Please prepare a trial balance using the information given Y

Please prepare a trial balance using the information given.

You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)

	Please prepare a trial balance using the information given. You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During November, the first month of operations, the following transactions occurred:
Date	Event
1-Nov	Paid $7,200 for 12 months rent on office space
2-Nov	Purchased office furniture for $8,950.
3-Nov	Purchased $11,354 of additional office supplies on account.
8-Nov	Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Nov	Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months.
20-Nov	Paid $1,560 for utilities.
21-Nov	Performed services for various customers for $13,200 cash and another $18,100 on account.
25-Nov	Paid $8,650 for purchases of supplies previously made on account.
27-Nov	Paid salaries to employees totaling $5,200 for 1 week.
30-Nov	Collected $12,300 as payment for amounts previously billed.
30-Nov	Dividends of $3,000 were declared and paid.
	At the end of November, the following additional information is available to help determine what adjustments are needed:
30-Nov	One month of the prepaid rent has been used up
30-Nov	Supplies on hand are $8,150.
30-Nov	One month of interest has accrued on the note payable for the bank loan.
30-Nov	One month of the services for the Fortuna Inc. has been performed (see above).
30-Nov	Salaries of $5,200 are paid every Friday (for a 5 day work week). November 30, 2017 was a Thursday.
30-Nov	Additional work for customers of $9,580 has been performed during the last week of November but not yet billed
30-Nov	Depreciation expense for the computer equipment is $140 and for the office furniture is $120

Solution

BEGINNING NUMBERS November ENTRIES UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT DEBIT CREDIT DEBIT CREDIT   DEBIT     CREDIT     DEBIT     CREDIT     DEBIT     CREDIT   Cash        2,21,400       56,300       34,560    2,43,140    2,43,140 Accounts Receivable       18,100       12,300         5,800         9,580       15,380 Supplies               8,650       11,354       20,004       12,034         7,970 Prepaid Rent         7,200         7,200            600         6,600 Land           40,000       40,000       40,000 Computer Equipment           38,600       38,600       38,600 Accumulated Depreciation, Comp Equip               -              140            140 Office Furniture         8,950         8,950         8,950 Accumulated Depreciation, Off Furn               -              120            120 Accounts Payable           8,650         8,650       11,354       11,354       11,354 Salaries Payable               -           4,160         4,160 Interest Payable               -              600            600 Unearned Revenue       10,800       10,800            900         9,900 Long-term Notes Payable       20,000       20,000       20,000 Common Stock        3,00,000    3,00,000    3,00,000 Retained Earnings         3,000         3,000         3,000 Dividends               -                 -   Service Revenue       31,300       31,300       10,480       41,780 Salaries Expense         5,200         5,200         4,160         9,360 Rent Expense               -              600            600 Supplies Expense               -         12,034       12,034 Maintenance Expense               -                 -   Utilities Expense           1,560         1,560         1,560 Interest Expense               -              600            600 Depreciation Expense, Comp Equip               -              140            140 Depreciation Expense, Office Furniture               -              120            120        3,08,650      3,08,650    1,20,314    1,20,314    3,73,454    3,73,454       28,134       28,134    3,88,054    3,88,054