Question

The unadjusted trial balance and related adjusting journal entries for McAfee Consulting Services is presented below (note: AJEs have been entered). Update account balances to complete the Adjusted Trial Balance. Then prepare the year-end CLASSIFIED Balance Sheet. Use $15,400 as the ending Retained Earnings balance. .

McAfee Consulting Services

Adjusted Trial Balance

For the Year Ended December 31, 2009

Accounts	Trial Balance	adjustments	Adjusted trial blance
	Debit / Credit	Debit / Credit
Prepaid insurance	1,200/	/ 300 (B)

office supplies	800 /	/600 (A)
office equipment	12,000/
Accumulated depreciation	/ 1,000	/1,000 (D)

accounts payable	/3,500
salaries payable		/900 (E)
unearned service revenue	/4,300	2,000 (C) /

retained earnings	/14,200
dividens	4,500/
service revenue	/12,500	/2,000 (C)

Salaries expense	6,000/	900 (E) /
depreciation expense		1,000 (D) /
supplies expense		600 (A) /

Insurance expense		300(B) /
Cash	11,000/
Total	35,500/ 35,500

Answer 1

Adjusted Trial Balance
Particulars	Dr	Cr
CAsh	11000
Prepaid insurance	$900
office supplies	$200
office equipment	12000
Accumulated depreciation		2000
accounts payable		3500
salaries payable		900
unearned service revenue		2300
retained earnings		14200
dividens	4500
service revenue		14500
Salaries expense	6900
depreciation expense	1000
supplies expense	600
Insurance expense	300
Cash
Total	$37,400	$37,400
Balance sheet
For the Year Ended December 31, 2009
Assets
Current Assets
CAsh		11000
Prepaid insurance		$900
office supplies		$200
Total Current Assets		12100
Property Plant & equipment
office equipment	12000
Accumulated depreciation	2000	10000
Total assets		22100
Liabilities & stockholder equity
Current Liabilities
accounts payable		3500
salaries payable		900
unearned service revenue		2300
Total Current Liabilities		6700
Stockholder equity
retained earnings		15400
Total Liabilities & stockholder equity		22100
If any doubt please comment. If satisfied you can rate