Thomas Magnum began operations as a private investigator on January 1, 2011 Answer

Thomas Magnum began operations as a private investigator on January 1, 2011 Answer

Thomas Magnum began operations as a private investigator on January 1, 2011 Answer

ACC/280 P4-1A Thomas Magnum began operations as a private investigator on January 1, 2011. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. THOMAS MAGNUM, P.I., INC. Worksheet For the Quarter Ended March 31, 2008 Trial Balance Account Titles Dr. Cr. Cash 11,400 Accounts Receivable 5,620 Supplies 1,050 Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 Common Stock 20,000 Dividends 600 Service Revenue 13,620 Salaries Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 55,970 55,970 Other data:
1. Supplies on hand total $380.
2. Depreciation is $1,000 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
4. Insurance expires at the rate of $200 per month.
5. Services provided but unbilled at March 31 total $530.

Instructions
(a) Journalize the adjusting entries from the adjustments columns of the worksheet.

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