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The June 30, 2020, unadjusted trial balance for Trenton Consulting after its first year of operations follows:
| Trenton Consulting Unadjusted Trial Balance June 30, 2020 |
| | Unadjusted Trial Balance | |
| Account | | Debit | | | Credit | |
| Cash | $ | 580 | | | | |
| Accounts receivable | | 2,400 | | | | |
| Prepaid rent | | 3,060 | | | | |
| Equipment | | 7,600 | | | | |
| Accounts payable | | | | $ | 1,630 | |
| Toni Trenton, capital | | | | | 21,450 | |
| Toni Trenton, withdrawals | | 5,880 | | | | |
| Consulting revenue | | | | | 29,200 | |
| Wages expense | | 23,920 | | | | |
| Insurance expense | | 1,520 | | | | |
| Rent expense | | 7,320 | | | | |
| Totals | $ | 52,280 | | $ | 52,280 | |
| |
Additional information:
- Annual depreciation on the equipment is $1,000.
- The balance in the Prepaid Rent account is for six months of rent commencing March 1, 2020.
- Unpaid and unrecorded wages at June 30 totalled $2,200.
- Accrued revenues at June 30 totalled $3,100.
Required: 1. - 3. Use the above information to complete the work sheet.
4. Calculate the balance in the capital account as it would appear on the June 30, 2020, balance sheet.
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