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AC 499 Unit 2 and 3 Assignments

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Question;AC 499 Unit 2 and 3(Assignment 1 and Assignment 2)For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2010, 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 into the 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 and recorded it 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, $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 1-12, $2,250. June 14. Paid part-time receptionist for two weeks' salary, $400. 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. June 29. Paid telephone bill for June, $130.June 30. Paid electricity bill for June, $200.June 30. Recorded cash from cash clients for fees earned for theperiod June 25-30, $2,050.June 30. Recorded services provided on account for the remainder ofJune, $1,000.June 30. Dustin withdrew $4,500 for personal use.Instructions-Use the provided Excel template to complete thefollowing:1. Journalize each transaction in a two-column journal, referring to thefollowing chart of accounts in selecting the accounts to be debited andcredited.11 Cash12 Accounts Receivable14 Supplies15 Prepaid Rent16 Prepaid Insurance18 Office Equipment19 Accumulated Depreciation21 Accounts Payable22 Salaries Payable23 Unearned Fees31 Dustin Larkin, Capital32 Dustin Larkin, Drawing41 Fees Earned51 Salary Expense52 Rent Expense53 Supplies Expense54 Depreciation Expense55 Insurance Expense59 Miscellaneous Expense2. Post the journal to a ledger of four-column accounts.3. Prepare a trial balance as of June 30, 2010.Be sure and save your work, you will complete the accounting cycle inUnit 3 using the same Excel Template and information.Assignment #1 Requirement 1 - Prepare the Journal Entries in the General Journal Jounral EntriesRequirement 2 - Post Journal Entries to the General Ledger General LedgerRequirement 3 - Prepare a Trial Balance Trial Balance Assignment #2 Requirement 4 - Prepare the Adjusting Entries Adjusting EntriesRequirement 5 - Post Adjusting Entries to the General Ledger General LedgerRequirement 6 - Prepare an Adjusted Trial Balance Adjusted TBRequirement 7 - Prepare the Financial Statements Financial StatementsRequirement 8 - Prepare the Closing Entries Closing EntriesRequirement 9 - Post Closing Entries to the General Ledger General LedgerRequirement 10 - Prepare the Post Closing Trial Balance Post Closing TB

 

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