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Question;ACCT120 Principles of Accounting I;Key Graded Assignment - Preparing Financial;Statements Handout;The;L&L Accounting Firm;The;May 31, 20XX, post-closing trial balance for the L&L Accounting Firm;appears below.;During;June, the firm engaged in the following transactions;1 Received an investment of cash from J. Long;$8,000.;3 Purchased office equipment with cash;$2,000.;4 Received office equipment transferred to;the firm from J. Long, $1,800;7 Purchased extra office supplies with;cash, $190;9 Completed bookkeeping services for Elliott Electric Company;that began on May 30 and billed Elliott for the total services performed;including the accrued revenues that had been recognized in an adjusting entry;in May, $1,400;10 Paid the receptionist for two weeks?;wages, $1,600;13 Paid the amount due to Office Depot for;the office equipment purchased last month;$750;14 Accepted an advance in cash for services;to be done for a new client, $2,200;15 Purchased a copier (office equipment) from Office Depot for;$2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over;the next six months.;16 Performed consulting services and received;a cash fee, $1,650.;17 Received payment on account from Sally?s;Salon for services performed last month;$3,200.;18 Paid amount due for the telephone bill that was received and;recorded at the end of May, $260.;19 Performed consulting services for Sally?s Salon and agreed to;accept payment next month, $4,600.;20 Performed bookkeeping services for cash;$780.;23 Received and paid the utility bill for;June, $340.;24 Paid the secretary for two weeks? wages;$1,600.;27 Paid the rent for July in advance, $2,000.;28 Received the telephone bill for June;which is to be paid next month, $220.;30 Paid cash to J. Long as a withdrawal for;personal expenses, $1,750.;1.;Record the;journal entries for June.;1.;Post the June;transactions to the general ledger accounts.;1.;Prepare a;trial balance.;1.;Prepare;adjusting entries in a worksheet using the information below;?;Three days?;wages accrued by the end of June.;?;Consulting;services performed (that will not be billed until July) total $380.;?;Consulting;services for which payment has been received in advance amounted to $1,460.;?;Depreciation;on office equipment for June is $320.;?;Depreciation;on office furniture for June is $200.;?;An inventory;of office supplies shows $200 still on hand as of June 30.;?;One month?s;prepaid insurance has expired in the amount of $100.;?;One month?s;prepaid rent has expired in the amount of $2,000.;1.;Record the;closing entries and post them to the ledger accounts.;1.;Prepare a;post-closing trial balance.;1.;From the;worksheet, prepare an income statement, statement of owners? equity, and balance;sheet.;1.;Answer the;following questions as a summary of your work;?;What;information were you able to glean about the financial situation of this;company from the financials?;?;How does this;accounting information impact business decisions?


Paper#37438 | Written in 18-Jul-2015

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