Answer Happy

pped Book Print rences On July 31, 20X1, after one month of operation, the general ledger of Michael Domenici, Consultant, contained the accounts and balances given below. ACCOUNTS AND BALANCES Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable. Unearned Accounting Fees Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense-Furniture. Depreciation Expense-Equipment Interest Expense $25,110 Dr. 1,360 Dr. 880 Dr. 9,300 Dr. 1,740 Dr. 368 Dr. 10,744 Dr. 6,570 Dr. 16,900 Cr. 4,700 Cr. 5,040 Cr. 27,232 Cr. 2,200 Dr. 8,200 Cr. 3,400 Dr. 230 Dr. 170 Dr.

ces ADJUSTMENTS a. On July 31, an inventory of the supplies showed that items costing $590 were on hand. b. On July 1, the firm paid $9,300 in advance for six months of rent. c. On July 1, the firm purchased a one-year insurance policy for $1,740. d. On July 1, the firm paid $368 for four months of advertising. The ads began running in July. e. On July 1, the firm purchased office furniture for $10,744. The furniture is expected to have a useful life of six years and a salvage value of $1,600. f. On July 1, the firm purchased office equipment for $6,570. The equipment is expected to have a useful life of five years and a salvage value of $1,650. g. On July 1, the firm issued a three-month, 6 percent note for $8,200. h. On July 1, the firm received a consulting fee of $5,040 in advance for a one-year period. Required: 1. Prepare a partial worksheet with the following sections: Trial Balance, Adjustments, and Adjusted Trial Balance. Use the data about the firm's accounts and balances to complete the Trial Balance section. 2. Enter the adjustments described above in the Adjustments section. 3. Complete the Adjusted Trial Balance section. Analyze: By what total amount were the expense accounts of the business adjusted? Complete this question by entering your answers in the tabs below. Partial Worksheet Complete the partial worksheet. Analyze

Account Name Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Unearned Accounting Fees Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Partial Worksheet Month Ended July 31, 20X1 Trial Balance Debit Credit Adjustments Debit Credit Adjusted Trial Balance Credit Debit

es Win Prepaid Insurance Prepaid Advertising Furniture Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Unearned Accounting Fees Michael Domenici, Capital Michael Domenici, Drawing Accounting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Advertising Expense Depreciation Expense-Fumiture Depreciation Expense-Equipment Interest Expense Totals $ 0 $ 0 $ 0 $ + 0 $ 0 $ 0