Question

Len William started his own consulting firm, William Consulting, on June 1, 2022. The trial balance at June 30 is as follows. WILLIAM CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,007 Prepaid Insurance 3,060 Equipment 15,000 Accounts Payable $ 4,260 Unearned Service Revenue 5,200 Common Stock 22,007 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,850 $39,767 $39,767 In addition to those accounts listed on the trial balance, the chart of accounts for William also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.

Answer 1

No.		Account titles and explanation	Debit(in $)	Credit(in $)
	1	Supplies expenses	1,287
		Supplies		1,287
	2	Utilities expenses	220
		Utilities payable		220
	3	Insurance expense	255
		Prepaid Insurance		255
	4	Unearned Service Revnue	4,320
		Service Revenue		4,320
	5	Salaries expense	1,310
		Salaries Payable		1,310
	6	Depreciation expense	250
		Accumulated Depreciation-Equipment		250
	7	Accounts Receivable	4,270
		Service Revenue		4,270
		Cash
		Opening Balance	$             6,850.00
		Accounts Receivable
		Opening Balance	$             7,000.00
		Service Revenue	$             4,270.00
		Supplies
		Opening Balance	$             2,007.00	Supplies expense	$       1,287.00
		Prepaid Insurance
		Opening Balance	$             3,060.00	Insurance expense	$          255.00
		Equipment
		Opening Balance	$           15,000.00
		Accumulated Depreciation-Equipment
				Opening Balance	$                 -
				Depreciation expense	$          250.00
		Accounts Payable
				Opening Balance	$       4,260.00
		Salaries and Wages Payable
				Opening Balance	$       4,000.00
				Salaries expense	$       1,310.00
		Unearned Service Revenue
		Service Revenue	$             4,320.00	Opening Balance	$       5,200.00
		Common Stock
				Opening Balance	$     22,007.00
		Service Revenue
				Opening Balance	$       8,300.00
				Unearned Service Revenue	$       4,320.00
		Salaries and Wages expense
		Opening Balance	$             4,000.00
		Salaries and Wages Payable	$             1,310.00
		Rent Expense
		Opening Balance	$             1,850.00
		Depreciation expense
		Opening Balance	$                        -
		Accumulated Depreciation-Equipment	$                250.00
		Insurance expense
		Opening Balance	$                        -
		Prepaid Insurance	$                255.00
		Utilities expense
		Opening Balance	$                        -
		Utilities Payable	$                220.00
		Supplies expense
		Opening Balance
		Supplies	$             1,287.00