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home / homework help / questions and answers / business / accounting / for the past several years, dustin larkin has operated... Ask a new question?;Question;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 follow;ing assets were received from Dustin Larkin: cash;$10,000, accounts receivable, $1,500, supplies, $1,250, and office equipment, $7,500.;Ther;e were no liabilities received.;June 1.;Paid three months' rent on a;lease rental contract, $4,500.;June 2.;Pa;id the premiums on property and casua;lty insurance policies, $1,800.;June 4.;Received cash from clients as an advance payment for services to be provided (Recor;d;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 ad;vertisement to run d;uring June, $120.;June 12.;Paid Crawford Company for part of the;debt incurred on June 5, $800.;June 12.;Re;corded services provided on ac;count for the period June 1 to June 12, $2,250.;June 14.;Paid part;-;time receptionist for;2;weeks' salary, $400. (Note: Ignore an;y payroll tax or;withholdings).;June 17.;Recorded cash from cash clients for fees earned;durin;g 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 f;rom clients on account, $1,600.;June 27.;Paid part;-;time receptionist for two weeks' salary, $400. (Note: Ignore an;y pay;roll tax or;withholdings).;June 29.;Paid telephone bill for June, $130.;June 30.;Paid electricity bill f;or 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 wi;thdrew $4,500 for personal use.;1. Journalize each transaction in the two;-;column journal tab, referring to the following chart of;acc;ounts in selecting the accoun;ts to be debited and credited.;11;-;Cash;31;-;Dustin Larkin, Capital;12;-;Accounts Receivable;32;-;Dustin Larkin, Drawing;14;-;Supplies;41;-;Fees Earned;15;-;Prepaid Rent;51;-;Salary Expense;16;-;Prepaid Insurance;52;-;Rent;Expense;18;-;Office Equipment;53;-;Supplies Expense;19;-;Accumulated Depreciation;54;-;Depreciation Expense;21;-;Accounts Payable;55;-;Insurance Expense;22;-;Salaries Payable;59;-;Miscellaneous Expense;23;-;Unearned Fees;2. 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 labeled accordingly.


Paper#75174 | Written in 18-Jul-2015

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