Question

	Please prepare a trial balance using the information given. You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During November, the first month of operations, the following transactions occurred:
Date	Event
1-Nov	Paid $7,200 for 12 months rent on office space
2-Nov	Purchased office furniture for $8,950.
3-Nov	Purchased $11,354 of additional office supplies on account.
8-Nov	Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Nov	Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months.
20-Nov	Paid $1,560 for utilities.
21-Nov	Performed services for various customers for $13,200 cash and another $18,100 on account.
25-Nov	Paid $8,650 for purchases of supplies previously made on account.
27-Nov	Paid salaries to employees totaling $5,200 for 1 week.
30-Nov	Collected $12,300 as payment for amounts previously billed.
30-Nov	Dividends of $3,000 were declared and paid.
	At the end of November, the following additional information is available to help determine what adjustments are needed:
30-Nov	One month of the prepaid rent has been used up
30-Nov	Supplies on hand are $8,150.
30-Nov	One month of interest has accrued on the note payable for the bank loan.
30-Nov	One month of the services for the Fortuna Inc. has been performed (see above).
30-Nov	Salaries of $5,200 are paid every Friday (for a 5 day work week). November 30, 2017 was a Thursday.
30-Nov	Additional work for customers of $9,580 has been performed during the last week of November but not yet billed
30-Nov	Depreciation expense for the computer equipment is $140 and for the office furniture is $120

Worksheet - NFT Consulting Inc
	BEGINNING	NUMBERS	November	ENTRIES	UNADJUSTED TRIAL BALANCE		ADJUSTMENTS		ADJUSTED TRIAL BALANCE
ACCOUNT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
Cash	221,400
Accounts Receivable
Supplies	8,650
Prepaid Rent
Land	40,000
Computer Equipment	38,600
Accumulated Depreciation, Comp Equip
Office Furniture
Accumulated Depreciation, Off Furn
Accounts Payable		8,650
Salaries Payable
Interest Payable
Unearned Revenue
Long-term Notes Payable
Common Stock		300,000
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Rent Expense
Supplies Expense
Maintenance Expense
Utilities Expense
Interest Expense
Depreciation Expense, Comp Equip
Depreciation Expense, Office Furniture
	308,650	308,650

Answer 1

	BEGINNING	NUMBERS	November	ENTRIES	UNADJUSTED TRIAL BALANCE		ADJUSTMENTS		ADJUSTED TRIAL BALANCE
ACCOUNT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
Cash	2,21,400		56,300	34,560	2,43,140				2,43,140
Accounts Receivable			18,100	12,300	5,800		9,580		15,380
Supplies	8,650		11,354		20,004			12,034	7,970
Prepaid Rent			7,200		7,200			600	6,600
Land	40,000				40,000				40,000
Computer Equipment	38,600				38,600				38,600
Accumulated Depreciation, Comp Equip					-			140		140
Office Furniture			8,950		8,950				8,950
Accumulated Depreciation, Off Furn					-			120		120
Accounts Payable		8,650	8,650	11,354		11,354				11,354
Salaries Payable						-		4,160		4,160
Interest Payable						-		600		600
Unearned Revenue				10,800		10,800	900			9,900
Long-term Notes Payable				20,000		20,000				20,000
Common Stock		3,00,000				3,00,000				3,00,000
Retained Earnings			3,000		3,000				3,000
Dividends						-				-
Service Revenue				31,300		31,300		10,480		41,780
Salaries Expense			5,200		5,200		4,160		9,360
Rent Expense					-		600		600
Supplies Expense					-		12,034		12,034
Maintenance Expense					-				-
Utilities Expense			1,560		1,560				1,560
Interest Expense					-		600		600
Depreciation Expense, Comp Equip					-		140		140
Depreciation Expense, Office Furniture					-		120		120
	3,08,650	3,08,650	1,20,314	1,20,314	3,73,454	3,73,454	28,134	28,134	3,88,054	3,88,054