PROBLEM 4-2B
(a)
Date
2012
1. May 31
2.
3.
4.
5.
6.
7.
31
31
31
31
31
31
Account Titles
Debit
Supplies Expense........................................
Supplies................................................
750
Utilities Expense..........................................
Accounts Payable ................................
260
Insurance Expense......................................
Prepaid Insurance
($3,600 ÷ 24 months)........................
150
Unearned Service Revenue ........................
Service Revenue ($4,000 – $1,500) .....
2,500
Salaries and Wages Expense .....................
Salaries and Wages Payable
[(4/5 X $600) X 2 employees] ...........
960
Depreciation Expense .................................
Accumulated Depreciation—
Equipment ........................................
200
Accounts Receivable ..................................
Service Revenue ..................................
1,980
Credit
750
260
150
2,500
960
200
1,980
(b)
5/31 Bal.
Cash
7,500
Prepaid Insurance
5/31 Bal. 3,600 5/31
5/31 Bal. 3,450
Accounts Receivable
5/31 Bal. 3,000
5/31
1,980
5/31 Bal. 4,980
Copyright © 2009 John Wiley & Sons, Inc.
5/31 Bal.
5/31 Bal.
Supplies
2,500 5/31
1,750
Kimmel, Financial Accounting, 5/e, Solutions Manual
(For Instructor Use Only)
150
750
4-1
PROBLEM 4-2B (Continued)
Equipment
5/31 Bal. 12,000
Accumulated Depreciation—
Equipment
5/31
200
5/31 Bal.
200
Accounts Payable
5/31 Bal.
5/31
5/31 Bal.
3,500
260
3,760
Rent Expense
5/31 Bal. 1,500
Depreciation Expense
5/31
200
5/31 Bal.
200
Insurance Expense
5/31
150
5/31 Bal.
150
Salaries and Wages Payable
5/31
960
5/31 Bal.
960
Utilities Expense
5/31
260
5/31 Bal.
260
Unearned Service Revenue
5/31
2,500 5/31 Bal. 4,000
5/31 Bal. 1,500
Supplies Expense
5/31
750
5/31 Bal.
750
Common Stock
5/31 Bal. 19,100
Service Revenue
5/31 Bal. 7,500
5/31
2,500
5/31
1,980
5/31 Bal. 11,980
Salaries and Wages Expense
5/31 Bal. 4,000
5/31
960
5/31 Bal. 4,960
Copyright © 2011 John Wiley & Sons, Inc.
Kimmel, Financial Accounting, 6/e, Solutions Manual
(For Instructor Use Only)
4-2
Copyright © 2011 John Wiley & Sons, Inc.
Kimmel, Financial Accounting, 6/e, Solutions Manual
(For Instructor Use Only)
4-3
PROBLEM 4-2B (Continued)
(c)
QUINN CONSULTING
Adjusted Trial Balance
May 31, 2012
Cash ....................................................................
Accounts Receivable .........................................
Prepaid Insurance ..............................................
Supplies ..............................................................
Equipment ...........................................................
Accumulated Depreciation—
Equipment .......................................................
Accounts Payable...............................................
Salaries and Wages Payable .............................
Unearned Service Revenue ...............................
Common Stock ...................................................
Service Revenue .................................................
Salaries and Wages Expense ............................
Rent Expense ......................................................
Depreciation Expense ........................................
Insurance Expense .............................................
Utilities Expense .................................................
Supplies Expense ...............................................
Copyright © 2011 John Wiley & Sons, Inc.
Kimmel, Financial Accounting, 6/e, Solutions Manual
Debit
$ 7,500
4,980
3,450
1,750
12,000
Credit
$
4,960
1,500
200
150
260
750
$37,500
200
3,760
960
1,500
19,100
11,980
$37,500
(For Instructor Use Only)
4-4