Respuesta :
Answer:
Brian Consulting Engineer
1. Adjusting Entries:
a. Debit Service Revenue $5,980
Credit Unearned Fees $5,980
To record unearned fees.
b. Debit Accounts Receivable $4,558
Credit Service Revenue $4,558
To record services performed for clients.
c. Debit Bad Debt Expense $1,328
Credit Allowance for Uncollectibles $1,328
To record bad debt expense for the year.
d. Debit Insurance Expense $519
Credit Prepaid Insurance $519
To record expired insurance expense.
e. Debit Depreciation Expense- Equipment $2,690
Credit Accumulated Depreciation- Equipment $2,690
To record depreciation expense for the year.
f. Debit Interest Expense $60
Credit Interest Payable $60
To record interest expense for a month.
g. Debit Prepaid Rent $815
Credit Rent Expense $815
To record prepaid rent for January 2018.
h. Debit Salaries & Wages Expense $2,616
Credit Salaries & Wages Payable $2,616
To record accrued salaries and wages.
i. Debit Drawings $16,090
Credit Cash $16,090
To record drawing for personal use.
2. Income Statement for the year ended December 31, 2017:
Service Revenue                $115,808
Depreciation Expense-
 Equipment            2,690
Rent Expense          9,780
Bad Debt Expense      1,328
Salaries and
Wages Expense       37,316
Utilities Expense        1,720
Office Expense          620
Interest Expense         60
Insurance Expense       519
Suspense             3,879   $57,912
Net Income                  $57,896
3. Classified Balance Sheet as of the year ended December 31, 2017:
Assets
Current Assets:
Cash                          $13,410
Accounts Receivable     60,758
Allowance for
 Doubtful Accounts      2,082   58,676
Supplies                        2,370
Prepaid Insurance                 1,191
Prepaid Rent                      815   $76,462
Long-term Assets:
Equipment             26,900
Accumulated Depreciation 8,922 Â Â Â Â Â Â Â Â Â $17,978
Total assets                           $94,440
Liabilities + Equity
Liabilities:
Notes Payable                     7,200
Salaries & Wages Payable            2,616
Interest Payable                      60
Unearned Fees                    5,980 $15,856
Owner’s Capital           36,778
Drawings                (16,090)
Net Income               57,896        $78,584
Total Liabilities + Equity                  $94,440
4. Statement of Owner's Equity as of the year ended December 31, 2017:
Owner’s Capital          $36,778
Drawings                (16,090)
Net Income               57,896
Owner's Capital, ending    $78,584
Explanation:
a) Data and Calculations:
BRIAN CONSULTING ENGINEER
TRIAL BALANCE
DECEMBER 31, 2020
                      Debit     Credit
Cash                 $29,500
Accounts Receivable     56,200
Allowance for Doubtful Accounts       $754
Supplies                2,370
Prepaid Insurance         1,710
Equipment            26,900
Accumulated Depreciation-Equipment 6,232
Notes Payable                     7,200
Owner’s Capital                   36,778
Service Revenue                  117,230
Rent Expense
(13 months of rent) Â Â Â Â 10,595
Salaries and
Wages Expense       34,700
Utilities Expense        1,720
Office Expense          620
Totals             $????
Adjusted Trial Balance
                      Debit     Credit
Cash                  $13,410
Accounts Receivable     60,758
Allowance for Doubtful Accounts     $2,082
Supplies                2,370
Prepaid Insurance         1,191
Prepaid Rent              815
Equipment            26,900
Accumulated Depreciation-Equipment 8,922
Notes Payable                     7,200
Salaries & Wages Payable            2,616
Interest Payable                      60
Owner’s Capital                   36,778
Drawings              16,090
Service Revenue                 115,808
Unearned Fees                    5,980
Depreciation Expense-
 Equipment            2,690
Rent Expense          9,780
Bad Debt Expense      1,328
Salaries and
Wages Expense       37,316
Utilities Expense        1,720
Office Expense          620
Interest Expense         60
Insurance Expense       519
Suspense             3,879
Totals             $179,446     $179,446
