReceivableNo. 112 Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? 6,000 | |30 | |Adjusting | |J3 | |1,000 | | | |? 7,000 | SuppliesNo. 126 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? 2,000 | |30 | |Adjusting | |J3 | | | |1,400 | |? 600 | Prepaid InsuranceNo. 130 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? ,000 | |30 | |Adjusting | |J3 | | | |250 | |? 2,750 | Office EquipmentNo. 157 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |15,000 | Accumulated Depreciation—Office EquipmentNo. 158 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | | | |250 | |?? 250 | Accounts PayableNo. 201 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? 4,500 | Unearned Service RevenueNo. 209 Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? 4,000 | |30 | |Adjusting | |J3 | |2,500 | | | |? 1,500 | Salaries PayableNo. 212 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | | | |2,000 | |2,000 | Utilities PayableNo. 244 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | | | |? 150 | |?? 150 | Common StockNo. 311 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |21,750 | Service RevenueNo. 400 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |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 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 |Adjusting | |J3 | |1,400 | | | |1,400 | Depreciation ExpenseNo. 711 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | |250 | | | |? 250 | Insurance ExpenseNo. 722 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | |250 | | | |? 250 | Salaries ExpenseNo. 726 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |? ,000 | |30 | |Adjusting | |J3 | |2,000 | | | |? 6,000 | Rent ExpenseNo. 729 |Date | |Explanation | |Ref. | |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Balance | |? | | | | | |1,000 | Utilities ExpenseNo. 732 |Date | |Explanation | |Ref. |Debit | |Credit | |Balance | |2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | | | | | | | | | | |June 30 | |Adjusting | |J3 | |150 | | | |? 150 | (c)MASASI COMPANY, INC. Adjusted Trial Balance June 30, 2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers | | |Debit | |Credit | | Cash | |$? 7,150 | | | |Accounts Receivable | |?? ,000 | | | |Supplies | |600 | | | |Prepaid Insurance | |?? 2,750 | | | |Office Equipment | |? 15,000 | | | |Accumulated Depreciation—Office | | | | | |?? 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 – Essay Writing Service: Write My Essay by Top-Notch Writer-01-13_004112_P3-2A. doc&ei=veS2UK-uBuahigf5iIGgAw&usg=AFQjCNGG338kPyI9kNi9KfLTWh4V2fYbfg&cad=rja

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