Module 2 - Accounting

Nov 21st, 2014
Anonymous
Category:
Accounting
Price: $25 USD

Question description

For this assignment, you are required to present the nine correct journal entries in an Excel spreadsheet.

Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.

MODINE CONSULTING
Trial Balance
May 31, 2008


Account
Number

Debit

Credit

101

Cash

$7,700

112

Accounts Receivable

4,000

126

Supplies

1,500

130

Prepaid Insurance

4,800

149

Office Furniture

9,600

201

Accounts Payable

$3,500

209

Unearned Service Revenue

  3,000

301

L. Ace, Capital

19,100

400

Service Revenue

6,000

726

Salaries Expense

3,000

729

Rent Expense

1,000

In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation – Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No. 722 Insurance Expense; No. 736 Travel Expense; and No. 631 Supplies Expense.

Other data:

  1. $500 worth of supplies has been used during the month.
  2. Travel expenses incurred, but not payed, on May 31, 2008 are $200.
  3. The insurance policy is for two years.
  4. $1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.
  5. May 31 is a Wednesday, and employees are paid on Fridays. Modine Consulting has two employees, who are paid $700 each for a five-day work week.
  6. The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months.
  7. Invoices representing $1,000 of services performed during the month have not been recorded as of May 31.

Instructions:

In Excel, following the six-column spreadsheet format used for the company Fast Forward in Chapter 3 of textbook, add the company name, the date of the statement, and today’s date and then enter: (a) the debits and credits for the unadjusted trial balance for May 31; (b) the debits and credits adjustments at the end of May 31; and (c) the total debits and credits of the adjusted trial balance for the month of May. Label each adjustment A through G.


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