Question

Trial Balance: Prepare a trial balance from the information in the general ledger.

Adjusting journal Entries: Post the following adjusting entries to the general journal

Adj-1	May 31	Record the portion of the Prepaid Rent used in May.
Adj-2	May 31	The company has $300 of supplies left at month end
Adj-3	May 31	Record one month of depreciation on the equipment. The equipment has a useful life of 10 years
Adj-4	May 31	Provide 10 hours of services that were paid in advance on May 23rd.
Adj-5	May 31	Record the receipt of a $300 utilities bill due on June 5th.
Adj-6	May 31	Record accrued interest on the $20,000 – 5 year note payable. The annual interest rate is 10%.

Answer 1

May-31	RENT EXPENSE A/C		DR
	TO PREPAID RENT
May-31	INVENTORY A/C		DR
	TO PROFIT AND LOSS A/C
May-31	DEPRECIATION A/C		DR
	TO PROVISION FOR DEPRECIATION
May-31	ADVANCE TO ACCOUNTS RECEIVABLE A/C
	TO SERVICE PROVIDED
May-31	SUPPLIES A/C		300
	TO ACCOUNTS PAYABLE			300
May-31	INT ON NOTE PAYABLEA/C		167
	TO NOTE PAYABLE A/C			167
	166.6667
	TRIAL BALANCE		DEBIT	CREDIT
	CASH		20000
	PROFIT AND LOSS		167
	CLOSING INVENTORY		300
	ACCOUNTS PAYABLE			300
	NOTE PAYABLE			20167
			20467	20467
	IN ABSENSE OF AMOUNTS , I HAVE CONSIDERED ONLY THOSE MENTIONED IN SUM