A Complete Accounting Cycle Project After graduating from College you have decided to open a Bookkeeping Consulting Firm. You did some consulting during last few months and you recently filed a corporation starting July 2016. You should choose a name: NAME Consulting Inc. Your new firm entered into the following transactions starting July 1st, 2016 1-Jul Following assets were received from you in exchange for 1000 shares of common stock: Cash 13500 A/R 20800 Supplies 3200 Use straight line of Depreciation Office Equipment 7500 Office Equipment useful life: Years 3 Residual Value: 320.00 1 The firm paid 2 months' rent for a office space lease contract............. 5000 2 Paid one year insurance policy premium in advance 4500 4 Received advance cash from a new clients for future services 5500 5 Purchased additional office equipment on account from Office Depot 6500 6 Received cash from clients on account 15300 10 Paid cash for a local newspaper advertisement 400 12 Paid Office Depot for part of equipment purchased on account 5200 12 Sent invoice #005 to a customer for 90 hrs consultation provided recently 14 Paid your receptionist for two weeks salary 1750 17 From a cash clients, you received cash after providing some consultation 150 18 You paid by your business debit card to purchase some supplies 600 20 Sent invoice #006 to a customer for the service provided during last few days 24 From a cash clients, you received cash after providing some consultation 200 26 Received cash from clients on account 12000 27 Paid your receptionist for two weeks' salary 1750 29 Received and paid telephone bill for July (Ch# 007) 300 31 Received and paid electricity bill for July (Ch# 008) 600 31 From a cash clients, you received cash after providing some consultation 150 31 Sent invoice #007 to a customer for the service provided during last few days 31 Declared and paid dividends (Ch# 009) 1500 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand.. 1525 Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day. Unearned fees as of July 31 ...... 2750 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 7 Prepare a Post-closing Trial Balance