Question

Internet Consulting Service, Inc., adjusts its accounts every month. The company’s year-end unadjusted trial balance dated December 31, current year follows. (Bear in mind that adjusting entries already have been made for the first 11 months of current year, but have not been made for December.)

INTERNET CONSULTING SERVICE, INC.
Unadjusted Trial Balance
December 31, Current Year
		Debits				Credits
Cash	$	49,100
Consulting fees receivable		23,400
Prepaid office rent		6,300
Prepaid dues and subscriptions		300
Supplies		600
Equipment		36,000
Accumulated depreciation: equipment					$	10,200
Notes payable						5,000
Income taxes payable						12,000
Unearned consulting fees						5,950
Capital stock						30,000
Retained earnings						32,700
Dividends		60,000
Consulting fees earned						257,180
Salaries expense		88,820
Telephone expense		2,550
Rent expense		22,000
Income taxes expense		51,000
Dues and subscriptions expense		560
Supplies expense		1,600
Depreciation expense: equipment		6,600
Miscellaneous expenses		4,200
	$	353,030			$	353,030

Other Data

1. On December 1, the company signed a new rental agreement and paid three months' rent in advance at a rate of $2,100 per month. This advance payment was debited to the Prepaid Office Rent account.

2. Dues and subscriptions expiring during December amounted to $50.

3. An estimate of supplies on hand was made at December 31; the estimated cost of the unused supplies was $450.

4. The useful life of the equipment has been estimated at five years (60 months) from date of acquisition.

5. Accrued interest on notes payable amounted to $100 at year-end. (Set up accounts for Interest Expense and for Interest Payable.)

6. Consulting services valued at $2,850 were rendered during December to clients who had made payment in advance.

7. It is the custom of the firm to bill clients only when consulting work is completed or, in the case of prolonged engagements, at monthly intervals. At December 31, consulting services valued at $11,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients.

8. Salaries earned by employees but not paid as of December 31 amount to $1,700.

9. Income taxes expense for the year is estimated at $56,000. Of this amount, $51,000 has been recognized as expense in prior months, and $39,000 has been paid to tax authorities. The company plans to pay the $17,000 remainder of its income tax liability on January 15.

Prepare a worksheet for Internet Consulting Service, Inc., dated December 31, current year. (Adjustments are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

trail balance / adjustmemt / adjusted trail. balance/income statement / balance sheet

debit / credit -debit / credit- debit / credit- debit / credit-  debit / credit

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Worksheet	Unadjusted		Adjustments		Adjusted		Income Statement		Balance Sheet
Account Titles	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $	Asset	Liabilities
Cash	49,100.00				49,100.00				49,100.00
Consulting fees receivable	23,400.00		11,000.00		34,400.00				34,400.00
Prepaid office rent	6,300.00			2,100.00	4,200.00				4,200.00
Prepaid dues and subscriptions	300.00			50.00	250.00				250.00
Supplies	600.00			150.00	450.00				450.00
Equipment	36,000.00				36,000.00				36,000.00
Accumulated Depreciation- Equipment		10,200.00		600.00		10,800.00			(10,800.00)
Notes Payable		5,000.00				5,000.00				5,000.00
Income Taxes Payable		12,000.00		5,000.00		17,000.00				17,000.00
Unearned consulting fees		5,950.00	2,850.00			3,100.00				3,100.00
Salaries Payable				1,700.00		1,700.00				1,700.00
Capital stock		30,000.00				30,000.00				30,000.00
Retained earnings		32,700.00				32,700.00				32,700.00
Dividends	60,000.00				60,000.00					(60,000.00)
Consulting fees earned		257,180.00		13,850.00		271,030.00		271,030.00
Salaries Expense	88,820.00		1,700.00		90,520.00		90,520.00
Telephone expense	2,550.00				2,550.00		2,550.00
Rent expense	22,000.00				22,000.00		22,000.00
Income taxes expense	51,000.00		5,000.00		56,000.00		56,000.00
Dues and subscriptions expense	560.00		50.00		610.00		610.00
Supplies expense	1,600.00				1,600.00		1,600.00
Depreciation expense: equipment	6,600.00		600.00		7,200.00		7,200.00
Miscellaneous expenses	4,200.00				4,200.00		4,200.00
Rent expense			2,100.00		2,100.00		2,100.00
Supplies expense			150.00		150.00		&n 0 0 Add a comment Know the answer? Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question Similar Questions Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                &nbs Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                                                                                           Debits                                          Credits Cash                                                                                               $ 11,500     Accounts Receivable                                                                        3,500 Supplies                                                                                           1,200 Prepaid Rent                                                                                  24,000 Equipment                                                                                   14,000 Accumulated Depreciation                                                                                                                $1,400 Accounts Payable                                                                                                                             1,900     Unearned Service Revenue                                                                                                             2,800 Common Stock                                                                                                                             10,300 Retained Earnings                                                                                                                            7,500 Dividends                                                                                       4,500 Service Revenue                                                                                                                              91,350 Salaries Expense                                                                        55,000 Advertising Expense                                                                         900       Utilities Expense                                                                               650                                                                     Total: Debits =$115,250 Credits total = $115,250 Additional Information: 1.) The equipment was purchased on January 1, 2017. The useful life is estimated to be 10 years. 2.) As of December 31, 2018,... Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                &nbs Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                                                                                           Debits                                          Credits Cash                                                                                               $ 11,500     Accounts Receivable                                                                        3,500 Supplies                                                                                           1,200 Prepaid Rent                                                                                  24,000 Equipment                                                                                   14,000 Accumulated Depreciation                                                                                                                $1,400 Accounts Payable                                                                                                                             1,900     Unearned Service Revenue                                                                                                             2,800 Common Stock                                                                                                                             10,300 Retained Earnings                                                                                                                            7,500 Dividends                                                                                       4,500 Service Revenue                                                                                                                              91,350 Salaries Expense                                                                        55,000 Advertising Expense                                                                         900       Utilities Expense                                                                               650                                                                     Total: Debits =$115,250 Credits total = $115,250 Additional Information: 1.) The equipment was purchased on January 1, 2017. The useful life is estimated to be 10 years. 2.) As of December 31, 2018,... The following unadjusted trial balance is for Montana Construction Company as of year-end for the December... The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7. NO.      Account Title                          Debit               Credit 101      Cash                                         $7,000 126      Supplies                                   $16,000 128      Pre-paid insurance                   $12,600 167      Equipment                               $200,000 168      Accumulated depreciation – equipment $14,000 201      Accounts payable $6,800 251      Long-term notes payable... Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first... Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5: Account Debit Credit Cash 3,300 Accounts receivable 4,000 Supplies 500 Truck 8,000 Acc. dep. – truck 0 Accounts payable 5,000 Unearned rent revenue 2,400 Income taxes payable 0 Capital Stock 7,000 Dividends 1,000 Rent earned 16,000 Commissions expense 1,000 Depreciation expense-truck 0 Supplies expense 0 Salaries expense 7,000 Telephone expense 0 Income tax expense 0 Rent expense 5,600... First Landing Golf Club Trial Balance December 31, 2018                        Unadjusted Debit Credit Cash  &nb First Landing Golf Club Trial Balance December 31, 2018                        Unadjusted Debit Credit Cash                15,000 Accounts Receivable - Members                13,000 Allowance for Doubtful Accounts                  1,100 Rent Receivable                         -   Prepaid Insurance                  9,000 Shop Supplies                  3,600 Land             350,000 Buildings             120,000 Accumulated Depreciation - Buildings                40,000 Equipment             150,000 Accumulated Depreciation - Equipment                70,000 Interest Payable Salaries and Wages Payable                         -   Unearned Dues                         -   Note Payable             100,000 Common Stock            ... The unadjusted trial balance of Devlin Collection Service for the year ending December 31, 2019 appears... The unadjusted trial balance of Devlin Collection Service for the year ending December 31, 2019 appears below. No adjusting entries have been made during the current year.                                                                  Debit          Credit Cash                                                          $6,000        Accounts receivable                                           10,000        Prepaid insurance                                         4,000        Office supplies                                                       2,000 Equipment                                                 ,20,000        Accumulated amortization                                                    $5,000 Salaries payable              Interest payable             Unearned service revenue                                                        4,000 Note payable                                                                         10,000 Ted Danvon, capital                                                                15,800 Ted Danvon, withdrawals                                        1,000 Service revenue                                                                     32,600 Salaries expense                                        18,000        Amortization expense              Rent expense                                                       6,000         Insurance expense          Office supplies expense            Interest expense                                           400                                                                                                               $67,400             $67,400 Complete on next page a) A count revealed that $1,800 of... Use the following to answer the next six questions MADONNA, INC. Unadjusted Trial Balance December 31,... Use the following to answer the next six questions MADONNA, INC. Unadjusted Trial Balance December 31, 2012 DR CR Cash $ 51,000    Equipment 38,000    Retained Earnings $ 4,000 Accounts Payable 6,000 Unearned Fee Revenue 8,000 Accumulated Depreciation-Equipment 1,800 Accounts Receivable 1,500    Supplies 950    Salaries Expense 6,700    Common StockInsurance Expense 500 61,050 Fee RevenueRent Expense 4,200 30,000 Notes Receivable 8,000    $ 110,850 $ 110,850 1. On July 1, 2012, Madonna paid the landlord $4,200 for... The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31,... The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 7,255 Prepaid Rent 16,000 Equipment 295,285 Accumulated Depreciation $224,260 Accounts Payable 78,555 Wages Payable 0   Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 144,000   Interest Expense 6,840 ________      Totals $1,528,565 $1,528,565 Adjusting Items: 1.... Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Baltimore... Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5: Account Debit Credit Cash 3,300 Accounts receivable 4,000 Supplies 500 Truck 8,000 Acc. dep. – truck 0 Accounts payable 5,000 Unearned rent revenue 2,400 Income taxes payable 0 Capital Stock 7,000 Dividends 1,000 Rent earned 16,000 Commissions expense 1,000 Depreciation expense-truck 0 Supplies expense 0 Salaries expense 7,000 Telephone expense... PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY... PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY OR BALANCE SHEET ACCOUNT TITLES DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash $37,000 $37,000 Accounts receivable 10,278 10,278 Interest receivable 1,200 1,200 Office supplies 1,000 1,000 Prepaid insurance 1,000 1,000 Prepaid rent 1,800 1,800 Note receivable 10,000 10,000 Computer equipment 24,000 24,000 Accumulated depreciation, computer equipment $10,000 $10,000 Office equipment 15,000 15,000 Accumulated depreciation, office equipment 9,000 9,000 Accounts payable 20,878 20,878 Interest payable... ADVERTISEMENT Need Online Homework Help? Get Answers For Free Most questions answered within 1 hours. Ask a Question ADVERTISEMENT Active Questions An open cylindrical tank with diameter of 3 ft is filled with a liquid to 1... asked 12 minutes ago A spring (k = 600 N/m) is placed in a vertical position with its lower end... asked 13 minutes ago What mass of helium (He-4) is needed to fill a Goodyear Blimp to a pressure of... asked 19 minutes ago What is the purpose of a chi-square test? a. To measure the degree of association between... asked 23 minutes ago Technician A says a refrigerant identifier is only needed when the technician is unsure of the... asked 29 minutes ago An urn initially contains 6 red and 8 green balls. Each time a ball is selected,... asked 35 minutes ago C Code! dictionary.c, start by downloading the boilerplate1 code from Blackboard. Read the code, then complete... asked 44 minutes ago A slide projector needs to create a 98.0 cm -high image of a 2.20 cm -tall... asked 51 minutes ago 4. 5. 6. 7. Question Workspace Check My Work You are replacing a processor on an... asked 56 minutes ago Your company is considering a new project that will require $100,000 of new equipment at the... asked 57 minutes ago Write a MATLAB m file to plot the 3-D curve represented by a multivariable function z(x,y)... asked 1 hour ago How does g-mail (google mail) software work? How does the software function? What type of data... asked 1 hour ago About Contact Terms of Use Privacy Policy Academic Honesty Policy Homework Answer Scanner App Report DMCA © 2022 JustAAA   user contributions licensed under cc by-sa 4.0