Hambone consulting | Accounting homework help

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Hambone consulting | Accounting homework help

Ken Ham started his own consulting firm, Hambone Consulting, on May 1, 2010. The trial balance at May 31 is as follows.

 

HAMBONE CONSULTINGTrial BalanceMay 31, 2010

 
 

Account

 
 
 

Number

 

Debit

Credit

101

Cash

$ 5,700

 

112

Accounts Receivable

6,000

 

126

Supplies

1,900

 

130

Prepaid Insurance

3,600

 

149

Office Furniture

10,200

 

201

Accounts Payable

 

$ 4,500

209

Unearned Service Revenue

 

2,000

301

K. Ham, Capital

 

17,700

400

Service Revenue

 

7,500

726

Salaries Expense

3,400

 

729

Rent Expense

900

 

 
 

$31,700

$31,700

In addition to those accounts listed on the trial balance, the chart of accounts for Hambone Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation—Office Furniture, No. 212 Salaries Payable, No. 229 Travel Payable, No. 631Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 736 Travel Expense.
Other data:
1. $900 of supplies have been used during the month.
2. Travel expense incurred but not paid on May 31, 2010, $250.
3. The insurance policy is for 2 years.
4. $400 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. Hambone Consulting has two employees, who are paid $800 each for a 5-day work week.
6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $170 per month for 60 months.
7. Invoices representing $1,200 of services performed during the month have not been recorded as of May 31.
Instructions
(a) Prepare the adjusting entries for the month of May. Use J4 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 May 31, 2010.

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