Question

Complete Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns

I JUST NEED THE BLUE PART COMPLETED THANK YOU!!! Adjusting Journal Entries

You have been hired as an accountant for FigMint 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 January 1, 2018. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for FigMint ConsultingInc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) During January, the first month of operations, the following transactions occurred: Date Event Amount Amount Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be 1-Jan paid back in 5 ycars 3-Jan Paid for 12 months rent on office space 4-Jan Purchased officc furniturc 8-Jan Paid for utilities 10-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months 14-Jan Performed services for various customers for cash and on account 15-Jan Paid the bill for supplies purchased previously 26-Jan Collected payments for amounts previously billed. 28-Jan Purchased additional office supplies on account. 29-Jan Paid salaries to employees for 1 week 31-Jan Dividends were declared and paid. 30,000 loan amoun 0.04 interest rate 11,820 10,895 1,455 13,200 11,650 cash 18690 on account 11,295 13,655 8,950 4,650 1,000

Answer 1

	Adjusting journal entries:
	Date	Account titles and explanation				Debit	Credit
	31-Jan.	Supplies expense			(20245-7860)	12385
		Supplies					12385
		(Supplies used)
	31-Jan.	Uearned revenue			(13200/12)*1	1100
		Service revenue					1100
		(One month service performed for Stanley)
	31-Jan.	Interest expense			(30000*0.04*1/12)	100
		Interest payable					100
		(Oe month interest accrued on notes)
	31-Jan.	Accounts receivable				5980
		Service revenue					5980
		(Services performed but not billed)
	31-Jan.	Rent expense			(11820/12)*1	985
		Prepaid rent					985
		(Prepaid rent for 1 month used)
	31-Jan.	Depreciation expense,Comp equip				165
		Depreciation expense,Office furniture				135
		Accumulated depreciation,comp equip					165
		Accumulated depreciation,Office furniture					135
		(Depreciation expenses recorded)
	31-Jan.	Salaries expense			(4650/5)*4	3720
		Salaries payable					3720
		(Salaries unpaid for 4 days)
	Account titles						Unadjusted Trial balance		Adjustments		Adjusted Trial balance
							Debit	Credit
	Cash						85890				85890
	Accounts receivable						5035		5980		11015
	Supplies						20245			12385	7860
	Prepaid rent						11820			985	10835
	Land						15000				15000
	Computer equipment						26500				26500
	Accumulated depreciation, Comp Equip									165		165
	Office furniture						10895				10895
	Accumulated depreciation, Office furniture									135		135
	Accounts payable							8950				8950
	Salaries payable									3720		3720
	Interest payable									100		100
	Unearned revenue							13200	1100			12100
	Long-term notes payable							30000				30000
	Common stock							100000				100000
	Retained earnings											0
	Dividends						1000				1000
	Service revenue							30340		7080		37420
	Salaries expense						4650		3720		8370
	Rent expense								985		985
	Supplies expense								12385		12385
	Utilities expense						1455				1455
	Interest expense								100		100
	Depreciation expense,Comp equip								165		165
	Depreciation expense,Office furniture								135		135
	Totals						182490	182490	24570	24570	192590	192590