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Expected useful life of three years and no salvage value

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Reference no: EM131770607

Kristi Williams offers family counseling services specializing in financial and marital problems. Kristi Williams Family Counseling Services UNADJUSTED TRIAL BALANCE December 31, 20--

1 Cash 8,730.00  
2 Office Supplies 700.00  
3 Prepaid Insurance 600.00  
4 Office Equipment 18,000.00  
5 Computer Equipment 6,000.00  
6 Notes Payable   8,000.00
7 Accounts Payable   500.00
8 Kristi Williams, Capital   11,400.00
9 Kristi Williams, Drawing 3,000.00  
10 Client Fees   35,800.00
11 Wages Expense 9,500.00  
12 Rent Expense 6,000.00  
13 Utilities Expense 2,170.00  
14 Miscellaneous Expense 1,000.00  
15 Totals 55,700.00 55,700.00

Information for year-end adjustments is as follows:

(a) Office supplies on hand at year-end amounted to $100.
(b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an expected useful life of 10 years and no salvage value.
(c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected useful life of three years and no salvage value. Assume that Williams computes depreciation to the nearest full month.
(d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy.

Required:

1. Prepare the work sheet for the year ended December 31, 20--.
2. Prepare adjusting entries in a general journal.
CHART OF ACCOUNTS
Kristi Williams
General Ledger
ASSETS
101 Cash
142 Office Supplies
145 Prepaid Insurance
181 Office Equipment
181.1 Accumulated Depreciation-Office Equipment
187 Computer Equipment
187.1 Accumulated Depreciation-Computer Equipment
LIABILITIES
201 Notes Payable
202 Accounts Payable
EQUITY
311 Kristi Williams, Capital
312 Kristi Williams, Drawing
REVENUE
401 Client Fees
EXPENSES
511 Wages Expense
521 Rent Expense
523 Office Supplies Expense
533 Utilities Expense
535 Insurance Expense
541 Depreciation Expense-Office Equipment
542 Depreciation Expense-Computer Equipment
549

Miscellaneous Expense

Reference no: EM131770607

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