Texts: Solve Part 4 only using the given trial balance.
Following is the trial balance for Matshell Services for the month ended 30 April 2022:
Matshell Services Trial Balance
Account Title Debit Credit
Cash 21,520
Accounts Receivable 9,800
Office Supplies 2,950
Prepaid Insurance 1,900
Prepaid Rent 9,000
Office Equipment 23,000
Accounts Payable 550
Matshell Capital 53,000
Contributions Matshell,Withdrawals 5,300
Service Fees Earned 20,780
Utilities Expense 860
Total 74,330 74,330
Required:
1. Use the following information to journalize and post adjusting entries for the month. (2.5 Marks)
a. One month's insurance coverage has expired for $106.
b. At the end of the month, $600 of office supplies are still available.
c. This month's depreciation on the office equipment is $500.
d. Employees earned $420 of unpaid and unrecorded salaries as of month-end.
e. One month's rent has expired for $750.
2. Prepare the adjusted trial balance as of April 30. Prepare the income statement and the statement of owner's equity for the month of April, and the balance sheet at April 30, 2022. (3 Marks)
3. Prepare journal entries to close the temporary accounts and post these entries to the ledger. (2 Marks)
4. Prepare a post-closing trial balance. (1.5 Marks)