Description of this paper

Accounting homwork




The L&L Accounting Firm;The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below.;L&L Accounting Firm;Post-Closing Trial Balance;May 31, 20XX;Cash 6,000;Accounts Receivable 4,400;Office Supplies 500;Prepaid Rent 2,000;Prepaid Insurance 1,100;Office Equipment 4,000;Acc. Depreciation, Office Equipment 60;Office Furniture 2,700;Acc. Depreciation, Office Furniture 50;Accounts Payable 4,500;Unearned Consulting Fees 1,500;Wages Payable 600;J. Long, Capital 13,990;$ 20,700 $ 20,700;During June, the firm engaged in the following transactions;1 R eceived 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 ex tra of fice supplies with cash, $190;9 Completed bookkeeping servic es f or Elliott Electric Compa ny that beg an on May 30 and billed Elliott for the total services performed, incl uding the accrued revenues that had been recognized in an adjusting entry in M ay, $1,400;10 Paid the receptionist for two weeks? wages, $1,600;13 Paid the amount due to Off ice D epot for the office equipment purchased last month, $7;50;1;4 Accepted an advance in cash for services to be done for a new client, $2,200;15 Purchas ed a copier (office equipment) from Office Depot for $ 2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over th e next six months.;16 Performed consulting services and received a cash fee, $1,650.;17 Received payment on acc o unt from Sally?s Salon for services performed last month, $3,200.;18 Paid amo unt due for the telephone bill that was re ceived and recorded at the end of May, $260.;19 Performed consulting services for Sally?s Salon and agr eed to acc ept payment nex t m onth, $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.;Record the journal entries for June.;Post the June transactions to the general ledger accounts.;Prepare a trial bal;anc;e.;Pr;epare;adjusting entries in a worksheet usin g the i n formation below;Three days? wages accrued by the end of;June.;Cons;ulting services performed (that will not be bille d unti l July) total $380.;Consulting services for which payment has been received in advance amounted to $1,460.;D epreciation on o f fice eq uipment 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.;Record the closing entries and post them to the ledger accounts.;Prepare a post-closing trial balance.;From the worksheet, prepare an income statement, statement of owners? equity, and balance sheet.;Answer the followi ng 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?;Sincerely;Tony Johnson


Paper#74722 | Written in 18-Jul-2015

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