Jacki Lopez Started JVL Consulting on January 1, 2011

question 42

Essay

Jacki Lopez started JVL Consulting on January 1, 2011. 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: $300
Unbilled consulting revenue: $850
Rent expense for the month: $2,000
Depreciation on equipment: $150
(a) Prepare the required adjusting entries, adding accounts as needed.
(b) Prepare an Adjusted Trial Balance for JVL Consulting as of January 31, 2011.

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Definitions:

Ethical Virtues

Moral qualities or characteristics deemed to be good or desirable in a person.

Short-Term Costs

Expenses or costs that are incurred over a relatively brief period, typically considered to be less than one year.

Long-Term Costs

Expenses or implications that occur over an extended period, often considered when making decisions that have lasting impacts.

Predicted Benefits

Expected advantages or improvements that result from a particular action or policy.