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:
Remaining Cash
The amount of money a company has left after all its transactions have been accounted for.
Capital Balances
The amounts shown in a company's capital accounts, reflecting the capital owned by its owners or shareholders.
Liquidation
The process of converting assets into cash or other assets by selling them to pay off creditors or distribute the remaining assets to shareholders.
Deficiency
A shortfall or lack in quantity or quality, potentially referring to aspects such as nutrients, finances, or resources.
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