accounting 548

Problem 3-1A (Part Level Submission)
Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial balance at June 30 is shown below.

CUONO COMPANY
Trial Balance
June 30, 2014
Account Number
     
Debit
 
Credit
101   Cash   $ 6,200    
112   Accounts Receivable   6,000    
126   Supplies   2,000    
130   Prepaid Insurance   3,000    
157   Equipment   14,400    
201   Accounts Payable       $ 4,700
209   Unearned Service Revenue       4,000
311   Common Stock       20,000
400   Service Revenue       7,900
726   Salaries and Wages Expense   4,000    
729   Rent Expense   1,000    
        $36,600   $36,600

In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages 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 $1,100.
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 $1,600 are accrued at June 30.
6.   The equipment has a 5-year life with no salvage value. It is being depreciated at $300 per month for 48 months.
7.   Invoices representing $2,100 of services performed during the month have not been recorded as of June 30.

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(a)
Your answer is partially correct.  Try again.
   
Prepare the adjusting entries for the month of June.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.
Date
Account Titles and Explanation
Debit
Credit
1. June 30
[removed]Insurance Expense
[removed]1,200
[removed]
   
[removed]Prepaid Insurance
[removed]
[removed]1,200
2. June 30
[removed]Supplies Expense
[removed]2,400
[removed]
   
[removed]Supplies
[removed]
[removed]2,400
3. June 30
[removed]Depreciation Expense
[removed]1,725
[removed]
   
[removed]Accumulated Depreciation-Buildings
[removed]
[removed]1,125
4. June 30
[removed]Unearned Rent Revenue
[removed]4,100
[removed]
   
[removed]Rent Revenue
[removed]
[removed]4,100
5. June 30
[removed]Salaries and Wages Expense
[removed]400
[removed]
   
[removed]Salaries and Wages Payable
[removed]
[removed]400
6. June 30
[removed]Accounts Receivable
[removed]3,700
[removed]
   
[removed]Rent Revenue
[removed]
[removed]3,700
7. June 30
[removed]Interest Expense
[removed]600
[removed]
   
[removed]Interest Payable
[removed]
[removed]600

 

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