Question;Unit 2 Assignment: Management ToolsApplicationFor the past several years, Dustin Larkin has operated a part-time consulting business from hishome. As of June 1, 2013, Dustin decided to move to rented quarters and to operate the business,which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered intothe following transactions during June:June 1.The following assets were received from Dustin Larkin: cash,$10,000, accounts receivable, $1,500, supplies, $1,250, and office equipment, $7,500.There were no liabilities received.June 1.Paid three months' rent on a lease rental contract, $4,500.June 2.Paid the premiums on property and casualty insurance policies, $1,800.June 4.Received cash from clients as an advance payment for services to be provided (Recordit as unearned fees), $3,000.June 5.Purchased additional office equipment on account from Crawford Company, $1,800.June 6.Received cash from clients on account, $800.June 10.Paid cash for a newspaper advertisement to run during June, $120.June 12.Paid Crawford Company for part of the debt incurred on June 5, $800.June 12.Recorded services provided on account for the period June 1 to June 12, $2,250.June 14.Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax orwithholdings).June 17.Recorded cash from cash clients for fees earned during the period June 1-16, $3,175.June 18.Paid cash for supplies, $750.June 20.Recorded services provided on account for the period June 13-20, $1,100.June 24.Recorded cash from cash clients for fees earned for the period June 17-24, $1,850.June 26.Received cash from clients on account, $1,600.June 27.Paid part-time receptionist for two weeks' salary, $400. (Note: Ignore any payroll tax orwithholdings).June 29.Paid telephone bill for June, $130.Unit 2[AC499: Bachelor?s Capstone in Accounting]June 30.Paid electricity bill for June, $200.June 30.Recorded cash from cash clients for fees earned for the period June 25-30, $2,050.June 30.Recorded services provided on account for the remainder of June, $1,000.June 30.Dustin withdrew $4,500 for personal use.Instructions-Use the Excel template provided in the class titled ?Unit 2 and 3 ManagementTools Assignment? to complete the following 3 requirements for Unit 2:1. Journalize each transaction in the two-column journal tab, referring to the following chart ofaccounts in selecting the accounts to be debited and credited.11-Cash31-Dustin Larkin, Capital12-Accounts Receivable32-Dustin Larkin, Drawing14-Supplies41-Fees Earned15-Prepaid Rent51-Salary Expense16-Prepaid Insurance52-Rent Expense18-Office Equipment53-Supplies Expense19-Accumulated Depreciation21-Accounts Payable22-Salaries Payable54-Depreciation Expense55-Insurance Expense59-Miscellaneous Expense23-Unearned Fees2. Post the journal to a ledger of four-column accounts, see the Excel tab labeled accordingly.3. Prepare a trial balance as of June 30, 2013 ? using the tab in the Excel workbook labeledaccordingly.Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same ExcelTemplate and information.
Paper#39987 | Written in 18-Jul-2015Price : $24