The schedule below presents the trial balance for the Sigma Consultants Corporation on December 31,2002

Sigma Consultants Corporation

Trial Balance

December 31, 2002

Cash

RM 12,786

Account receivable

24,840

Office supplies

991

Prepaid rent

1,400

Office equipment

6,700

Accumulated depreciation office equipment

RM 1,600

Account payable

1,820

Notes payable

`

10,000

Unearned fees

2,860

Common stock

10,000

Retained earnings

19,387

Dividends

15,000

Fees revenue

58,500

Salaries expenses

33,000

Utility expenses

1,750

Rent expenses

7,700

RM104,167

RM 104,167

The following information is also available:

  1. Ending inventory of office supplies, RM86
  2. Prepaid rent expired, RM700
  3. Depreciation of office equipment for period, RM600
  4. Interest accrued on note payable, RM600
  5. Salaries accrued at end of period, RM200
  6. Fees still unearned at end of period, RM 1,410
  7. Fees earned but not billed, RM600
  8. Estimated federal income taxes for the year, RM3,000

Instructions:

  1. Determine adjusting entries.
  2. Prepare Column account for each of items listed in trial balance and consider the adjusting entries as made in Part 1.
  3. Prepare adjusted trial balance.