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:
- Ending inventory of office supplies, RM86
- Prepaid rent expired, RM700
- Depreciation of office equipment for period, RM600
- Interest accrued on note payable, RM600
- Salaries accrued at end of period, RM200
- Fees still unearned at end of period, RM 1,410
- Fees earned but not billed, RM600
- Estimated federal income taxes for the year, RM3,000
Instructions:
- Determine adjusting entries.
- Prepare Column account for each of items listed in trial balance and consider the adjusting entries as made in Part 1.
- Prepare adjusted trial balance.