33:010:272 Lecture Notes - Lecture 4: Trial Balance, Retained Earnings
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25 Aug 2016
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Adjusted Trial Balance | ||||||
For the Month Ended June 30, 2014 | ||||||
Adjusted Trial Balance | ||||||
Account Titles | Debits | Credits | ||||
Cash | 3.712 | |||||
Accounts Receivable | 3.904 | |||||
Supplies | 480 | (b) | ||||
Accounts Payable | 1.556 | Net Income: | ||||
Unearned Service Revenue | 160 | |||||
Common Stock | 4.000 | |||||
Retained Earnings | 1.760 | |||||
Dividends | 600 | |||||
Service Revenue | 4.300 | |||||
Salaries and Wages Expense | 1.344 | Retained earnings: | ||||
Miscellaneous Expense | 180 | |||||
Supplies Expense | 1.900 | |||||
Salaries and Wages Payable | 344 | |||||
12.120 | 12.120 | |||||
Instructions | ||||||
(a) | Prepare a classified balance sheet at June 30, 2014. | |||||
(b) | Hint: find net income and update retained earnings |
P4-2A,Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. | |||||||||||||||||||||||||
Ken Lumas started his own consulting firm, LumasConsulting, on June 1, 2014. The trial balance at June30 is as follows. | |||||||||||||||||||||||||
LUMAS CONSULTING | |||||||||||||||||||||||||
Trial Balance | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Debit | Credit | ||||||||||||||||||||||||
Cash | $6,850 | ||||||||||||||||||||||||
Accounts Receivable | 7,000 | ||||||||||||||||||||||||
Prepaid Insurance | 2,880 | ||||||||||||||||||||||||
Supplies | 2,000 | ||||||||||||||||||||||||
Equipment | 15,000 | ||||||||||||||||||||||||
Accounts Payable | $4,230 | ||||||||||||||||||||||||
Unearned Service Revenue | 5,200 | ||||||||||||||||||||||||
Common Stock | 22,000 | ||||||||||||||||||||||||
Service Revenue | 8,300 | ||||||||||||||||||||||||
Salaries and Wages Expense | 4,000 | ||||||||||||||||||||||||
RentExpense | 2,000 | ||||||||||||||||||||||||
$39,730 | $39,730 | ||||||||||||||||||||||||
In addition to those accounts listed onthe trial balance, the chart of accounts for Lumas alsocontains the following accounts: | |||||||||||||||||||||||||
Accumulated Depreciation |