ZuoTi.Pro
Question

accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete accounting cycle e past several years, Steffy Lopez has operated a part-time consulting business from his home. As ofJuly 1, 2016, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: July 1. The following assets were received from Steffy Lopez: cash, $13,500; accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received. 1. Paid two months rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co., $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, $13,300. 14. Paid receptionist for two weeks salary, $1,750. Record the following transactions on Page 2 of the journal 17. Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the neriod Iuly 13-20 $6 650

July 1. The following assets were el accounts receivable, $20,800; supplies, $3,200; and 8m There were no liabilities receivecd 1. Paid two months rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co., $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, $13,300. 14. Paid receptionist for two weeks salary, $1,750. Record the following transactions on Page 2 of the journal 17. Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the period July 13-20, $6,650. 24. Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks salary, $1,750. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Recorded cash from cash clients for fees earned for the period July 25-31, $5,200. Continued)

hapter 4 Completing the Accounting Cycle July 31. Recorded services provided on account for the remainder of July, $3,000 31. Stefly withdrew $12,500 for personal use. Instructions the following chart of accounts in selecting the accounts to be debited and cred o (Do not insert the account numbers in the journal at this time.) 1. Journalize each transaction in a two-column journal starting on Page 1, referin credited 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 31 Steffy Lopez, Capital 32 Steffy Lopez, Drawing 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 22 Salaries Payable 23 Unearned Fees 2. Post the journal to a ledger of four-column accounts 3. Prepare an unadjusted trial balance. 4. At the end of July, the following adjustment data were as sembled. Analyze and these data to complete parts (5) and (6). a. Insurance expired during July is $375 b. Supplies on hand on July 31 are $1,525. c. Depreciation of office equipment for July is $750. d. Accrued receptionist salary on July 31 is $175

Accounts Payau 21 22 Salaries Payable 23 Unearned Fees 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of July, the following adjustment data were assembled. Analyze and these data to complete parts (5) and (6). a. Insurance expired during July is $375. b. Supplies on hand on July 31 are $1,525. C. Depreciation of office equipment for July is $750 d. Accrued receptionist salary on July 31 is $175. e. Rent expired during July is $2,400. f. Unearned fees on July 31 are $2,750. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9, Prepare and post the closing entries. (Income Summary is account #33 in the of accounts.) Record the closing entries on Page 4 of the journal. Indicate accounts by inserting a line in both the Balance columns opposite the closing closed entry 10. Prepare a post-closing trial balance.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Question is about new business of Steffy Lopez wherein complete accounting cycle has been asked.

SOlved first 6 parts as per HOMEWORKLIB POLICY. Please post remaining one as separate question.Please hit LIKE button if this helped. For any further explanation, please put your query in Part-1 Journal Entries: Date Account DebitCredit > Jul 1 Jul 1 Jul 1 Cash Accounts Receivable Supplies Office Equipment S 13,500 S20,800 S 3,200 5 7,500 Steffy Lopez, Capital (assets received from steffy) 45,000 Jul 1 Jul 1 Prepaid Rent 4,800 Cash Paid two month lease rent) 4,800 Jul 2 Jul 2 Prepaid Insurance 4,500 Cash 4,500 (paid insurance premium) S 5,500 Jul 4 ul 4 Cash S 5,500 Unearned Fees (receved advance for service to be provided) Jul 5 Office Equipment S 6,500 Accounts Payable being equipment purchased on account) S 6,500 ul 6 ul 6 Cash 15,300 Accounts Receivable 15,300 (being cash received on occount) Miscellaneous Expense Jul 10 Jul 10 400 Cash (being amount paid for advertising expense) $5,200 Jul 12Accounts Payable Jul 12 $5,200 Cash being amount paid to payable) Accounts Receivable 13,300 Jul 12 Jul 12 13,300 Fees Earned (being service Jul 14 Salary Expense 1,750 Jul 14 Cash $1,750 being amount paid for salaries Jul 17 Jul 17 Cash 9,450 $ 9,450 Fees Earned (being service provided on cash) Jul 18 ul 18 Supplies $600 Cash (amount paid for supplies) $600 Jul 20 Jul 20 Accounts Receivable 6,650 Fees Earned 6,650 (being service provided recordedo Jul 24 Jul 24 Cash 4,000 Fees Earned (being service provided on cash) 4,000ul 26 Jul 26 Cash $ 12,000 Accounts Receivable (being cash received on account) 12,000 Jul 27 Jul 27 Salary Expense S 1,750 Cash (being amount paid for salaries) $ 1,750 Jul 29 Jul 29 Miscellaneous Expense $ 325 Cash (being amount paid for telephone) $325 Jul 31 Jul 31 Miscellaneous Expense S 675 Cash (being amount paid for Electricity) $675 Jul 31 Jul 31 Cash $5,200 Fees Earned (being service provided on cash) $ 5,200 Jul 31 Jul 31 Accounts Receivable $ 3,000 Fees Earned (being service provided recordedo $3,000 Jul 31 Jul 31 Steffy Lopez, Drawing $ 12,500 Cash (being amount withdrawal for personal use) 12,500 Part 6 Adjusted Entries: Insurance Expense $375 $ 375 Prepaid Insurance (to record insurance for the month) Supplies Expense $ 2,275 $ 2,275 Supplies (to record supplies expense) 3800-1525 Depreciation Expense $ 750 Accumulated Depreciation office Equip (being depreciation recorded) $ 750 Salary Expense $175 Salaries Payable (being salary expense recorded) $175 Rent Expense $2,400 Prepaid Rent (being rent for the month recorded) $ 2,400 Unearned Fees $ 2,750 $ 2,750 Fees Earned (being fees earned recorded) 5500-2750Part 2 and 6: Ledger Posting Cash Post Ref Debit Balance Steffy Lopez, Capital Balance tem Debit tem Post Ref Debit Credit Credit S13,500 $ 4,800$ 8,700 S 45,000 S 15,300 S 400 $ 24,600 5,200 19,400 $ 1,750 $ 17,650 S 27,100 600 26,500 30,500 S 42,500 1,750 40,750 $ 325 $ 40,425 S S,200 13,17S 32,450 Steffy Lopez, Drawing Post Ref Debit Balance Item Credit Debit Credit S12,500 $12,500 Fees Earned Balance S 12,000 Item Post Ref Debit it it $ 13,300 $ 9,450 $ 6,650 13,300 $22,750 $ 29,400 Accounts Receivable Balance $8,200 Post Ref Debit 2,750 Debit S 20,800 Item 44,350 S 20,800 Salary Expense Balance 15,300 5,500 Item Post Ref Debit Credit Debit s18,800 S 25,450 $1,750 $ 3,500 S 13,300 S 16.450 Balance Miscellaneous Expense Post Ref Debit Balance Item Credit Debit Credit Post Ref Debit Debit 325 5 725 S 1,525 Insurance Expense Balance Balance Item Post Ref Debit Credit Debit Credit Item Post Ref Debit Debit Supplies Expense Balance Item Post Ref Debit CreditDebitCredit Prepaid Insurance Balance $ 2,275 S 2,275 Post Ref Debit Credit Debit Credit Accumulated Dep-Office Equipm Item Balance S 4,125 Post Ref Debit Credit DebitC Credit 750 750 Office Equipment Balance Post RefDebit Credit Debit it Balance Item Post Ref Debit Credit Debit Credit 750 Accounts Pavable Balance tem Post Ref Debit Credit Debit it Salaries Payable Balance Item Post Ref Debit Credit Debit Credit Unearned Fees Balance Rent Expense Balance Post RefDebit Debit Post Ref Debit Credit Debit Credit $ 2,400Part 3: Unadjusted Trial Account Debit Credit $ 32,450 $ 16,450 $ 3,800 Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accounts Pavable Unearned Fees Steffy Lopez, Capital Steffy Lopez, Drawing Fees Earned Miscellaneous Expense Salary Expense 4,500 $ 4,800 $ 14,000 $ 1,300 $ 5,500 $ 45,000 $ 12,500 $ 41,600 $ 1,400 3,500 Total ş 93,400 $ 93,400

0 0
Add a comment
Know the answer?
Add Answer to:
accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete...

    accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete accounting cycle e past several years, Steffy Lopez has operated a part-time consulting business from his home. As ofJuly 1, 2016, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: July 1. The following assets were received from Steffy Lopez:...

  • Chapter 4 The Accounting Cycle 219 PR 4-5A Complete accounting cycle Obj. 4,5 For the past...

    Chapter 4 The Accounting Cycle 219 PR 4-5A Complete accounting cycle Obj. 4,5 For the past several years, Steffy Lope has operated a part-time consulting business from his home. As of July 1, 20Y2 Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting on a full-time basis. Diamond entered into the following transactions during July July 1. The following assets were received from Steffy Loper in exchange for common...

  • PR 4-5A Complete accounting cycle For the past several years, Steffy Lopez has operated a part-time...

    PR 4-5A Complete accounting cycle For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2018, Steffy decided to move to rented quarters and to operate the busi- ness, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July: July 1. The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500 Obj. 4,5 accounts receivable,...

  • xercise 1 For the past several years, Steffy Lopez has operated a part-time consulting business from...

    xercise 1 For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2014, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July July 1. The following assets were received from Steffy Lopez: cash, $13,500; accountseceivable, 20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities...

  • 1. The chart of accounts and post-closing trial balance (April 2017) for Mike Shaw Contractors is shown below. For each...

    1. The chart of accounts and post-closing trial balance (April 2017) for Mike Shaw Contractors is shown below. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2017, and place a check mark in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Mike Shaw's chart of accounts. (Do not...

  • For the past several years, Steffy Lopez has operated a part-time consulting business from his home....

    For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2018, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500....

  • Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017. The post-closing trial...

    Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017. The post-closing trial balance for Mike Shaw Contractors for April is down below. During May, Mike Shaw Contractors entered into the following transactions: May Received cash from clients as an advance payment for services to be 3. provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. 9. Paid cash for a newspaper advertisement, $225. 13. Paid Office Station Co. for...

  • Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017. The post-closing trial...

    Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017. The post-closing trial balance for Mike Shaw Contractors for April is down below. During May, Mike Shaw Contractors entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. 9. Paid cash for a newspaper advertisement, $225. 13. Paid Office Station Co. for...

  • please do all steps. i really need help thank you! PR 4-6B Complete accounting cycle Obj....

    please do all steps. i really need help thank you! PR 4-6B Complete accounting cycle Obj. 4,5 For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 20Y6, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud entered into the following transactions during April: Apr. 1. The following assets were received from Jeff Horton...

  • For the past several years, Steffy Lopez has operated a part-time consulting business from his home....

    For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July: Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT