Problem 4-2 Len Kumar started his own consulting firm, Wildhorse Co., on June 1, 2017. The June tran

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Problem 4-2 Len Kumar started his own consulting firm, Wildhorse Co., on June 1, 2017. The June transactions resulted in a ta

Problem 4-2 Len Kumar started his own consulting firm, Wildhorse Co., on June 1, 2017. The June transactions resulted in a tabular summary, with June 30 unadjusted balances shown here. Assets Liabilities + Stockholders' Equity Accts. Prepd. Acc. Depr.- Accts. Unearn. Sal./Wages Com. Retained Earnings Cash + Rec. + Supplies + Insur. + Equip. – Equip. = Pay. + Serv. Rev. + Pay. + Stock + Rev. – Exp. – Div Bal. 6,850 + 7,000 + 1,997 + 2,160 + 15,000 – 0 = 4,250 + 5,200 + 0 + 21,997 + 8,300 – 6,740 – 0 Record adjustments for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right-most column. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Supplies on hand at June 30 total $720. 2. A utility bill for $190 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,290 of unearned service revenue by the end of the month. 5. Salaries of $1,360 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,030 of services performed during the month have not been recorded as of June 30. Assets Liabilities Accts. Rec. 7,000 Acc. Depr.- Equip. + Prepd. Insur. 2,160 Sal./Wages Pay. + Stockholders' Equity Retained Earnings Rev. – Exp. – 8,300 6,740 + – = Accts. Pay. 4,250 + Cash + 6,850 Unearn. Serv. Rev. + 5,200 + Supplies 1,997 + Com. Stock 21,997 Equip. 15,000 Div Totals LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: SIMILAR EXERCISE Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances. Assets = Liabilities Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work

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