Act300 Module 2 Adjusted Trial Balance the Modine Consulting Case

ACT300 Module 2 Adjusted Trial Balance The Modine Consulting Case

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For this assignment, you are required to present the nine correct journal entries in an Excel spreadsheet.

Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.

MODINE CONSULTING

Trial Balance

May 31, 2008 Account

Number Debit Credit

101 Cash $7,700

112 Accounts Receivable 4,000

126 Supplies 1,500

130 Prepaid Insurance 4,800

149 Office Furniture 9,600

201 Accounts Payable $3,500

209 Unearned Service Revenue 3,000

301 L. Ace, Capital 19,100

400 Service Revenue 6,000

726 Salaries Expense 3,000

729 Rent Expense 1,000

In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation – Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No. 722 Insurance Expense; No. 736 Travel Expense; and No. 631 Supplies Expense.

Other data:

1. $500 worth of supplies has been used during the month.

2. Travel expenses incurred, but not payed, on May 31, 2008 are $200.

3. The insurance policy is for two years.

4. $1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.

5. May 31 is a Wednesday, and employees are paid on Fridays. Modine Consulting has two employees, who are paid $700 each for a five-day work week.

6. The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months.

7. Invoices representing $1,000 of services performed during the month have not been recorded as of May 31.

Instructions:

In Excel, following...