Kristi Williams offers family counseling services specializing in financial and marital problems. Kristi Williams Family Counseling Services UNADJUSTED TRIAL BALANCE December 31, 20--
| 1 |
Cash |
8,730.00 |
|
| 2 |
Office Supplies |
700.00 |
|
| 3 |
Prepaid Insurance |
600.00 |
|
| 4 |
Office Equipment |
18,000.00 |
|
| 5 |
Computer Equipment |
6,000.00 |
|
| 6 |
Notes Payable |
|
8,000.00 |
| 7 |
Accounts Payable |
|
500.00 |
| 8 |
Kristi Williams, Capital |
|
11,400.00 |
| 9 |
Kristi Williams, Drawing |
3,000.00 |
|
| 10 |
Client Fees |
|
35,800.00 |
| 11 |
Wages Expense |
9,500.00 |
|
| 12 |
Rent Expense |
6,000.00 |
|
| 13 |
Utilities Expense |
2,170.00 |
|
| 14 |
Miscellaneous Expense |
1,000.00 |
|
| 15 |
Totals |
55,700.00 |
55,700.00 |
Information for year-end adjustments is as follows:
| (a) Office supplies on hand at year-end amounted to $100. |
| (b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an expected useful life of 10 years and no salvage value. |
| (c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected useful life of three years and no salvage value. Assume that Williams computes depreciation to the nearest full month. |
| (d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy. |
Required:
| 1. |
Prepare the work sheet for the year ended December 31, 20--. |
| 2. |
Prepare adjusting entries in a general journal. |
| CHART OF ACCOUNTS |
| Kristi Williams |
| General Ledger |
| ASSETS |
| 101 |
Cash |
| 142 |
Office Supplies |
| 145 |
Prepaid Insurance |
| 181 |
Office Equipment |
| 181.1 |
Accumulated Depreciation-Office Equipment |
| 187 |
Computer Equipment |
| 187.1 |
Accumulated Depreciation-Computer Equipment |
| LIABILITIES |
| 201 |
Notes Payable |
| 202 |
Accounts Payable |
| EQUITY |
| 311 |
Kristi Williams, Capital |
| 312 |
Kristi Williams, Drawing |
|
| EXPENSES |
| 511 |
Wages Expense |
| 521 |
Rent Expense |
| 523 |
Office Supplies Expense |
| 533 |
Utilities Expense |
| 535 |
Insurance Expense |
| 541 |
Depreciation Expense-Office Equipment |
| 542 |
Depreciation Expense-Computer Equipment |
| 549 |
Miscellaneous Expense
|
|