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For the past several years, Dustin Larkin has operated a part time consulting business from his home. As of June 1, 2013, Dustin

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Unit 2 Assignment;For the past several years, Dustin Larkin has operated a part time consulting business from his home. 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 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 (Record 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 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 2weeks' salary, $400. (Note: Ignore any payroll tax or withholdings).;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 or withholdings).;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 forthe 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.;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-Cash;12-Accounts Receivable;14-Supplies;15-Prepaid Rent;16-Prepaid Insurance;18-Office Equipment;19-Accumulated Depreciation;21-Accounts Payable;22-Salaries Payable;23-Unearned Fees;31-Dustin Larkin, Capital;32-Dustin Larkin, Drawing;41-Fees Earned;51-Salary Expense;52-Rent Expense;53-Supplies Expense;54-Depreciation Expense;55-Insurance Expense;59-Miscellaneous Expense;2. Post the journal to a ledger of four-column accounts.;3. Prepare a trial balance as of June 30, 2013.;Unit 3 Assignment;Continue with the Assignment from Unit 2, using the same Excel Template complete the following steps;1. Prepare the Adjusting entries A-F.;a. Insurance expired during June is $150.;b. Supplies on hand on June 30 are $1,020.;c. Depreciation of office equipment for June is $500.;d. Accrued receptionist salary on June 30 is $120.;e. Rent expired during June is $1,500.;f. Unearned fees on June 30 are $2,000.;2. Prepare an income statement, a statement of owner's equity, and a balance sheet.;3. Journalize and Post the adjusting entries.;4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.);5. Prepare a post-closing trial balance.

 

Paper#75158 | Written in 18-Jul-2015

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