adjustin entry1

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.

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]	[removed]	[removed]
		[removed]	[removed]	[removed]
2.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
3.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
4.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
5.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
6.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
7.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]

Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.)

Cash					No. 101
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Accounts Receivable					No. 112
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Supplies					No. 126
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Prepaid Insurance					No. 130
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Equipment					No. 157
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Accumulated Depreciation—Equipment					No. 158
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Accounts Payable					No. 201
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Unearned Service Revenue					No. 209
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Salaries and Wages Payable					No. 212
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Common Stock					No. 311
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Service Revenue					No. 400
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Supplies Expense					No. 631
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Depreciation Expense					No. 711
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Insurance Expense					No. 722
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Salaries and Wages Expense					No. 726
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Rent Expense					No. 729
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Utilities Expense					No. 732
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]

Prepare an adjusted trial balance at June 30, 2014.

CUONO COMPANY Adjusted Trial Balance June 30, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]