1. Set up a T account ledger based upon the Chart of Accounts. 2. Journalize each January transaction in the general journal. 3. Post each entry from the journal to the ledger.

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ACCT 3310 Accounting Cycle Problem 1 Fall 2017 As of January 1, 2017, Will Watkins decided to open and operate a consulting business, Efficiency Consulting, Inc., on a full-time basis. Therefore, Efficiency Consulting is a brand new business as of 1/1 and engaged in the following transactions during Janua Jan. 1 The business received a cash investment of $10,000 from Will. The company issued 2,ooo shares of $4 par common stock. 1 Paid two months' rent on a lease rental contract, $4,800. 2 Paid the six-month premiums on property and casualty insurance policies $3,600 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees $3,250. 5 Purchased office equipment from Office Station Co. at a cost of $1850 by aving $400 down and signing a note payable, 5%, 90-day, for the remainder. 6 Received cash from clients on account $1,8oo 10 Paid cash for a Facebook advertisement $1,625. (miscellaneous expense 12Recorded services provided on account for the period Jan. 1-12 $6,500 15 Recorded cash from cash clients for fees earned during the period Jan. 1-15 $5,040 16 Paid part-time receptionist for two weeks' salary $2,80o 18Paid cash for supplies $1,000. 20 Recorded services provided on account for the period Jan. 13-20 $4,900. 25 Recorded cash from cash clients for fees earned for the period Jan. 16-25 0 26 Received cash from clients on account 27 Paid part-time receptionist for two weeks' salary $2,8odo O Paid utilities bill for Janua 31 Recorded cash from cash clients for fees earned for the period Jan. 26-31 0 60. (miscellaneous expense 0 31 Recorded services provided on account for the remainder of January $1,420. 31 Paid dividends $780. EFFICIENCY CONSULTING CHART OF ACCOUNTS 1 Fees Earned 1 Sala 2 |Rent Expense 11Cash 12 Accounts Receivable23 Deferred Fees Revenue 14 Supplies 15Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated 22Salaries Pavable ense 24 Interest Payable 25Notes Payable Supplies Expense 31 Common Stock, $4 par reciation Expense 2 Additional Paid in Capital 33 Retained Earnings Insurance Expense 56 Interest Expense Depreciation 21 Accounts Pavable 34 |Dividend 59 Miscellaneous ense