XACC 280 Week 3 P3-1A MASASI COMPANY, INC. Trial Balance June 30, 2008 Account Number Debit Credit
XACC 280 Week 3 P3-1A MASASI COMPANY, INC. Trial Balance
June 30, 2008 Account Number Debit Credit 101
Financial Accounting Concepts and Principles: Weygandt, J.
J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.).
Hoboken, NJ:
Wiley.
Axia College of University of Phoenix (UoP)
XACC 280 Week 3
4. CheckPoint: Adjusting Entries, Posting, and Preparing an
Adjusted Trial Balance
Complete parts a, b and c of P3-1A on pp. 128â129 of
Financial Accounting.
Use the templates in Appendix D. Complete all three tabs.
Post the completed Appendix D as an attachment.
P3-1A MASASI COMPANY, INC.
P3-1A MASASI COMPANY, INC. Trial Balance June 30, 2008
Account Number Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126
Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201
Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311 Common Stock
21,750 400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense
1,000 Total $38,150 Total $38,150 In addition to those accounts listed on the
trial balance, the chart of accounts for Masasi Company,Inc. also contains the
following accounts and account numbers:No. 158 Accumulated DepreciationâOffice
Equipment, No. 212 Salaries Payable,No. 244 Utilities 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 $600. 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 $2,000 are accrued at June 30. 6. The
office equipment has a 5-year life with no salvage value. It is being
depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 of
services performed during the month have not been recorded as of June 30.
Instructions (a) Prepare the adjusting entries for the month of June. Use J3 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 June 30, 2008.
