Jordon James started JJJ Consulting on January 1. The following are the account balances at the end of the first month of business, before adjusting entries were recorded: 
Adjustment data:
Supplies on hand at the end of the month, $200
Unbilled consulting revenue, $700
Rent expense for the month, $1,000
Depreciation on equipment, $90
(a) Prepare the required adjusting entries, adding accounts as needed.(b) Prepare an adjusted trial balance for JJJ Consulting as of January 31.
Definitions:
Production Possibilities
A graphical representation showing the maximum quantity of goods and services that an economy can produce when all resources are used efficiently.
Circular-Flow Diagram
A visual model of the economy that shows how dollars flow through markets among households and firms.
Capital
Resources made and used to produce and distribute goods and services; examples include machinery, buildings, and tools.
Firms
Business organizations that produce goods or services, often to make a profit.
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