Question

I am unable to put the charts that I completed but this is the information:

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 2 weeks' 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. Unit 2 [AC499: Bachelor’s Capstone in Accounting] June 30. Paid electricity bill for 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 withdrew $4,500 for personal use.

			General Journal
Date	Description(Account Name)			Ref	Debit	Credit
	Adjusting Entries
Jun. 30	Insurance Expense			55	150
	Prepaid Insurance			16		150
Jun. 30	Supplies Expense			53	980
	Supplies			14		980
Jun. 30	Depreciation Expense-Office Eq			54	500
	Accum. Depreciation-Office Eq			19		500
Jun. 30	Salarie Expense			51	120
	Salarie Payable			22		120
Jun. 30	Rent Expense			52	1,500
	Prepaid Rent			15		1,500
Jun. 30	Unearned Fees				2,000
	Earned Fees					2,000

**I did the adjusting entries, I think they are correct.

Unit 3 Assignment: Management Tools Applications Continue with the Assignment from Unit 2, using the same Excel Template and complete the following steps: 1. Prepare/Journalize 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 $2,000.9(THIS IS WHAT I NEED HELP ON) 2. Post the adjusting entries to the General Ledger. 3. Prepare an income statement, a statement of owner's equity, and a balance sheet. 4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.) 5. Prepare a post-closing trial balance.

Answer 1

Dustin Larkin Journal Enteries Date Particulars Jun-01 Cash a/c Dr. Accounts Receivable a/c Dr. Supplies a/c Dr. Office Equipment a/c Dr. To Dustin Larkin, Capital (Capital Invested) Debit in $ Credit in $ 10000 1500 1250 7500 20250 Dr. 4500 Jun-01 Prepaid Rent a/c To Cash (3 months rent paid) 4500 1800 Jun-02 Prepaid Insurance a/c Dr. To Cash (Annual premiums paid) 1800 Jun-04 3000 Cash a/c Dr. To Unearned Fees (Advance from client) 3000 1800 Jun-05 Office Equipment a/c Dr. To Accounts Payable (Office Equipment on account) 1800 Jun-06 800 Cash a/c Dr. To Accounts Receivable (Cash from debtors) 800 120 Jun-10 Advertisement Expense a/c Dr. To Cash (Advertisement expense paid) 120 Dr. 800 Jun-12 Accounts Payable a/c To Cash (Creditors paid) 800

Dr. Date Particulars Jun-12 Accounts Receivable a/c To Fees earned (Receivables on account) Debit in $ Credit in $ 2250 2250 Jun-14 Dr. 400 Salary Expense a/c To Cash (Salary paid) 400 Dr. 3175 Jun-17 Cash a/c To Fees earned (Revenue in cash) 3175 Jun-18 750 Supplies a/c Dr. To Cash (Supplies purchased) 750 Jun-20 1100 Accounts Receivable a/c Dr. To Fees earned (Receivables on account) 1100 Jun-24 1850 Cash a/c Dr. To Fees earned (Revenue in cash) 1850

Date Jun-26 Particulars Cash a/c Dr. To Accounts Receivable (Cash from debtors) Debit in $ Credit in $ 1600 1600 Dr. 400 Jun-27 Salary Expense a/c To Cash (Salary paid) 400 130 Jun-29 Telephone Expense a/c Dr. To Cash (Telephone expense paid) 130 Jun-30 Dr. 200 Electricity Expense a/c To Cash (Electricity expense paid) 200 Jun-30 Dr. 2050 Cash a/c To Fees earned (Revenue in cash) 2050 1000 Jun-30 Accounts Receivable a/c Dr. To Fees earned (Receivables on account) 1000 Jun-30 4500 Dustin Larkin, Withdrawals a/c Dr. To Cash (Cash withdrawn for personal use) 4500

Adjusting Enteries Date Particulars Jun-30 Insurance Expense a/c To Prepaid Insurance (Insurance expensed) Dr. Debit in $ Credit in $ 150 150 Dr. 980 Jun-30 Supplies Expense a/c To Supplies (Supplies Expensed) 980 500 Jun-30 Depreciation Expense a/c Dr. To Accum. Depre-Equip. (To record depreciation) 500 Jun-30 Dr. 120 Salary Expense a/c To Salary Payable (Salary accrued) 120 Dr. 1500 Jun-30 Rent Expense a/c To Prepaid Rent (Rent expensed) 1500 Jun-30 Dr. 1000 Unearned Fees a/c To Fees earned (Fees earned) 1000

Worksheet For the period ending June 30 Particulars Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depre- Equip. Accounts Payable Unearned Fees Salary Payable Dustin Larkin, Capital Dustin Larkin, Withdrawals Fees earned Advertisement Expense Salary Expense Telephone Expense Electricity Expense Insurance Expense Supplies Expense Depreciation Expense Rent Expense Totals Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 8875 8875 3450 3450 2000 980 1020 4500 1500 3000 1800 150 1650 9300 9300 500 500 1000 1000 3000 1000 2000 120 120 20250 20250 4500 11425 1000 12425 120 120 800 120 130 130 200 150 150 980 500 500 1500 1500 35675 35675 4250 4250 36295 36295 4500 920 200 980 12425 120 920 Statement of Income For the period ending June 30 Fees earned Less: Advertisement Expense Salary Expense Telephone Expense Electricity Expense Insurance Expense Supplies Expense Depreciation Expense Rent Expense Net Income 150 980 500 1500 4500 7925 Statement of Owners Equity For the period ending June 30 Dustin Larkin, Capital Net Income 20250 7925 28175 -4500 23675 Dustin Larkin, Withdrawals

Balance sheet As at Jun 30 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 8875 Accounts Payable 1000 3450 Unearned Fees 2000 1020 Salary Payable 120 3000 1650 17995 3120 Non Current Assets Office Equipment Accum. Depre-Equip. Total Assets 9300 -500 Owner's Equity 8800 Dustin Larkin, Capital 26795 Total Liabilities & Equity 23675 26795