The Unadjusted Trial Balance of James Business Consulting at December

question 51

Essay

The unadjusted trial balance of James Business Consulting at December 31,2018,and the data for the adjustments follow:


Data for adjustments:
a.James prepaid 6 months of business insurance on September 30,2018,with coverage beginning on October 1.James treats deferred expenses initially as assets.
b.A physical count of office supplies was made on December 31,2018.This count showed a balance of $4,200 office supplies on hand.
c.On December 31,2018,James received a bill for the November and December advertising in a local newspaper,$800.This bill will be paid on its due date,which is 1/10/2019.
James is preparing financial statements for the quarter ending December 31,2018.
Requirements
1.Journalize the adjusting entries on December 31,2018.
2.Prepare the December 31,2018 adjusted trial balance.Use a proper heading.

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Definitions:

Zooxanthellae

Endosymbiotic, photosynthetic dinoflagellates found in certain marine invertebrates; their mutualistic relationship with corals enhances the corals’ reef-building ability.

Peptidoglycan

A polymer consisting of sugars and amino acids that forms a mesh-like layer outside the plasma membrane of most bacteria, providing structural strength.

Chitin

A nitrogen-containing structural polysaccharide that forms the exoskeleton of insects and the cell walls of many fungi.

Cellulose

A complex carbohydrate that constitutes the primary cell wall of green plants, providing structural support.