adjusting entry for jan 1 jan 31 244052

.The following are the account balances at the end of the first month of business, before adjusting entries were recorded:

Accounts Payable

$350

Accounts Receivable

750

Cash

4,325

Consulting Revenue

4,925

Equipment

7,000

Jacki Lopez, Capital

15,000

Jacki Lopez, Drawing

1,400

Prepaid Rent

6,000

Supplies

800

Adjustment data:

Supplies on hand at the end of the month:$300

Unbilled Consulting Revenue: $850

Rent expense for the month: $2,000

Depreciation on equipment: $150

(a)Prepare the required adjusting entries, adding accounts as needed.

(b)Prepare an Adjusted Trial Balance for JVL Consulting as of January 31, 2011.

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