Managerial Accounting: E3-48 Start from the trial balance and the posted T-accounts

Managerial Accounting
E3-48 Preparing adjusting entries and preparing an adjusted trial balance

This exercise continues the Lawlor Lawn Service, Inc. situation from Exercise 2-61 of Chapter 2. Start from the trial balance and the posted T-accounts that Lawlor Lawn Service prepared at May 31, 2012.

Requirements
1. Open these additional T-accounts: Accumulated depreciation—equipment; Depreciation expense—equipment; Supplies expense.
2. Mindy Lawlor determines there are $40 in Lawn supplies left at May 31, 2012. Depreciation on the equipment was $30 for the month. Journalize any required adjusting journal entries. 3
. Post to the T-accounts, keying all items by date.
4. Prepare the adjusted trial balance, as illustrated in Exhibit 3-8.
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